Puerto Rico: Thermostat Market 2024

Thermostat Market Size in Puerto Rico

In 2021, the Puerto Rican thermostat market increased by 6.6% to $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption, however, recorded a pronounced setback. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market failed to regain momentum.

Thermostat Production in Puerto Rico

In value terms, thermostat production expanded remarkably to $X in 2021 estimated in export price. Overall, production, however, saw a perceptible contraction. The most prominent rate of growth was recorded in 2014 with an increase of 53% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Thermostat Exports

Exports from Puerto Rico

In 2021, approx. less than X units of thermostats were exported from Puerto Rico; remaining stable against the previous year's figure. Overall, exports saw a relatively flat trend pattern.

In value terms, thermostat exports totaled less than $X in 2021. Over the period under review, exports showed a relatively flat trend pattern.

Exports by Country

China represented the main exporter of thermostats in the world, with the volume of exports amounting to X units, which was near 36% of total exports in 2021. Hong Kong SAR (X units) held a 14% share (based on physical terms) of total exports, which put it in second place, followed by Germany (8.8%) and Mexico (7.8%). France (X units), Italy (X units), the United States (X units), the Czech Republic (X units), Croatia (X units) and Luxembourg (X units) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +4.3% from 2012 to 2021. At the same time, Croatia (+44.2%), Mexico (+3.0%) and France (+1.4%) displayed positive paces of growth. Moreover, Croatia emerged as the fastest-growing exporter exported in the world, with a CAGR of +44.2% from 2012-2021. The United States and Hong Kong SAR experienced a relatively flat trend pattern. By contrast, Italy (-1.2%), the Czech Republic (-1.7%), Germany (-3.5%) and Luxembourg (-4.1%) illustrated a downward trend over the same period. While the share of China (+8.8 p.p.) and Croatia (+2.9 p.p.) increased significantly in terms of the global exports from 2012-2021, the share of Hong Kong SAR (-2.3 p.p.) and Germany (-4.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), Germany ($X) and Mexico ($X) appeared to be the countries with the highest levels of exports in 2021, together accounting for 40% of total exports. These countries were followed by Italy, the United States, France, Hong Kong SAR, the Czech Republic, Croatia and Luxembourg, which together accounted for a further 26%.

Among the main exporting countries, Croatia, with a CAGR of +34.2%, saw 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 Puerto Rico stood at less than $X per thousand units in 2021, stabilizing at the previous year. In general, the export price recorded a relatively flat trend pattern.

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 the United States ($X per thousand units), while Luxembourg ($X per thousand units) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+7.2%), while the other leaders experienced more modest paces of growth.

Thermostat Imports

Imports into Puerto Rico

In 2021, approx. less than X units of thermostats were imported into Puerto Rico; approximately equating the previous year's figure. Over the period under review, imports continue to indicate a relatively flat trend pattern.

In value terms, thermostat imports totaled less than $X in 2021. Overall, imports showed a relatively flat trend pattern.

Imports by Country

In 2021, Hong Kong SAR (X units), followed by the United States (X units), Germany (X units), Mexico (X units), Turkey (X units), China (X units) and Paraguay (X units) were the major importers of thermostats, together committing 57% of total imports. South Korea (X units), Italy (X units), Poland (X units), India (X units), France (X units) and Romania (X units) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for South Korea (with a CAGR of +18.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constitutes the largest market for imported thermostats into Puerto Rico, comprising 21% of global imports. The second position in the ranking was held by Germany ($X), with a 9.9% share of global imports. It was followed by China, with an 8.1% share.

From 2012 to 2021, the average annual growth rate of value in the United States amounted to +5.1%. In the other countries, the average annual rates were as follows: Germany (+4.6% per year) and China (+10.5% per year).

Import Prices by Country

The import price in Puerto Rico stood at less than $X per thousand units in 2021, leveling off at the previous year. Overall, the import price continues to indicate a relatively flat trend pattern.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the United States ($X per thousand units), while Paraguay ($X per thousand units) 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 more modest paces of growth.

Source: IndexBox Platform

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