Global Steering Thermal Systems Market Projected to Grow at 5.1% CAGR, Reaching $4.47 Billion by 2029

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What Will the Steering Thermal Systems Industry Market Size Be by 2025?
The market for steering thermal systems has seen robust growth in the past few years. It's projected to rise from $3.48 billion in 2024 to $3.66 billion in 2025, with a compound annual growth rate (CAGR) of 5.4%. This growth during the historical period can be traced back to the increasing demand for luxury cars, the enforcement of stringent regulations, the incorporation of intelligent thermal management solutions, progress in semi-autonomous vehicles, and the advent of electric and hybrid vehicles.

What's the Long-Term Growth Forecast for the Steering Thermal Systems Market Size Through 2029?
The market size for steering thermal systems is predicted to undergo robust expansion in the upcoming years, reaching $4.47 billion by 2029 with a compound annual growth rate of 5.1%. Factors contributing to the growth over the forecast period are an escalation in electric vehicle demand, the increase of strategic agreements among leading market players, the rise of smart thermal management solutions integration in automobiles and the growing use of steering thermal systems in the auto industry. Other influences include the heightened demand for premium vehicles. Throughout the forecast period, key trends will comprise of technological advancements, the rising acceptance of power steering systems, increasing preference for electric vehicles, and breakthroughs in automobile mobility solutions.

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What Are the Key Growth Drivers Fueling the Steering Thermal Systems Market Expansion?
The steering thermal systems market is predicted to grow due to the increasing demand for luxury vehicles. These high-end cars, with their superior comfort, cutting-edge technology, and top-quality materials, are appealing to affluent consumers, seeking exclusivity, robust brand images, and limited production. Steering thermal systems play a crucial role by maintaining the optimal temperature in steering components, thus avoiding overheating and improving performance and reliability, traits crucial to high-performance and commercial vehicles. For example, in the first quarter of 2023, Germany's automobile company, Porsche AG, reported an 18% increase in their car deliveries, with 80,767 cars delivered. It witnessed growth across all its significant sales regions, revealing a 14% rise in Europe (excluding Germany), 19% in Germany, a 30% increase in North America, and a 21% rise in China. Thus, the growing demand for luxury cars is fueling the expansion of the steering thermal systems market.

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What Are the Key Trends Driving Steering Thermal Systems Market Growth?
Leading organizations in the steering thermal system market are zeroing in on the development of revolutionary systems, such as in-house thermal management systems, for a superior market position. An in-house thermal management system is a specially designed system, initiated and established by a body, like a corporate entity or institution, to govern the heat of different components within a particular application or device. For example, in June 2023, ZF Group, a German engineering firm, introduced its in-house thermal management system for electric vehicles (EVs). This technology has the capability to extend the EVs range during winter by around one-third. The latest unit amalgamates proficiency in the design and manufacture of steering, braking, and damping system. It includes an upgraded electric drivetrain consisting of power electronics, a motor, and a reduction gearbox based on 800-volt silicon carbide. Car manufacturers can incorporate the thermal management system into their vehicles in various forms.

How Is the Steering Thermal Systems Market Segmented?
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 Companies Are Leading the Charge in Steering Thermal Systems Market Innovation?
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

Which Regions Are Leading the Global Steering Thermal Systems Market in Revenue?
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.

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