Asia-Pacific: Thermostat Market 2024

Thermostat Market Size in Asia-Pacific

In 2021, the Asia-Pacific thermostat market decreased by -3% to $X, falling for the fourth consecutive year after three years of growth. Overall, consumption continues to indicate a slight reduction. The level of consumption peaked at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Thermostat Production in Asia-Pacific

In value terms, thermostat production expanded modestly to $X in 2021 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the production volume increased by 19% against the previous year. Over the period under review, production attained the peak level at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Thermostat Exports

Exports in Asia-Pacific

For the third year in a row, Asia-Pacific recorded growth in overseas shipments of thermostats, which increased by 24% to X units in 2021. The total export volume increased at an average annual rate of +2.4% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, thermostat exports soared to $X in 2021. Total exports indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +7.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China was the main exporting country with an export of around X units, which finished at 66% of total exports. It was distantly followed by Hong Kong SAR (X units), constituting a 26% share of total exports. South Korea (X units) took a relatively small share of total exports.

China was also the fastest-growing in terms of the thermostats exports, with a CAGR of +4.3% from 2012 to 2021. Hong Kong SAR experienced a relatively flat trend pattern. South Korea (-8.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China increased by +9.8 percentage points.

In value terms, China ($X) remains the largest thermostat supplier in Asia-Pacific, comprising 44% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 14% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in China totaled +6.9%. In the other countries, the average annual rates were as follows: Hong Kong SAR (+0.6% per year) and South Korea (+0.2% per year).

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per unit, increasing by 6.5% against the previous year. Over the last nine-year period, it increased at an average annual rate of +4.7%. The growth pace was the most rapid in 2014 an increase of 12% against the previous year. The level of export peaked at $X per unit in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was South Korea ($X per unit), while Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+9.8%), while the other leaders experienced more modest paces of growth.

Thermostat Imports

Imports in Asia-Pacific

In 2021, overseas purchases of thermostats increased by 20% to X units for the first time since 2017, thus ending a three-year declining trend. Total imports indicated a tangible expansion from 2012 to 2021: its volume increased at an average annual rate of +3.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 when imports increased by 28% against the previous year. As a result, imports reached the peak of X units. From 2018 to 2021, the growth of imports remained at a lower figure.

In value terms, thermostat imports surged to $X in 2021. Total imports indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Hong Kong SAR was the largest importer of thermostats in Asia-Pacific, with the volume of imports reaching X units, which was near 49% of total imports in 2021. It was distantly followed by China (X units), South Korea (X units) and India (X units), together creating a 35% share of total imports. The following importers - Malaysia (X units), Japan (X units) and Singapore (X units) - together made up 12% of total imports.

Imports into Hong Kong SAR increased at an average annual rate of +2.7% from 2012 to 2021. At the same time, South Korea (+18.7%), Malaysia (+15.8%), India (+13.4%), Singapore (+11.8%) and China (+1.2%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of +18.7% from 2012-2021. By contrast, Japan (-8.5%) illustrated a downward trend over the same period. While the share of South Korea (+8.7 p.p.), India (+4 p.p.) and Malaysia (+2.8 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of China (-3.8 p.p.), Hong Kong SAR (-5.2 p.p.) and Japan (-9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), Hong Kong SAR ($X) and South Korea ($X) constituted the countries with the highest levels of imports in 2021, with a combined 69% share of total imports.

Among the main importing countries, South Korea, with a CAGR of +12.2%, saw the highest growth rate of 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 Asia-Pacific stood at $X per unit in 2021, increasing by 3.6% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.7%. The most prominent rate of growth was recorded in 2018 when the import price increased by 40% against the previous year. The level of import peaked at $X per unit in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($X per unit), while Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+9.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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