Question 1

Why are smart thermostats gaining traction?

Accepted Answer

Smart thermostat industry generated USD 2.8 billion in 2022 and is poised to gain momentum from 2023-2032 attributed to the rising advancements in technology, increased awareness of energy efficiency, and the growing adoption of smart home automation.

Question 2

Who are the major players operating in the thermostat business landscape?

Accepted Answer

Trane, Legrand, Schneider Electric, Nortek Global HVAC, Radio Thermostat Company of America, COMPUTIME LIMITED, Johnson Controls, Danfoss, Emerson Electric Co., Sensata Technologies, Inc., Trafag, Venstar Inc., and Ecobee are among the leading firms operating in the industry.

Question 3

How big is the Asia Pacific thermostat market?

Accepted Answer

Asia Pacific thermostat industry is poised to register 13% growth rate between 2023 and 2032 driven by the surging demand for thermostats and the burgeoning and volatile energy prices in the region.

Question 4

What is the thermostat market worth?

Accepted Answer

The market size of thermostat reached USD 5.6 billion in 2023 and is estimated to witness 13.1% CAGR during 2024 to 2032, driven by the increasing preference for smart and connected thermostats.

Thermostat Market Share

Thermostat Market Share

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