Asia: Thermostat Market 2025

Thermostat Market Size in Asia

In 2021, the Asian thermostat market decreased by -3.4% to $X, falling for the fifth consecutive year after two years of growth. Over the period under review, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market failed to regain momentum.

Thermostat Production in Asia

In value terms, thermostat production totaled $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 with an increase of 15%. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a somewhat lower figure.

Thermostat Exports

Exports in Asia

In 2021, approx. X units of thermostats were exported in Asia; picking up by 24% compared with the year before. The total export volume increased at an average annual rate of +2.7% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. 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. Total exports indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +7.2% over the last nine-year period. 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 major exporting country with an export of around X units, which reached 64% of total exports. It was distantly followed by Hong Kong SAR (X units), constituting a 25% share of total exports. The following exporters - South Korea (X units) and Turkey (X units) - each finished at a 4.3% share of total exports.

Exports from China increased at an average annual rate of +4.3% from 2012 to 2021. At the same time, Turkey (+13.3%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in Asia, with a CAGR of +13.3% from 2012-2021. Hong Kong SAR experienced a relatively flat trend pattern. By contrast, South Korea (-8.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China increased by +8.5 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest thermostat supplier in Asia, comprising 41% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 13% share of total exports. It was followed by South Korea, with a 4.1% share.

From 2012 to 2021, the average annual growth rate of value in China stood at +6.9%. The remaining exporting countries recorded the following average annual rates of exports growth: Hong Kong SAR (+0.6% per year) and South Korea (+0.2% per year).

Export Prices by Country

The export price in Asia stood at $X per unit in 2021, picking up by 7.4% against the previous year. Over the last nine-year period, it increased at an average annual rate of +4.4%. The growth pace was the most rapid in 2018 when the export price increased by 11% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2019 to 2021, the export prices remained at a somewhat 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

In 2021, purchases abroad of thermostats increased by 19% to X units, rising for the second year in a row after two years of decline. Total imports indicated a tangible expansion from 2012 to 2021: its volume increased at an average annual rate of +4.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +22.4% against 2019 indices. The growth pace was the most rapid in 2017 when imports increased by 31% 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 soared to $X in 2021. Total imports indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +5.0% 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 importing country with an import of about X units, which resulted at 40% of total imports. Turkey (X units) ranks second in terms of the total imports with a 15% share, followed by China (12%), South Korea (10%) and India (6%). Malaysia (X units) and Japan (X units) took a little share 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%), Turkey (+6.2%) and China (+1.2%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Asia, with a CAGR of +18.7% from 2012-2021. By contrast, Japan (-8.5%) illustrated a downward trend over the same period. South Korea (+7 p.p.), India (+3.2 p.p.), Turkey (+2.3 p.p.) and Malaysia (+2.2 p.p.) significantly strengthened its position in terms of the total imports, while China, Hong Kong SAR and Japan saw its share reduced by -3.6%, -5.6% and -7.7% from 2012 to 2021, respectively.

In value terms, the largest thermostat importing markets in Asia were China ($X), Hong Kong SAR ($X) and Turkey ($X), together accounting for 61% of total imports. South Korea, Japan, India and Malaysia lagged somewhat behind, together accounting for a further 15%.

Among the main importing countries, South Korea, with a CAGR of +12.2%, recorded 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

In 2021, the import price in Asia amounted to $X per unit, growing by 3.6% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the import price increased by 35%. Over the period under review, import prices reached the peak figure at $X per unit in 2019; however, from 2020 to 2021, import prices stood at a somewhat lower figure.

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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