Philippines: Thermostat Market 2025

Thermostat Market Size in the Philippines

The Philippine thermostat market contracted to $X in 2021, with a decrease of -8.4% against the previous year. Over the period under review, the total consumption indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +2.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +11.6% against 2019 indices. Over the period under review, the market attained the peak level at $X in 2016; however, from 2017 to 2021, consumption stood at a somewhat lower figure.

Thermostat Production in the Philippines

In value terms, thermostat production declined to $X in 2021 estimated in export price. Over the period under review, the total production indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +2.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +10.9% against 2019 indices. The most prominent rate of growth was recorded in 2015 with an increase of 33%. Over the period under review, production reached the maximum level at $X in 2016; however, from 2017 to 2021, production failed to regain momentum.

Thermostat Exports

Exports from the Philippines

In 2021, shipments abroad of thermostats was finally on the rise to reach X units after two years of decline. Over the period under review, exports showed significant growth. The pace of growth appeared the most rapid in 2013 with an increase of 1,186%. The exports peaked in 2021 and are likely to continue growth in the immediate term.

In value terms, thermostat exports soared to $X in 2021. Overall, exports posted a strong increase. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Japan (X units) was the main destination for thermostat exports from the Philippines, accounting for a 81% share of total exports. Moreover, thermostat exports to Japan exceeded the volume sent to the second major destination, Thailand (X units), sevenfold. Germany (X units) ranked third in terms of total exports with a 4.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Japan totaled +84.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (+164.6% per year) and Germany (+75.6% per year).

In value terms, the largest markets for thermostat exported from the Philippines were Thailand ($X), Japan ($X) and Germany ($X), together comprising 89% of total exports. Canada and the United States lagged somewhat behind, together accounting for a further 6.6%.

Canada, with a CAGR of +186.3%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average thermostat export price amounted to $X per unit, jumping by 74% against the previous year. Overall, the export price, however, showed a precipitous slump. Over the period under review, the average export prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Japan ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (+70.8%), while the prices for the other major destinations experienced mixed trend patterns.

Thermostat Imports

Imports into the Philippines

In 2021, after four years of decline, there was significant growth in overseas purchases of thermostats, when their volume increased by 74% to X units. In general, imports showed resilient growth. The pace of growth was the most pronounced in 2016 when imports increased by 161% against the previous year. As a result, imports reached the peak of X units. From 2017 to 2021, the growth of imports remained at a lower figure.

In value terms, thermostat imports skyrocketed to $X in 2021. Over the period under review, imports continue to indicate prominent growth. The pace of growth appeared the most rapid in 2016 with an increase of 180%. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Japan (X units), China (X units) and Italy (X units) were the main suppliers of thermostat imports to the Philippines, together accounting for 82% of total imports. Mexico, Malaysia, Singapore, Indonesia and South Korea lagged somewhat behind, together accounting for a further 11%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Mexico (with a CAGR of +147.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), China ($X) and Italy ($X) appeared to be the largest thermostat suppliers to the Philippines, with a combined 57% share of total imports. These countries were followed by Singapore, Mexico, Indonesia, Malaysia and South Korea, which together accounted for a further 16%.

Among the main suppliers, Mexico, with a CAGR of +115.7%, 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

The average thermostat import price stood at $X per unit in 2021, with a decrease of -6.6% against the previous year. Over the period under review, import price indicated perceptible growth from 2012 to 2021: its price increased at an average annual rate of +2.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, thermostat import price decreased by -9.2% against 2018 indices. The most prominent rate of growth was recorded in 2014 when the average import price increased by 61%. The import price peaked at $X per unit in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+23.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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