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Key Influencer in the Steering Thermal Systems Market 2025: Luxurious Vehicles Driving Growth In Steering Thermal Systems Market Driver
Steering Thermal Systems
The growing demand for luxury vehicles is expected to drive the steering thermal systems market. Luxury vehicles, known for their high-end features and performance, require reliable steering systems to maintain optimal temperature and performance. Steering thermal systems prevent overheating in steering components, ensuring reliability. For instance, in April 2023, Porsche reported delivering 80,767 cars in Q1 2023, an 18% increase from the previous year. As demand for luxury vehicles rises, the steering thermal systems market will benefit.
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What Is the projected market size and growth rate for the steering thermal systems market?
The steering thermal systems market has seen steady growth and is expected to rise from $3.48 billion in 2024 to $3.66 billion in 2025, reflecting a CAGR of 5.4%. This growth is attributed to the demand for luxury vehicles, the implementation of strict regulations, the integration of smart thermal management solutions, advancements in semi-autonomous vehicles, and the rise of electric and hybrid vehicles.
The steering thermal systems market is expected to grow to $4.47 billion by 2029, at a CAGR of 5.1%. The growth is due to the increasing demand for electric vehicles, strategic agreements in the automotive sector, and the need for premium cars. Trends include technological innovations, power steering systems, and advancements in mobility solutions.
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How are the latest trends influencing the growth of the steering thermal systems market?
Companies in the steering thermal system market are developing self-designed thermal management systems to gain a competitive advantage. For instance, in June 2023, ZF Group, a German engineering company, launched a thermal management system for electric vehicles (EVs) that improves range in winter by up to one-third. This system integrates advanced electric drivetrain components and can be incorporated into vehicles with 800-volt silicon carbide technology.
What major market segments define the scope and growth of the steering thermal systems market?
The steering thermal systems market covered in this report is segmented -
1) By Component: Air Filter, Condenser, Compressor, Water Pump, Motor, Heat Exchanger, Heater Control Unit, Thermoelectric Generator, Electric Compressor, Other Components
2) By Technology: Active Transmission Warm Up, Exhaust Gas Recirculation (EGR), Engine Thermal Mass Reduction, Reduced Heating, Ventilation, And Air Conditioning (HVAC) System Loading, Other Technologies
3) By Application: Passenger Car, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)
Subsegments:
1) By Air Filter: Cabin Air Filters, Engine Air Filters
2) By Condenser: Evaporator Condensers, Front-End Condensers
3) By Compressor: Electric Compressors, Variable Displacement Compressors
4) By Water Pump: Electric Water Pumps, Mechanical Water Pumps
5) By Motor: Electric Motors, Brushless Motors
6) By Heat Exchanger: Radiator Heat Exchangers, Oil Coolers, Transmission Coolers
7) By Heater Control Unit: Manual Heater Control Units, Automatic Heater Control Units
8) By Thermoelectric Generator: Semiconductor-Based Thermoelectric Generators, Solid-State Thermoelectric Generators
9) By Electric Compressor: Air Conditioning Electric Compressors, Heating Electric Compressors
10) By Other Components: Expansion Valves, Thermal Insulation Materials
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Which region dominates the steering thermal systems market?
Asia-Pacific was the largest region in the steering thermal systems market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the steering thermal systems market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the steering thermal systems industry growth?
Major companies operating in the steering thermal systems market are Robert Bosch GmbH, DENSO Corporation, ThyssenKrupp AG, ZF Friedrichshafen AG, Valeo SA, Lear Corporation, Eaton Corporation plc, Schaeffler AG, BorgWarner Inc., JTEKT Corporation, Dana Incorporated, NSK Ltd., HELLA GmbH & Co. KGaA, Hanon Systems, Eberspächer Gruppe GmbH & Co., HL Mando Corp, Johnson Electric Holdings Limited, Boyd Corporation, Gentherm Inc., Kongsberg Automotive Holding ASA, MAHLE GmbH, Stant Corporation, Grayson Thermal Systems, Thermal Solution Manufacturing Inc
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What Is Covered In The Steering Thermal Systems Global Market Report?
•Market Size Forecast: Examine the steering thermal systems market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the steering thermal systems market for a structured understanding.
•Key Players Overview: Analyze major players in the steering thermal systems market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the steering thermal systems market.
•Segment Contributions: Evaluate how different segments drive overall growth in the steering thermal systems market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the steering thermal systems market.
•Industry Challenges: Identify potential risks and obstacles affecting the steering thermal systems market.
•Competitive Landscape: Review strategic developments in the steering thermal systems market, including expansions, agreements, and new product launches.
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