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 need for cars with quieter, gentler, and more vibration-free engines as well as the rising popularity of fuel-efficient cars with low carbon emissions have all fueled the expansion of the global automotive balancing shaft industry. The popularity of inline 4-cylinder engines is also rising.
The demand for premium automobiles and SUVs with powerful engines is also growing, which is restricting the growth of the automotive balance shaft sector. Opportunities will arise in the future as demand for passenger automobiles develops in developing countries and new technology is adopted.
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The economies of North America, Europe, Asia-Pacific, and Latin America and the Caribbean are just a few of the geographical regions taken into account in this analysis of the worldwide automotive balancing shaft market. More than half of the market in 2020 came from Asia and the Pacific. The LAMEA automotive balancing shaft market, however, is anticipated to expand at the quickest rate throughout the anticipated time frame, 7.2%.
Branding now includes how OEMs use technologies to adhere to environmental and fuel efficiency standards. All new automobiles sold in the US by 2016 must get 34.1 mpg, or 250 g of CO2 per mile. The growth of the automotive balancing shaft sector is being driven by consumer demand for fuel-efficient, low-emission automobiles. Automotive balancing shafts market gains from the expansion of the automotive industry in developing nations. Engine performance is improved by balancer shafts, so the market should expand.
Auto-balancing shafts that are inexpensive are another market-driver. A broken balance shaft can be replaced for a low cost. Their practicality has an impact on their attraction; many individuals would prefer to get a new car than to have their old one fixed. Rising demand for passenger cars and light commercial vehicles, increasing awareness of fuel efficiency and emissions reduction, and stringent environmental rules on a global scale are all driving the expansion of the automotive balancing shaft market.
The automotive industry benefits from the market for balancing shafts in a number of ways. However, in the next years, this market may face difficulties due to rigorous pollution regulations and limits put on automakers, which may impede its growth for the entire anticipated time. Raw material price volatility may also cause the market for balance shafts to slacken. The market for automotive balancing shafts is anticipated to slow due to the demand for electric automobiles.
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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.
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
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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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