The steering thermal systems market size has grown strongly in recent years. It will grow from $3.31 billion in 2023 to $3.48 billion in 2024 at a compound annual growth rate (CAGR) of 5%. The growth observed in the historical period can be credited to several factors including the rising demand for luxury vehicles, stringent regulatory measures, the integration of smart thermal management solutions, advancements in semi-autonomous technologies, and the 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 $4.25 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.The growth trajectory in the forecast period is driven by increasing adoption of electric vehicles, heightened collaboration among key market players, expanding integration of intelligent thermal management solutions in vehicles, rising deployment of steering thermal systems across the automotive sector, and growing consumer preference for premium vehicles. Key trends expected in the forecast period include continuous technological innovations, expanding adoption of power steering systems, rising prominence of electric vehicles, increasing popularity of autonomous mobility solutions, and advancements in overall mobility solutions. These trends collectively indicate a dynamic evolution within the steering thermal systems market, aimed at enhancing vehicle performance, efficiency, and user comfort in the automotive industry.
The increasing demand for luxury vehicles is expected to drive growth in the steering thermal systems market. Luxury vehicles are characterized by their high comfort levels, advanced technology, and premium materials. This demand is fueled by affluent consumer preferences, exclusivity in production, and strong brand reliability and craftsmanship. Steering thermal systems play a crucial role in maintaining optimal temperatures for steering components, preventing overheating and enhancing performance and reliability. This is essential for both high-performance and commercial vehicles. For example, Porsche AG reported a significant increase in car deliveries in early 2023, reflecting robust growth across major regions such as Europe, North America, and China. Consequently, the rising demand for luxury vehicles is a key factor propelling the steering thermal systems market.
Leading companies in the steering thermal systems market are increasingly focusing on developing innovative solutions, such as proprietary thermal management systems, to gain a competitive advantage. A proprietary thermal management system is designed and implemented by companies to regulate temperatures across various components within specific applications or devices. For instance, ZF Group recently introduced its proprietary thermal management system for electric vehicles (EVs) in June 2023. This system has the potential to significantly extend EV range during winter conditions. It integrates advanced technologies such as an optimized electric drivetrain with components such as power electronics, motors, and reduction gearboxes based on 800-volt silicon carbide. Automakers have flexibility in integrating this thermal management system into their vehicles according to their specific needs and designs.
In April 2023, Lear Corporation, a US-based automotive technology company, acquired I.G. Bauerhin (IGB) for $150.44 million. This acquisition enriches Lear’s portfolio in thermal comfort systems by integrating efficient heating, ventilation, and active cooling, alongside lumbar support and massage features, while upholding high standards in seating craftsmanship. I.G. Bauerhin (IGB), headquartered in Germany, specializes in manufacturing automotive steering wheel heaters.
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.
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.
The countries covered in the steering thermal systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Steering thermal systems encompass technologies and mechanisms specifically engineered to regulate and manage the temperature of steering components within vehicles. These systems are crucial for ensuring optimal and reliable operation of steering mechanisms across diverse temperature conditions, thereby enhancing the overall driving experience and extending the lifespan of steering components.
Key components within the steering thermal systems market include the air filter, condenser, compressor, water pump, motor, heat exchanger, heater control unit, thermoelectric generator, electric compressor, and other related elements. The air filter plays a critical role by eliminating contaminants such as dust, dirt, and debris from the air before they enter the system, ensuring clean airflow. Various advanced technologies are employed in steering thermal systems, including active transmission warm-up, exhaust gas recirculation (EGR), engine thermal mass reduction, and reduced HVAC system loading. These technologies are applied across different vehicle types, including passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs). They collectively contribute to optimizing thermal management of steering components, thereby improving vehicle performance and efficiency.
The steering thermal systems market research report is one of a series of new reports that provides steering thermal systems market statistics, including the steering thermal systems industry global market size, regional shares, competitors with steering thermal systems market share, detailed steering thermal systems market segments, market trends, and opportunities, and any further data you may need to thrive in the steering thermal systems industry. These steering thermal systems market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The steering thermal systems market consists of revenues earned by entities by providing services such as design and engineering, simulation and modeling, installation and commissioning, and system integration. The market value includes the value of related goods sold by the service provider or included within the service offering. The steering thermal systems market also includes sales of electric water pump and electric motor. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The steering thermal systems market size is expected to see strong growth in the next few years. It will grow to $4.25 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%.The growth trajectory in the forecast period is driven by increasing adoption of electric vehicles, heightened collaboration among key market players, expanding integration of intelligent thermal management solutions in vehicles, rising deployment of steering thermal systems across the automotive sector, and growing consumer preference for premium vehicles. Key trends expected in the forecast period include continuous technological innovations, expanding adoption of power steering systems, rising prominence of electric vehicles, increasing popularity of autonomous mobility solutions, and advancements in overall mobility solutions. These trends collectively indicate a dynamic evolution within the steering thermal systems market, aimed at enhancing vehicle performance, efficiency, and user comfort in the automotive industry.
The increasing demand for luxury vehicles is expected to drive growth in the steering thermal systems market. Luxury vehicles are characterized by their high comfort levels, advanced technology, and premium materials. This demand is fueled by affluent consumer preferences, exclusivity in production, and strong brand reliability and craftsmanship. Steering thermal systems play a crucial role in maintaining optimal temperatures for steering components, preventing overheating and enhancing performance and reliability. This is essential for both high-performance and commercial vehicles. For example, Porsche AG reported a significant increase in car deliveries in early 2023, reflecting robust growth across major regions such as Europe, North America, and China. Consequently, the rising demand for luxury vehicles is a key factor propelling the steering thermal systems market.
Leading companies in the steering thermal systems market are increasingly focusing on developing innovative solutions, such as proprietary thermal management systems, to gain a competitive advantage. A proprietary thermal management system is designed and implemented by companies to regulate temperatures across various components within specific applications or devices. For instance, ZF Group recently introduced its proprietary thermal management system for electric vehicles (EVs) in June 2023. This system has the potential to significantly extend EV range during winter conditions. It integrates advanced technologies such as an optimized electric drivetrain with components such as power electronics, motors, and reduction gearboxes based on 800-volt silicon carbide. Automakers have flexibility in integrating this thermal management system into their vehicles according to their specific needs and designs.
In April 2023, Lear Corporation, a US-based automotive technology company, acquired I.G. Bauerhin (IGB) for $150.44 million. This acquisition enriches Lear’s portfolio in thermal comfort systems by integrating efficient heating, ventilation, and active cooling, alongside lumbar support and massage features, while upholding high standards in seating craftsmanship. I.G. Bauerhin (IGB), headquartered in Germany, specializes in manufacturing automotive steering wheel heaters.
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.
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.
The countries covered in the steering thermal systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Steering thermal systems encompass technologies and mechanisms specifically engineered to regulate and manage the temperature of steering components within vehicles. These systems are crucial for ensuring optimal and reliable operation of steering mechanisms across diverse temperature conditions, thereby enhancing the overall driving experience and extending the lifespan of steering components.
Key components within the steering thermal systems market include the air filter, condenser, compressor, water pump, motor, heat exchanger, heater control unit, thermoelectric generator, electric compressor, and other related elements. The air filter plays a critical role by eliminating contaminants such as dust, dirt, and debris from the air before they enter the system, ensuring clean airflow. Various advanced technologies are employed in steering thermal systems, including active transmission warm-up, exhaust gas recirculation (EGR), engine thermal mass reduction, and reduced HVAC system loading. These technologies are applied across different vehicle types, including passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs). They collectively contribute to optimizing thermal management of steering components, thereby improving vehicle performance and efficiency.
The steering thermal systems market research report is one of a series of new reports that provides steering thermal systems market statistics, including the steering thermal systems industry global market size, regional shares, competitors with steering thermal systems market share, detailed steering thermal systems market segments, market trends, and opportunities, and any further data you may need to thrive in the steering thermal systems industry. These steering thermal systems market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The steering thermal systems market consists of revenues earned by entities by providing services such as design and engineering, simulation and modeling, installation and commissioning, and system integration. The market value includes the value of related goods sold by the service provider or included within the service offering. The steering thermal systems market also includes sales of electric water pump and electric motor. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Steering Thermal Systems Market Characteristics3. Steering Thermal Systems Market Trends and Strategies32. Global Steering Thermal Systems Market Competitive Benchmarking33. Global Steering Thermal Systems Market Competitive Dashboard34. Key Mergers and Acquisitions in the Steering Thermal Systems Market
4. Steering Thermal Systems Market - Macro Economic Scenario
5. Global Steering Thermal Systems Market Size and Growth
6. Steering Thermal Systems Market Segmentation
7. Steering Thermal Systems Market Regional and Country Analysis
8. Asia-Pacific Steering Thermal Systems Market
9. China Steering Thermal Systems Market
10. India Steering Thermal Systems Market
11. Japan Steering Thermal Systems Market
12. Australia Steering Thermal Systems Market
13. Indonesia Steering Thermal Systems Market
14. South Korea Steering Thermal Systems Market
15. Western Europe Steering Thermal Systems Market
16. UK Steering Thermal Systems Market
17. Germany Steering Thermal Systems Market
18. France Steering Thermal Systems Market
19. Italy Steering Thermal Systems Market
20. Spain Steering Thermal Systems Market
21. Eastern Europe Steering Thermal Systems Market
22. Russia Steering Thermal Systems Market
23. North America Steering Thermal Systems Market
24. USA Steering Thermal Systems Market
25. Canada Steering Thermal Systems Market
26. South America Steering Thermal Systems Market
27. Brazil Steering Thermal Systems Market
28. Middle East Steering Thermal Systems Market
29. Africa Steering Thermal Systems Market
30. Steering Thermal Systems Market Competitive Landscape and Company Profiles
31. Steering Thermal Systems Market Other Major and Innovative Companies
35. Steering Thermal Systems Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Steering Thermal Systems Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on steering thermal systems market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase:
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- Benchmark performance against key competitors.
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- Report will be updated with the latest data and delivered to you along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Description
Where is the largest and fastest growing market for steering thermal systems? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The steering thermal systems market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Component: Air Filter; Condenser; Compressor; Water Pump; Motor; Heat Exchanger; Heater Control Unit; Thermoelectric Generator; Electric Compressor; Other Components2) 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)
Key Companies Mentioned: Robert Bosch GmbH; DENSO Corporation; ThyssenKrupp AG; ZF Friedrichshafen AG; Valeo SA
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
- 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
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | August 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 3.48 Billion |
Forecasted Market Value ( USD | $ 4.25 Billion |
Compound Annual Growth Rate | 5.2% |
Regions Covered | Global |
No. of Companies Mentioned | 24 |