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Steering Thermal Systems Market Analysis: $4.27 Billion by 2029 With a CAGR of 4.2%
Steering Thermal Systems Market
Steering Thermal Systems Market Value Projection: How Much Will the Market Size by 2025?
The market size for steering thermal systems has seen a consistent increase over the past few years. The market is predicted to expand from a value of $3.48 billion in 2024 to $3.61 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 4.0%. Factors contributing to the growth during the historical phase include the rising demand for luxury vehicles, the implementation of rigorous regulations, the incorporation of intelligent thermal management solutions, the progression in semi-autonomous technology, and the advent of electric and hybrid vehicles.
What Will Be the Market Growth Forecat for Steering Thermal Systems in 2029?
A consistent expansion is expected for the steering thermal systems market in the forthcoming years, reaching a value of $4.27 billion by 2029 with an estimated compound annual growth rate (CAGR) of 4.2%. Several factors contribute to this projected growth in the forecasted period, including the heightened demand for electric vehicles, strategic collaborations among market giants, increased incorporation of innovative thermal management solutions in vehicles, greater use of steering thermal systems in automotive, and a rising demand for high-end vehicles. The forecast period is also expected to see certain trends - technological breakthroughs, a spike in the use of power steering systems, burgeoning demand for electric vehicles, increasing popularity of electric vehicles, and progress in mobility solutions.
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What Are the Core Competitive Drivers in the Steering Thermal Systems Industry?
An upward trajectory in the steering thermal systems market is anticipated due to the growing desire for luxury vehicles. These vehicles, known for their distinctive comfort, cutting-edge technology, and high-end materials are quite popular. The appeal for luxury vehicles stems from wealthy consumer predilections, the exclusivity associated with limited production, and a robust reputation for dependability and superior quality. Steering thermal systems play a pivotal role in maintaining the ideal temperature in steering components, which prevents overheating and augments performance and dependability - cardinal aspects for both high-performance and commercial vehicles. Illustratively, Porsche AG, an auto company based in Germany, witnessed an 18% surge in car deliveries in Q1 2023 (80,767 cars) compared to the same timeframe in 2022. It experienced robust growth in all key sales regions, registering a 14% increase in Europe (excluding Germany), a 19% growth in Germany, a sizable 30% bump in North America, and a 21% rise in China. Consequently, the escalating demand for luxury vehicles is fueling the growth of the steering thermal systems market.
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Which Steering Thermal Systems Market Segment Is Projected to See the Fastest Growth?
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
Which Trends Are Opening New Opportunities in the Steering Thermal Systems Market?
In an attempt to gain a competitive advantage in the steering thermal system market, leading corporations have started focusing on the development of innovative systems like self-developed thermal management systems. This is a system that an entity such as a corporation or organization designs and implements to control and regulate the temperature of various components within a specific application or device. To illustrate, ZF Group, an engineering firm based in Germany, unveiled its self-developed thermal management system for electric vehicles (EVs) in June 2023. This system can potentially increase the range of EVs in winter by up to a third. This new solution combines expertise in steering, braking, and damping system development and production and features an optimized electric drivetrain inclusive of power electronics, a motor, and a reduction gearbox using 800-volt silicon carbide. The system can be integrated by automakers into their vehicles in a variety of ways.
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Who Are the Leaders in the Steering Thermal Systems Market?
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 Regional Steering Thermal Systems Markets Offer the Greatest Growth Potential?
Asia-Pacific was the largest region in the steering thermal systems market in 2024. 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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