The Global Steering Thermal Systems Market finds significant use in various applications. It is extensively employed in passenger, commercial, and off-road vehicles, where precise and efficient steering control is crucial. Steering thermal systems are also widely utilized in electric and hybrid vehicles to manage heat generated by electric powertrains. Additionally, these systems are employed in heavy-duty vehicles, such as trucks and buses, to enhance steering performance and ensure driver comfort and safety. The diverse applications of steering thermal systems underscore their importance in improving vehicle handling, efficiency, and overall driving experience.
According to Data Bridge Market Research, the global 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% in the forecast period of 2023 to 2030
“Increasing acceptance of steering thermal systems drive the market growth”
The growing adoption of steering thermal systems in the automotive sector is a significant global market driver. Steering thermal systems offer various benefits, such as improved steering performance, enhanced fuel efficiency, and increased overall vehicle safety. The automotive industry is witnessing a rising demand for advanced technologies that enhance driving experience and optimize vehicle performance. Steering thermal systems provide efficient thermal management, particularly in electric and hybrid vehicles, where heat dissipation is crucial. The increasing awareness and implementation of these systems by automotive manufacturers drive the growth of the global steering thermal systems market.
What restraints the growth of the global steering thermal systems market?
“High cost allied with steering thermal systems”
The high cost of steering thermal systems is a significant restraint in the global market. Steering thermal systems incorporate advanced technologies and components, which can result in higher manufacturing and production costs. These elevated costs make steering thermal systems less affordable for some consumers, particularly in price-sensitive markets. Moreover, the high cost may discourage automotive manufacturers' adoption of steering thermal systems, especially those operating on tighter budgets. As a result, the overall market demand for steering thermal systems may be limited, hindering the growth and expansion of the global market.
Segmentation: Global Steering Thermal Systems Market
The steering thermal systems market is segmented on the basis of ICE vehicle type, technology, electric vehicle type, and component.
- On the basis of ice vehicle type, the steering thermal systems market is segmented into passenger car, light commercial vehicle (LCV), truck, and bus.
- On the basis of technology, the steering thermal systems market is segmented into active transmission warm up, EGR, engine thermal mass reduction, reduced HVAC system loading, and others.
- On the basis of electric vehicle type, the steering thermal systems market is segmented into battery electric vehicle (BEV), hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV), fuel cell electric vehicle (FCEV), 48v mild hybrid vehicle.
- On the basis of component, the steering thermal systems market is segmented into Air Filter, condenser, compressor, water pump, motor, heat exchanger, heater control unit, thermoelectric generator, electric compressor, electric water pump, electric motor.
Regional Insights: Asia-Pacific dominates the Global Steering Thermal Systems Market
Asia-Pacific dominates the steering thermal systems market in terms of revenue due to several factors. The region is witnessing a rapid introduction of advanced automotive technologies, driving the demand for steering thermal systems. Additionally, the increasing demand for luxury vehicles that offer comfort and advanced features contributes to this region's growth. The automotive industry in Asia-Pacific is experiencing significant growth, leading to higher adoption of steering thermal systems.
During the forecast period, North America is expected to be the fastest-developing region in the steering thermal systems market. This growth can be attributed to the manufacturing activities of vehicles in countries like China, Japan, South Korea, and India, which are driving the market in North America. Furthermore, the increasing preference for electric vehicles and the introduction of BS VI norms (emission standards) create opportunities for the adoption of steering thermal systems, further fueling market growth in the region.
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The Prominent Key Players Operating in the Global Steering Thermal Systems Market Include:
- 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.)
Above are the key players covered in the report, to know about more and exhaustive list of global steering thermal systems market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Steering Thermal Systems Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
