Thermostat Market

The article discusses the global thermostat market trends from 2022 to 2030, forecasting an increase in consumption and market value. Key insights include rising demand worldwide, anticipated CAGR of +3.2% in consumption and +3.7% in value terms. Top consuming countries in 2022 were India, China, and Germany, while top producing countries were China, India, and Germany. The article also covers trends in imports and exports, with China leading in exports and the United States in imports. Prices and growth rates vary by country, with Croatia and the Czech Republic showing notable growth. Overall, the article provides a comprehensive analysis of the thermostat market landscape.

Market Forecast

Driven by rising demand for thermostat worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +3.2% for the period from 2022 to 2030, which is projected to bring the market volume to 2.1B units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.7% for the period from 2022 to 2030, which is projected to bring the market value to $14.1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Thermostats

In 2022, global consumption of thermostats fell to 1.6B units, waning by -12.8% against 2021. Overall, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak volume of 1.8B units, and then shrank in the following year.

The global thermostat market value contracted slightly to $10.5B in 2022, remaining constant against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, saw a relatively flat trend pattern. As a result, consumption attained the peak level of $10.5B, leveling off in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were India (370M units), China (306M units) and Germany (100M units), together accounting for 49% of global consumption. The United States, Japan, Mexico, Indonesia, Turkey, the Czech Republic, France, Italy and South Korea lagged somewhat behind, together accounting for a further 25%.

From 2012 to 2022, the biggest increases were recorded for the Czech Republic (with a CAGR of +17.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the largest thermostat markets worldwide were Japan ($1.3B), India ($1.3B) and the United States ($864M), with a combined 33% share of the global market. Germany, China, Mexico, France, the Czech Republic, Italy, Indonesia, Turkey and South Korea lagged somewhat behind, together accounting for a further 21%.

The Czech Republic, with a CAGR of +23.1%, recorded the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of thermostat per capita consumption was registered in the Czech Republic (3,277 units per 1000 persons), followed by Germany (1,208 units per 1000 persons), Italy (545 units per 1000 persons) and France (502 units per 1000 persons), while the world average per capita consumption of thermostat was estimated at 203 units per 1000 persons.

In the Czech Republic, thermostat per capita consumption expanded at an average annual rate of +16.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Germany (-0.3% per year) and Italy (-7.5% per year).

Production

World Production of Thermostats

Global thermostat production shrank modestly to 1.5B units in 2022, declining by -3.9% on 2021. Overall, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the production volume increased by 11% against the previous year. Over the period under review, global production reached the peak volume at 1.6B units in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

In value terms, thermostat production dropped to $9.1B in 2022 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 12% against the previous year. Over the period under review, global production reached the maximum level at $9.9B in 2018; however, from 2019 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were China (597M units), India (345M units) and Germany (66M units), together comprising 67% of global production. Mexico, France, the Czech Republic, Japan, Croatia and Italy lagged somewhat behind, together comprising a further 17%.

From 2012 to 2022, the biggest increases were recorded for Croatia (with a CAGR of +28.7%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Thermostats

In 2022, purchases abroad of thermostats decreased by -25% to 1.1B units for the first time since 2019, thus ending a two-year rising trend. Overall, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 31% against the previous year. As a result, imports reached the peak of 1.4B units, and then declined significantly in the following year.

In value terms, thermostat imports dropped slightly to $5.1B in 2022. The total import value increased at an average annual rate of +4.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 22% against the previous year. As a result, imports attained the peak of $5.2B, and then dropped in the following year.

Imports By Country

In 2022, Hong Kong SAR (135M units), the United States (127M units), Germany (97M units), Mexico (73M units), China (63M units), Turkey (55M units), Italy (45M units), South Korea (36M units), France (35M units), India (34M units), Poland (29M units) and Indonesia (24M units) represented the major importer of thermostats in the world, generating 71% of total import. Romania (21M units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by South Korea (with a CAGR of +12.3%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($1.2B) constitutes the largest market for imported thermostats worldwide, comprising 23% of global imports. The second position in the ranking was taken by Germany ($518M), with a 10% share of global imports. It was followed by China, with a 7% share.

From 2012 to 2022, the average annual growth rate of value in the United States totaled +5.4%. The remaining importing countries recorded the following average annual rates of imports growth: Germany (+4.5% per year) and China (+8.0% per year).

Import Prices By Country

The average thermostat import price stood at $4.8 per unit in 2022, jumping by 32% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.3%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($9.2 per unit), while Indonesia ($0.7 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+9.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Thermostats

In 2022, the amount of thermostats exported worldwide dropped significantly to 980M units, with a decrease of -15.7% against 2021 figures. Over the period under review, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 15% against the previous year. As a result, the exports attained the peak of 1.2B units, and then contracted markedly in the following year.

In value terms, thermostat exports shrank modestly to $4.9B in 2022. The total export value increased at an average annual rate of +4.1% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 25%. As a result, the exports reached the peak of $4.9B, and then shrank slightly in the following year.

Exports By Country

China represented the largest exporting country with an export of about 355M units, which finished at 36% of total exports. Hong Kong SAR (113M units) ranks second in terms of the total exports with a 12% share, followed by Mexico (8.9%), Germany (6.3%), France (4.9%) and Italy (4.5%). The United States (39M units), Croatia (31M units), the Czech Republic (23M units), Tunisia (18M units) and Turkey (15M units) held a minor share of total exports.

From 2012 to 2022, average annual rates of growth with regard to thermostat exports from China stood at +2.0%. At the same time, Croatia (+39.2%), Turkey (+12.8%), Tunisia (+9.4%), Mexico (+2.5%) and France (+1.2%) displayed positive paces of growth. Moreover, Croatia emerged as the fastest-growing exporter exported in the world, with a CAGR of +39.2% from 2012-2022. The United States experienced a relatively flat trend pattern. By contrast, Italy (-1.1%), Hong Kong SAR (-3.9%), Germany (-4.1%) and the Czech Republic (-5.6%) illustrated a downward trend over the same period. China (+7.8 p.p.), Croatia (+3.1 p.p.) and Mexico (+2.3 p.p.) significantly strengthened its position in terms of the global exports, while the Czech Republic, Germany and Hong Kong SAR saw its share reduced by -1.6%, -2.9% and -4.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($821M), Germany ($643M) and Mexico ($539M) constituted the countries with the highest levels of exports in 2022, together accounting for 41% of global exports. The United States, Italy, France, Hong Kong SAR, the Czech Republic, Tunisia, Croatia and Turkey lagged somewhat behind, together comprising a further 28%.

Among the main exporting countries, Croatia, with a CAGR of +27.9%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average thermostat export price stood at $5 per unit in 2022, with an increase of 17% against the previous year. Over the last decade, it increased at an average annual rate of +4.6%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($10 per unit), while Croatia ($1.6 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Czech Republic (+8.6%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform