Thermostats Statistics 2024 By Market Share And Facts

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Introduction

Thermostats Statistics: Thermostats are a popular device that allows for temperature control and is commonly used by every household worldwide. Since the technological advancement, the thermostat market has already started evolving, offering various advanced features and benefits. As the demand for wireless devices has increased, the market for the latest smart thermostats industry is also trending because of its wireless connectivity segment. These thermostat statistics will help you understand different segments of the thermostat market effectively.

Editor’s Choice

(Source: gminsights.com)

The global thermostat market is expected to reach USD 16.5 million by the end of 2032, with an annual growth of 12.8% CAGR from 2023 to 2032.
During the same forecasted period, the annual growth in the Asia Pacific region is estimated to be 14% CAGR.
Revenue contributed by the North American region accounted for the highest share, around 42% in 2023.
The North American region will experience thermostat market growth of 53% share from 2021 to 2026.
The market size of thermostats in the United States of America is expected to reach above $1.72 billion by 2024.
As of 2024, the global thermostat market valuation is predicted to approach $5.34 billion, and the annual growth rate is expected to grow by 20.10% CAGR from 2024 to 2029.
The size of the smart thermostat market worldwide is expected to reach around $4.9 billion by 2024.
The largest segment was achieved by smart thermostat products, with a 35% market share.
The residential segment has the largest market share, around 48% in 2023.
Based on deployment, the wireless thermostats generated a revenue share of 65%.

Facts About Thermostats

The thermostat industry’s key market players are Trane, Legrand, Schneider Electric, Nortek Global HVAC, and Radio Thermostat Company of America.
In 2024, smart thermostats will reduce energy consumption for cooling and heating by 8% to 15%.
Thermostats have helped save an average of 10% on heating bills claimed by homeowners who installed this device in 2023.
After implementing smart thermostat controls, large commercial buildings in California have reduced their HVAC energy consumption by 27%, resulting in an annual cost savings of $65,000 in recent years.
Some thermostats also include learning capabilities that reduce peak energy demand by 15%, with the HVAC energy usage of 12% to 23%.
Thermostats have improved energy efficiency, which was claimed by 67% of global users in 2023.

What is a Thermostat?

This device allows temperature regulation automatically or manually when it reaches a certain point. This includes a contact-type temperature sensor consisting of a bi-metallic aluminum, nickel, copper, and tungsten strip.

Types and Benefits of Thermostats

different-types-of-home-thermostats

(Source: constellation.com)

There are three types of thermostats available in the global market: manual thermostats, programmable thermostats, and smart thermostats.
The benefits of manual thermostats are that many options are available and user-friendly. Some examples are LUX Manual Thermostat, Honeywell Aube Manual Thermostat, etc.
Programmable thermostats are segmented into seven-day models, 5+2 models, and 5-1-1 models.
Benefits include allowing users to pre-set a schedule, helping eliminate guesswork, and offering multi-zone climate control.
The benefits of smart thermostats are that they are easy to program, energy efficient, controllable from anywhere, and provide data on energy usage.

General Thermostats Statistics

Based on products, other segments of the thermostat market have accounted for 13.8% of CAGR from 2023 to 2032.
The commercial segment will reach a CAGR above 11.5% from 2023 to 2032.
According to ZION Market Research, the demand for Wi-Fi thermostats will be around $3,500 million by 2025.
The Wi-Fi thermostat market will grow at a CAGR of 30% from 2019 to 2025.

(Reference: precedenceresearch.com)

In 2023, the market size of thermostats in the United States of America accounted for $1.52 billion and was expected to reach above $1.72 billion by the end of 2024.
Furthermore, in the coming year, the market size is going to increase, followed by 2025 ($1.93 billion), 2026 ($2.18 billion), 2027 ($2.46 billion), 2028 ($2.77 billion), 2029 ($3.13 billion), 2030 ($3.54 billion), 2031 ($4.01 billion), and 2032 ($4.54 billion).

Eleven-year Analysis of Thermostat Market Size From 2022 to 2032

thermostat-market-size-2022-to-2032-usd-billion

(Reference: precedenceresearch.com)

According to thermostat statistics, in 2023, the worldwide market size will be $5.73 billion and reach $6.45 billion by 2024.
Meanwhile, in coming years, the market valuation of thermostats is expected to increase followed by 2025 ($7.26 billion), 2026 ($8.18 billion), 2027 ($9.23 billion), 2028 ($10.42 billion), 2029 ($11.78 billion), 2030 ($13.32 billion), 2031 ($15.08 billion), and 2032 ($17.08 billion).

Ten-year Analysis of Smart Thermostat Market Size From 2021 to 2030

size-of-smart-thermostat-market-worldwide-from-2021-to-2030

(Reference: statista.com)

As of 2023, the global valuation of the smart thermostat market has accounted for $3.9 billion.
The size of the smart thermostat market worldwide is expected to reach around $4.9 billion by 2024.
Furthermore, in coming years, the expected market size is followed by 2025 ($6.2 billion), 2026 ($8 billion), 2027 ($10.4 billion), 2028 ($13.8 billion), 2029 ($18.6 billion), and 2030 ($25.5 billion).

Programmable Thermostat Statistics

The global sales market share of programmable thermostats is expected to grow at a CAGR of 5.5% from 2022 to 2030.
The North American region has over 25% of the market share of programmable thermostats.
Across the global market, the residential segment dominates, resulting in 60% of the share.
The market sales of non-programmable thermostats are expected to grow to $3.06 billion by 2030, with a CAGR of 5.1% from 2017 to 2030.
During the forecasted period, the largest share was accounted for by the residential segment, resulting in 70%.

Smart Thermostat Installs Statistics

cost_to_install_smart_thermostat.

(Source: homewyse.com)

As of January 2024, the installation cost of a smart thermostat starts from $91.22 to $206 per thermostat.
On the other hand, traditional thermostats cost around $50, which is lower than smart thermostats.
By the end of 2050, nearly 1,453 million households will install smart thermostats.
In the United States and Europe, almost 37 million households have installed smart thermostats.
A basic programmable thermostat’s replacement costs range between $100 to $340.
Smart thermostats like Nest cost $270 to $45 per unit installation.
Depending on the type and feature, a new thermostat costs between $15 to $250.
For installing a thermostat, labor costs up to $80 to $200.

By Shipments

The import and export shipment of thermostats worldwide is 1.6 million, with 75,559 buyers and 68,445 suppliers as of December 2023.
Top importers of thermostat shipments are followed by India (208,647 units), the United States (107,305 units), and Turkey (99,742).
The top 3 product categories imported worldwide are HSN Code 9028900, HSN Code 90321020, and HSN Code 84819090.
Top exporters of thermostat shipments are followed by China (184,564 units), India (167,069), and Germany (138,662 units).
The top 3 product categories exported worldwide are HSN Code 90328900, HSN Code 84819090, and HSN Code 90321020.
Top country buyers are followed by Vietnam (6805), India (6433), Turkey (4961), the United States (4391), Sri Lanka (2927), Mexico (2802), Indonesia (2264), and the Philippines (1888).
Top country suppliers are followed by China (16246), Turkey (6078), India (5090), Germany (4445), the United States (4301), Italy (3456), Japan (2510), South Korea (2132), and Vietnam (1740).

By Region

The North American region will experience thermostat market growth of 53% share from 2021 to 2026.
The annual growth in the Asia Pacific region is estimated to be 14% CAGR from 2023 to 2032.
Meanwhile, from 2023 to 2029, the European smart thermostat market will grow at a CAGR of 17.4%.

By Companies Market Revenue

top-10-companies-in-smart-thermostats-market-in-2023

(Source: emergenresearch.com)

The top leading companies of smart thermostats are Control4, Google Nest, Emerson, Honeywell Home, Lux Products Corporation, Johnson Controls, Netatmo SA, Siemens, Resideo Technologies, Inc., and Tado GmbH.
As of 2023, revenue generated by Google Nest has accounted for around $279.8 billion.
Furthermore, other companies market share are followed by Siemens ($62 billion), Honeywell International Inc.,($34.39 billion), Johnson Controls ($25.299 billion), Emerson Electric Co. ($19.63 billion), Resideo Technologies, Inc. ($6.37 billion), Control4 ($274.5 million), Netatmo SA ($76 million), Lux Products Corporation ($21 million), and Tado GmbH ($8 million).

By Prices

thermostat-prices

(Reference: homeguide.com)

As of 2024, a smart thermostat costs ($150 to $320); features include remote control, automatic learning, and energy savings.
Wi-Fi thermostat costs ($70 to $200); features include remote control, programmability, and digital equipment.
Digital programmable thermostat costs ($60 to $140); features include a digital touch screen, programmability, and auto-adjustment.
Electronic non-programmable thermostat costs ($20 to $50); features include a digital display and manual control.
Mechanical/manual thermostat cost ($15 to $40); features include lowest cost and non-programmable.

Best Thermostats of 2024

3^rd Gen, Google Nest Learning Thermostat (best overall), and this cost $179.
Amazon Smart Thermostat (best for budget), which costs $80.
Ecobee Smart Thermostat Premium (best for larger homes) costs around $220.
Honeywell Home T9 (best for a seven-day programmable thermostat) costs $160.
Google Nest Thermostat (best valued) costs nearly $90.

Future Analysis of Smart Thermostat

According to a report published by Research Nester, by the end of 2035, the wireless segment of smart thermostats will be estimated to have a share of over 58%.
The residential segment will dominate the thermostats market worldwide with a market value of 42%.
The Asia Pacific region will hold the highest market share of 35% by 2035.
Meanwhile, the North American region will account for a growth rate of 28% from 2022 to 2035.

Conclusion

After completing the article on thermostat statistics, the market valuation of the industry is growing enormously worldwide. The use of thermostats allows for reducing energy costs, and over the world, billions of people are currently used to thermostats. This article includes possible statistical analysis of different segments such as market size, types of thermostats, shipment statistics, installment statistics, etc. So, if you still need to get used to any thermostat, go through the article to get a proper idea about thermostats.