Asia: Thermostat Market 2024

Thermostat Market Size in Asia

In 2022, the Asian thermostat market increased by X% to $X for the first time since 2016, thus ending a five-year declining trend. The market value increased at an average annual rate of X% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Thermostat Production in Asia

In value terms, thermostat production declined modestly to $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

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Thermostat Exports

Exports in Asia

In 2022, after three years of growth, there was significant decline in shipments abroad of thermostats, when their volume decreased by X% to X units. Overall, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of X%. As a result, the exports reached the peak of X units, and then reduced sharply in the following year.

In value terms, thermostat exports declined to $X in 2022. Total exports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by X%. As a result, the exports reached the peak of $X, and then declined slightly in the following year.

Exports by Country

In 2022, China (X units) was the major exporter of thermostats, generating X% of total exports. It was distantly followed by Hong Kong SAR (X units), committing a X% share of total exports. Turkey (X units) and South Korea (X units) held a little share of total exports.

From 2012 to 2022, average annual rates of growth with regard to thermostat exports from China stood at X%. At the same time, Turkey (X%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in Asia, with a CAGR of X% from 2012-2022. By contrast, Hong Kong SAR (X%) and South Korea (X%) illustrated a downward trend over the same period. China (X p.p.) and Turkey (X p.p.) significantly strengthened its position in terms of the total exports, while South Korea and Hong Kong SAR saw its share reduced by X% and X% from 2012 to 2022, respectively.

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

In China, thermostat exports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Hong Kong SAR (X% per year) and South Korea (X% per year).

Export Prices by Country

In 2022, the export price in Asia amounted to $X per unit, picking up by X% against the previous year. Export price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, thermostat export price increased by X% against 2020 indices. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: 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 2022, the most notable rate of growth in terms of prices was attained by South Korea (X%), while the other leaders experienced more modest paces of growth.

Thermostat Imports

Imports in Asia

In 2022, overseas purchases of thermostats decreased by X% to X units for the first time since 2019, thus ending a two-year rising trend. The total import volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2017 when imports increased by X% against the previous year. As a result, imports attained the peak of X units. From 2018 to 2022, the growth of imports remained at a lower figure.

In value terms, thermostat imports declined to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of $X, and then contracted in the following year.

Imports by Country

Hong Kong SAR was the major importer of thermostats in Asia, with the volume of imports accounting for X units, which was approx. X% of total imports in 2022. China (X units) ranks second in terms of the total imports with a X% share, followed by Turkey (X%), South Korea (X%), India (X%) and Malaysia (X%). Japan (X units) took a relatively small share of total imports.

Imports into Hong Kong SAR decreased at an average annual rate of X% from 2012 to 2022. At the same time, South Korea (X%), Malaysia (X%), India (X%), Turkey (X%) and China (X%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Asia, with a CAGR of X% from 2012-2022. By contrast, Japan (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of South Korea, India and Malaysia increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported thermostats in Asia, comprising X% of total imports. The second position in the ranking was taken by Hong Kong SAR ($X), with a X% share of total imports. It was followed by Turkey, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China totaled X%. In the other countries, the average annual rates were as follows: Hong Kong SAR (X% per year) and Turkey (X% per year).

Import Prices by Country

The import price in Asia stood at $X per unit in 2022, stabilizing at the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of X%. Over the period under review, import prices reached the peak figure at $X per unit in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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