ASEAN: Thermostat Market 2024

Thermostat Market Size in ASEAN

The ASEAN thermostat market dropped sharply to $X in 2021, shrinking by -34.5% against the previous year. Over the period under review, consumption continues to indicate a noticeable downturn. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Thermostat Production in ASEAN

In value terms, thermostat production reduced remarkably to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the production volume increased by 87%. Over the period under review, production attained the maximum level at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Thermostat Exports

Exports in ASEAN

For the third year in a row, ASEAN recorded growth in overseas shipments of thermostats, which increased by 64% to X units in 2021. Overall, exports saw a resilient increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, thermostat exports surged to $X in 2021. Over the period under review, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2020 when exports increased by 88%. The level of export peaked in 2021 and is likely to continue growth in the immediate term.

Exports by Country

The shipments of the three major exporters of thermostats, namely Singapore, Vietnam and Malaysia, represented more than two-thirds of total export. Indonesia (X units) followed a long way behind the leaders.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Vietnam (with a CAGR of +43.5%), while the other leaders experienced more modest paces of growth.

In value terms, Malaysia ($X), Vietnam ($X) and Singapore ($X) were the countries with the highest levels of exports in 2021, with a combined 95% share of total exports.

In terms of the main exporting countries, Vietnam, with a CAGR of +57.3%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ASEAN stood at $X per unit in 2021, reducing by -2.4% against the previous year. Export price indicated a strong expansion from 2012 to 2021: its price increased at an average annual rate of +8.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, thermostat export price increased by +70.6% against 2017 indices. The growth pace was the most rapid in 2020 when the export price increased by 45% against the previous year. As a result, the export price attained the peak level of $X per unit, and then dropped modestly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Indonesia ($X per unit), while Singapore ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Malaysia (+13.7%), while the other leaders experienced more modest paces of growth.

Thermostat Imports

Imports in ASEAN

Thermostat imports surged to X units in 2021, rising by 64% on the previous year. Over the period under review, imports enjoyed a buoyant expansion. Over the period under review, imports attained the peak figure at X units in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, thermostat imports surged to $X in 2021. The total import value increased at an average annual rate of +1.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of import peaked at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Malaysia (X units) was the largest importer of thermostats, mixing up 54% of total imports. Singapore (X units) took the second position in the ranking, distantly followed by Indonesia (X units). All these countries together took near 40% share of total imports. The following importers - Vietnam (X units) and the Philippines (X units) - each resulted at a 5.7% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Malaysia (with a CAGR of +15.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest thermostat importing markets in ASEAN were Singapore ($X), Vietnam ($X) and Indonesia ($X), together comprising 76% of total imports. These countries were followed by Malaysia and the Philippines, which together accounted for a further 22%.

In terms of the main importing countries, the Philippines, with a CAGR of +11.5%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ASEAN stood at $X per unit in 2021, declining by -25.7% against the previous year. Overall, the import price recorded a abrupt descent. The pace of growth appeared the most rapid in 2020 when the import price increased by 53%. The level of import peaked at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Vietnam ($X per unit), while Malaysia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+2.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform