Global Automotive Thermostat Market 2017-2021
About Automotive Thermostat
An automotive thermostat is a crucial component of the automotive thermal management system. Advances in vehicle engines have contributed to various new enhancements in automotive thermal management systems to cope with the increased operating temperatures. The automotive industry is increasingly driven by changing consumer needs to accommodate convergence of connectivity and electrification. Automakers are predisposed to develop energy-efficient vehicles and are focusing on increasing the efficiency of their vehicles by replacing mechanical parts with electronic parts for reducing the number of moving components and for decreasing weight.
Technavio’s analysts forecast the global automotive thermostat market to grow at a CAGR of 3.81% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global automotive thermostat market for 2017-2021. To calculate the market size, the report considers the new installations, sales, and volume.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Automotive Thermostat Market 2017-2021
Technavio recognizes the following companies as the key players in the global automotive thermostat market: MAHLE, BorgWarner, and HELLA.
Other Prominent Vendors in the market are: ACDelco, Dongguan Yaxun Electronic Hardware Product, Fishman Thermo Technologies, Gates Corporation, Kirpart, Magal Group, Nippon Thermostat, Stant, TAMA, and Vernet.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is development of electronic thermostats. Automotive engines are highly effective while operating within favorable temperatures. Engine temperature should be maintained around 212 degrees Fahrenheit to prevent overheating. Conventional thermostats operate using a temperature sensing elements, such as aluminum and wax mixture. Increasing engine temperature causes the wax mixture to melt, thereby allowing the thermostat valves to open and allow the coolant into the engine.”
According to the report, one of the major drivers for this market is rising demand for passenger vehicles. The increase in the sales of passenger cars will increase the demand for automotive thermostats. Emerging countries, namely China and India, have a lesser penetration of automobiles as compared with the developed economies of North America and Europe. Therefore, car OEMs are concentrating on effectively penetrating the passenger car market in emerging countries.
Further, the report states that one of the major factors hindering the growth of this market is insufficient quantity of coolant. Cooling of an engine requires sufficient amount of liquid coolant to flow through the engine for absorbing the heat generated, shortfall of which can result in overheating. Low coolant level directly reflects less amount of heat being absorbed, thereby leading to the accumulation of excess heat in the engine, leading to engine breakdown due to overheating.
MAHLE, BorgWarner, HELLA, ACDelco, Dongguan Yaxun Electronic Hardware Product, Fishman Thermo Technologies, Gates Corporation, Kirpart, Magal Group, Nippon Thermostat, Stant, TAMA, and Vernet.