"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.
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.
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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.
**Segments**
- **Type**: The Steering Thermal Systems market can be segmented based on type into Electric Power Steering (EPS) and Hydraulic Power Steering (HPS). EPS systems have been gaining popularity due to their efficiency and environmental friendliness, leading to a rise in demand for these systems globally.
- **Vehicle Type**: This market segment can be further categorized into Passenger Vehicles, Commercial Vehicles, and Electric Vehicles. Passenger vehicles are the major consumers of steering thermal systems, owing to the increasing number of vehicles on the road and the adoption of advanced steering technologies in modern cars.
- **Component**: Steering thermal systems consist of various components such as steering wheel, steering column, steering gearbox, and steering sensors. The demand for these components is influenced by factors like vehicle manufacturing trends, safety regulations, and technological advancements in the automotive industry.
**Market Players**
- **Robert Bosch GmbH**: A leading player in the steering thermal systems market, Robert Bosch GmbH offers a wide range of automotive steering solutions catering to different types of vehicles. The company focuses on innovation and sustainability in its product offerings.
- **ZF Friedrichshafen AG**: ZF Friedrichshafen AG is another key player known for its advanced steering technologies and high-quality products. The company's global presence and focus on research and development have helped it maintain a competitive position in the market.
- **Nexteer Automotive**: Nexteer Automotive specializes in electric power steering systems and has a strong foothold in the market. The company's emphasis on technological advancements and customer satisfaction has contributed to its success in the steering thermal systems industry.
The Steering Thermal Systems market is witnessing significant growth due to the increasing demand for advanced steering technologies in vehicles. Factors such as technological advancements, rising vehicle production, and stringent safety regulations are driving the market forward. Electric Power Steering (EPS) systems are becoming more popular due to their energy efficiency and environmental benefits. Passenger vehicles dominate the market in terms of vehicle type, while steering system components like steering wheels and sensors play a crucial role in ensuringThe Steering Thermal Systems market is a crucial component of the automotive industry, as steering systems are essential for the safe and efficient operation of vehicles. The market analysis reveals several key trends that are shaping the industry landscape. One of the primary drivers of market growth is the increasing demand for advanced steering technologies in vehicles. As automotive manufacturers strive to enhance vehicle performance, safety, and comfort, there is a growing need for steering systems that offer improved precision, responsiveness, and energy efficiency.
Another significant factor fueling the growth of the Steering Thermal Systems market is the rapid pace of technological advancements in the automotive sector. Innovations such as electric power steering (EPS) systems have revolutionized the way vehicles are steered, offering benefits such as reduced energy consumption, enhanced control, and compatibility with advanced driver assistance systems (ADAS). As a result, EPS systems have gained popularity among automotive OEMs and consumers alike, driving the market for steering thermal systems.
Moreover, the rising vehicle production worldwide is contributing to the growth of the Steering Thermal Systems market. With increasing urbanization, rising disposable incomes, and changing consumer preferences, the demand for vehicles, especially passenger cars, is on the rise. This trend is driving the adoption of steering thermal systems across different vehicle segments, including passenger vehicles, commercial vehicles, and electric vehicles. Passenger vehicles, in particular, are the major consumers of steering systems due to the high volume of production and the incorporation of advanced steering technologies in modern car models.
Furthermore, stringent safety regulations imposed by government bodies and industry standards are influencing the market for steering thermal systems. Safety is a top priority for automotive manufacturers, and steering systems play a critical role in ensuring the safe operation of vehicles. Compliance with safety regulations and the integration of safety features in steering systems are driving the market for advanced and reliable steering solutions.
In terms of market players, companies such as Robert Bosch GmbH, ZF Friedrichshafen AG, and Nexteer Automotive are leading the way in the steering thermal systems market. These players are known**Global Steering Thermal Systems Market Overview**
- **ICE Vehicle Type**: The Steering Thermal Systems market, segmented by ICE Vehicle Type, includes Passenger Cars, Light Commercial Vehicles (LCVs), Trucks, and Buses. The demand for steering thermal systems in ICE vehicles is driven by the need for efficient and reliable steering solutions to ensure safe vehicle operation across different vehicle types.
- **Technology**: This segment covers various technologies deployed in steering thermal systems, including Active Transmission Warm Up, Exhaust Gas Recirculation (EGR), Engine Thermal Mass Reduction, Reduced HVAC System Loading, among others. These technologies aim to enhance the performance and efficiency of steering systems in vehicles.
- **Electric Vehicle Type**: The market also includes Electric Vehicle Types such as Battery Electric Vehicles (BEVs), Hybrid Electric Vehicles (HEVs), Plug-In Hybrid Electric Vehicles (PHEVs), Fuel Cell Electric Vehicles (FCEVs), and 48V Mild Hybrid Vehicles. The shift towards electric vehicles is influencing the demand for advanced steering thermal systems compatible with EV technologies.
- **Component**: Steering thermal system components like Air Filters, Condensers, Compressors, Water Pumps, Motors, Heat Exchangers, Heater Control Units, Thermoelectric Generators, Electric Compressors, Electric Water Pumps, and Electric Motors play a crucial role in ensuring the efficient operation of steering systems in vehicles.
The Global Steering Thermal Systems Market, characterized by a wide range of vehicle types, advanced technologies, and components, reflects the ongoing
Table of Content:
Part 01: Executive Summary
Part 02: Scope of the Report
Part 03: Global Steering Thermal Systems Market Landscape
Part 04: Global Steering Thermal Systems Market Sizing
Part 05: Global Steering Thermal Systems Market Segmentation by Product
Part 06: Five Forces Analysis
Part 07: Customer Landscape
Part 08: Geographic Landscape
Part 09: Decision Framework
Part 10: Drivers and Challenges
Part 11: Market Trends
Part 12: Vendor Landscape
Part 13: Vendor Analysis
Objectives of the Report
- To carefully analyze and forecast the size of the Steering Thermal Systems market by value and volume.
- To estimate the market shares of major segments of the Steering Thermal Systems
- To showcase the development of the Steering Thermal Systems market in different parts of the world.
- To analyze and study micro-markets in terms of their contributions to the Steering Thermal Systems market, their prospects, and individual growth trends.
- To offer precise and useful details about factors affecting the growth of the Steering Thermal Systems
- To provide a meticulous assessment of crucial business strategies used by leading companies operating in the Steering Thermal Systems market, which include research and development, collaborations, agreements, partnerships, acquisitions, mergers, new developments, and product launches.
Key questions answered
- How feasible is Steering Thermal Systems Market for long-term investment?
- What are influencing factors driving the demand for Steering Thermal Systems near future?
- What is the impact analysis of various factors in the Global Steering Thermal Systems market growth?
- What are the recent trends in the regional market and how successful they are?
- Thanks for reading this article; you can also get individual chapter wise section or region wise report version like North America
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