Global Steering Thermal Systems Market – Industry Trends and Forecast to 2030

Global Steering Thermal Systems Market, By ICE Vehicle Type (Passenger Car, Light Commercial Vehicle (LCV), Truck, Bus), Technology (Active Transmission Warm Up, EGR, Engine Thermal Mass Reduction, Reduced HVAC System Loading, Others), Electric Vehicle Type (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV), 48v Mild Hybrid Vehicle), Component (Air Filter, Condenser, Compressor, Water Pump, Motor, Heat Exchanger, Heater Control Unit, Thermoelectric Generator, Electric Compressor, Electric Water Pump, Electric Motor) – Industry Trends and Forecast to 2030.

Steering Thermal Systems Market Analysis and Size

Nowadays, fast-growing challenges in the logistics and transport industry demand economic solutions. As a result, automakers focus on efficiency, safety, and comfortable and ergonomic driving for short and long distances. Currently, a numerical study is being conducted to verify the effect of the thermal steering systems on improving the thermal sensation of the hand. Also, growing investments by governments to introduce advanced steering thermal systems strengthen the market growth globally.

Data Bridge Market Research analyses that the steering thermal systems market is expected to reach USD 4.46 billion by 2030, which was USD 3.39 billion in 2022, at a CAGR of 3.50% during the forecast period. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Steering Thermal Systems Market Scope and Segmentation

Market Definition

Steering systems comprise circular gear or steering pinion that locks the teeth on the rack or the bar. Also, it changes the large rotations of the steering wheel into small rotations and provides accurate turns of the steering wheels, giving a solid and direct feel to the steering. Automotive steering thermal systems maintain the temperature of key components of the vehicles. It manages several components' temperatures and offers enhanced fuel economy, higher performance, and superior comfort.

Global Steering Thermal Systems Market Dynamics

Drivers

• Growing adoption of steering thermal systems in the automotive sector

The automotive trade has developed from manual steering systems to steering thermal systems, which use especially mechanical linkages to the steering system. The manual steering system has some auto fuel potency and mobility restrictions. However, steering thermal systems has both electronic and mechanical element that aids in comfortable driving and simultaneously surge the potency of the vehicle. Hence, the ability to steer thermal systems has been extensive and diverse globally. Therefore, increasing the adoption of power steering systems is expected to drive the steering thermal systems market growth rate.

• Increasing demand for electric vehicles

The increasing demand for electric vehicles is expected to propel the growth of the steering thermal systems market. Electric vehicles, also known as battery electric vehicles, lack an internal combustion engine in favor of an electric motor. Thermal steering systems control the ideal temperatures in battery packs and electric motors. For instance, according to an article published by the International Energy Agency, sales of electric vehicles (including completely electric and plug-in hybrid vehicles) reached 6.6 million in 2021. Therefore, the increasing demand for electric vehicles is enhancing the growth of steering thermal systems.

Opportunities

• Increasing strategic agreements between major market players

Increasing strategic agreements between major market players are expected to generate ample opportunities for market growth during the forecast period. For instance, NSK Ltd. and ThyssenKrupp AG signed a contract to explore a joint venture between ThyssenKrupp Automotive and NSK Steering in 2022. The steering businesses of both companies are extremely synergetic and complementary in terms of geographic footprints, product competencies, and customer groups. It is anticipated the combined technological capabilities will allow the joint venture to fulfill the high technology needs better

•  The growing integration of smart thermal management solutions in vehicles

A thermal management system maintains the operating temperature of key components to reduce the risk of damage to components in vehicles. Manufacturers are integrating smart thermal solutions such as steering thermal systems into new energy vehicles. Furthermore, numerous manufacturers offer smart steering thermal systems for automobiles. Integrating thermal management solutions into automobiles is expected to generate demand for smart steering thermal systems and create lucrative market growth opportunities during the forecast period.

Restraints/ Challenges

• High cost associated with steering thermal systems

The high cost of steering thermal systems is expected to hamper the market's growth during the forecast period. This is because the steering thermal systems are very precise, which support every type of vehicle, high-end driving comfort, and lower energy consumption in the steering system. As a result of all these factors, the steering thermal systems market is hindered.

This steering thermal systems market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the steering thermal systems market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Steering Thermal Systems Market Scope

The steering thermal systems market is segmented on the basis of ICE vehicle type, technology, electric vehicle type, and component. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

ICE Vehicle Type

• Passenger Car
• Light Commercial Vehicle (LCV)
• Truck
• Bus

 Technology

• Active Transmission Warm Up
• EGR
• Engine Thermal Mass Reduction
• Reduced HVAC System Loading
• Others

 Electric Vehicle Type

• Battery Electric Vehicle (BEV)
• Hybrid Electric Vehicle (HEV)

• Plug-In Hybrid Electric Vehicle (PHEV)
• Fuel Cell Electric Vehicle (FCEV)
• 48v Mild Hybrid Vehicle

Component

• Air Filter
• Condenser
• Compressor
• Water Pump
• Motor
• Heat Exchanger
• Heater Control Unit
• Thermoelectric Generator
• Electric Compressor
• Electric Water Pump
• Electric Motor

Steering Thermal Systems Market Regional Analysis/Insights

The steering thermal systems market is analysed and market size insights and trends are provided by country, ICE vehicle type, technology, electric vehicle type, and component as referenced above.

The countries covered in the automotive integrated heating, ventilation, and air conditioning (HVAC)  system market report are U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Switzerland, Netherlands, Russia, Turkey, Belgium, Rest of Europe, Japan, China, South Korea, India, Australia and New Zealand, Singapore, Thailand, Malaysia, Indonesia, Philippines, Rest of Asia-Pacific, South Africa, Israel, U.A.E., Saudi Arabia, Egypt, Rest of Middle East and Africa, Brazil, Argentina and Rest of South America.

Asia-Pacific dominates the steering thermal systems market in terms of revenue. This is owing to the growing introduction of advanced technology in the automotive sector in this region. Moreover, increasing demand for luxury vehicles with comfort and advanced features will further increase the market growth in this region.

North America is projected to be the fastest developing region during the forecast period of 2023-2030 due to the manufacturing of many vehicles in China, Japan, South Korea, and India in this region. Moreover, growing preferences towards electric vehicles coupled with the introduction of BS VI norms will further boost the market growth in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Steering Thermal Systems Market Share Analysis

The steering thermal systems market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to steering thermal systems market.

Some of the major players operating in the steering thermal systems market are:

• HL Mando Corp.. (South Korea)
• ZF Friedrichshafen AG (Germany)
• Robert Bosch GmbH (Germany)
• MAHLE GmbH (Germany)
• Hanon Systems (South Korea)
• Schaeffler AG (Germany)
• JTEKT Corporation. (Japan)
• thyssenkrupp AG (Germany)
• COBO (China)
• DENSO CORPORATION. (Japan)
• Eaton. (Ireland)
• Fujikiko Co.,Ltd. (Japan)
• HELLA GmbH & Co. KGaA (Germany)
• Kongsberg Automotive (Norway)
• Leopold Kostal GmbH & Co. KG (U.S.)
• NSK Ltd. (Japan)
• Pailton Engineering (U.S.)