Demand for automotive balancing shaft market is expected to expand from its 2022 valuation of US$14.03 Billion to its 2032 valuation of US$25.01 Billion, a CAGR of 6%. The need for an automotive balancing shaft has been rising, particularly in the automobile sector.
The global automotive balancing shaft market has been expanding due to the rising popularity of inline 4-cylinder engines, the rising demand for vehicles with engines that produce less noise, harshness, and vibration, and the rising acceptance of fuel-efficient vehicles with low carbon emissions.
Automotive balancing shaft market expansion is hampered, however, by rising demand for luxury cars and SUVs powered by high-performance engines and the popularity of electric vehicles. However, opportunities will arise in the future as demand for passenger automobiles increases in developing countries and as new technologies are introduced.
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North America, Europe, Asia-Pacific, and Latin American and Caribbean economies are only some of the geographical segments considered in this global automotive balance shaft market study. More than half of the market in 2020 was in Asia and the Pacific. However, the LAMEA automotive balancing shaft market is expected to grow at the fastest rate throughout the forecast time frame, 7.2%.
OEMs’ employment of technologies to meet pollution and fuel economy regulations has become part of branding. In the U.S., new automobiles must obtain 34.1 mpg by 2016, which equals 250 g of CO2 per mile travelled. As consumers demand fuel-efficient, low-emission automobiles, the automotive balancing shaft business is growing. The automotive industry’s growth in developing countries also boosts the automotive balancing shaft market. Balancer shafts improve engine performance; hence the market should grow.
Low prices for auto-balancing shafts also drive the market. A broken balancing shaft won’t cost much to replace. Their user-friendliness contributes to their popularity; many individuals would prefer to buy a new car than have their old one mended. Increasing demand for passenger automobiles and light commercial vehicles, increasing awareness about fuel efficiency and emissions reduction, and strict emission restrictions around the world are driving automotive balancing shaft industry growth.
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The automotive balancing shaft market provides several advantages in the automotive sector. Still, strict emission requirements and restrictions imposed on vehicle manufacturers could challenge this market in the next few years, hindering its expansion throughout the projected period. Volatility in raw material prices may also slow the balance shaft market. Demand for electric vehicles is also projected to slow the automotive balancing shaft market.
Key Takeaways
- Asia Pacific is the largest market for automotive balancing shafts, and the trend is likely to continue throughout the projection period due to its use in Japan, India, and China.
- The automotive balancing shaft industry is being propelled by tough laws enacted by governing authorities of several countries to reduce greenhouse gas (GHG) emissions from vehicles.
- The LAMEA market is expected to grow at the fastest rate throughout the forecast time frame, 7.2%.
- German vendors France, U.S., and UK are strengthening their footholds in fast-growing automotive balancing shaft industries while maintaining slow-growing positions.
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Competitive Landscape
SHW AG, Otics Corporation, Metaldyne LLC, Musashi Seimitsu Industry Co. Ltd., TFO Corporation, Sansera Engineering, Engine Power Components Inc., Ningbo Jingda Hardware Manufacture Co. Ltd., and others are just some of the major players in the automotive balance shaft market that PMR profiles in its report.
It’s no secret that many nations have set goals to reduce their carbon emissions, and this awareness has prompted vendors to come up with new and exciting product lines. To further expand their customer base, many companies in the automobile balance shaft sector are turning to mergers and partnerships.
Key Segments Profiled in the Automotive Balance Shaft Market Survey
Engine Type:
- Inline-3 Cylinder
- Inline-4 Cylinder
- Inline-5 Cylinder
- V-6 Cylinder
Manufacturing Process:
- Forged Balance Shaft
- Cast Balance Shaft
Application:
- Passenger Cars
- Light Commercial Vehicles
- High Commercial Vehicles
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
Recent Developments
Seventeen new product lines were introduced by American Axle & Manufacturing, Inc. (AAM) in 2020. These new offerings ranged from vibration control systems with isolation pulleys and balance shaft modules to complete axles.
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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