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How big is the steering thermal systems market today, and what are its future growth expectations?
The steering thermal systems market size has grown strongly in recent years. It will grow from $3.48 billion in 2024 to $3.66 billion in 2025 at a compound annual growth rate (CAGR) of 5.4%. The growth in the historic period can be attributed to demand for luxurious vehicles, implementation of strict regulations, integration of smart thermal management solutions, advancements in semi-autonomous, and emergence of electric and hybrid vehicles.
The steering thermal systems market size is expected to see strong growth in the next few years. It will grow to $4.47 billion in 2029 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to increasing demand for electric vehicles, increasing strategic agreements between major market players, growing integration of smart thermal management solutions in vehicles, growing adoption of steering thermal systems in the automotive sector, and growing demand for premium cars. Major trends in the forecast period include technological innovations, increasing adoption of power steering systems, rising demand for electric vehicles, growing popularity of electric vehicles, and advancements in mobility solutions.
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What have been the primary factors driving the steering thermal systems market’s growth?
The demand for luxurious vehicles is expected to propel the growth of the steering thermal systems market going forward. Luxurious vehicles are high-end automobiles that offer superior comfort, advanced technology, and premium materials. The demand for luxurious vehicles includes affluent consumer preferences, exclusivity in limited production, and a strong brand image for reliability and craftsmanship. Steering thermal systems help to maintain optimal temperature in steering components, preventing overheating and enhancing performance and reliability, which is crucial for both high-performance and commercial vehicles. For instance, in April 2023, Porsche AG, a Germany-based automobile company, delivered 80,767 cars in the first quarter of 2023, an 18% increase compared to the same period in 2022. The company saw strong growth across all of its major sales regions, with a 14% increase in Europe (excluding Germany), a 19% increase in Germany, a 30% increase in North America, and a 21% increase in China. Therefore, the demand for luxurious vehicles is driving the growth of the steering thermal systems market.
What are the key segments within 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 key players are shaping 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
How will emerging trends drive the steering thermal systems market throughout the forecast period?
Major companies operating in the steering thermal system market are increasing their focus on developing innovative systems, such as self-developed thermal management systems, to gain a competitive edge in the market. A self-developed thermal management system is a system that is designed, created, and implemented by an entity, such as a company or organization, to regulate and control the temperature of various components within a specific application or device. For instance, in June 2023, ZF Group, a Germany-based engineering company, launched its self-developed thermal management system for electric vehicles (EVs). This system potentially increases the range of EVs in the winter by up to one-third. The new unit combines expertise in the development and production of steering, braking, and damping system. It includes an optimized electric drivetrain comprising power electronics, a motor, and a reduction gearbox based on 800-volt silicon carbide. Automakers can integrate the thermal management system into their vehicles in various ways.
How do regional factors impact the steering thermal systems market, and which region is the largest contributor?
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.
What Does The Steering Thermal Systems Market Report 2025 Offer?
The steering thermal systems market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Steering thermal systems refer to the technologies and mechanisms designed to manage and control the temperature of steering components in vehicles. These systems ensure that the steering mechanism operates efficiently and reliably under varying temperature conditions. It enhance the driving experience and contribute to the longevity of steering components.
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