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 vehicles with engines that are gentler, quieter, and vibration-free as well as the growing acceptance of vehicles that are fuel-efficient and emit low levels of carbon dioxide have all supported the growth of the global automotive balancing shaft market. Inline 4-cylinder engines are also becoming more and more popular.
The need for powerful engines in premium cars and SUVs is also rising, which is limiting the sector’s expansion for automotive balancing shafts. As the demand for passenger cars grows in developing nations and new technology is embraced, opportunities will present themselves.
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This study of the global automotive balancing shaft market takes into account the economies of North America, Europe, Asia-Pacific, and Latin America and the Caribbean, to name a few. In 2020, Asia and the Pacific accounted for more than half of the market. However, it is expected that the LAMEA automotive balancing shaft market would grow at a 7.2% CAGR over the envisioned time frame.
The employment of technologies by OEMs to meet environmental and fuel economy regulations is now part of their branding strategy. By 2016, every new car sold in the US must get 34.1 mpg, or 250 g of CO2 per mile. The desire from consumers for fuel-efficient, low-emission vehicles is what is fueling the expansion of the automotive balancing shaft industry. As the automobile sector grows in emerging countries, it benefits the market for automotive balancing shafts. Balancer shafts enhance engine performance, hence the market should grow.
Affordable auto-balancing shafts are another market-driver. A damaged balancing shaft can be inexpensively replaced. Their usefulness has an impact on their appeal; many people would choose to buy a new car over having their old one fixed. The demand for passenger cars and light trucks is increasing, as are awareness of fuel efficiency and emissions reduction, and the market for automotive balancing shafts is growing as a result of strict environmental regulations on a global scale.
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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.
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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