Balance Shafts Market: Predictive Analysis and Forecast (2024-2030)

Balance Shafts Market was valued at US$ 14.12 Bn. in 2023. Global Balance Shafts Market size is estimated to grow at a CAGR of 5.9% over the forecast period.
Balance Shafts Market Overview:
A second level of vibration occurs in an automotive engine, particularly in engines with asymmetric design; even well-balanced engines with asymmetric design experience the second level vibration. The automobile balance shaft is used in conjunction with vehicle engines to counteract the engine's vibration effect. The balance shaft is a complicated component that requires meticulous design to ensure compatibility with the engine system. Balance shafts dampens the secondary vibrations and safeguard the vehicle from accidents or transmission malfunction. Balance Shafts market is expected to register CAGR of 5.9% during the forecast period.To know about the Research Methodology :- Request Free Sample Report
Balance Shafts Market Dynamics:
Growing Demand for Fuel Efficiency: As environmental concerns gain traction, automakers are focusing their efforts on improving fuel efficiency through the use of efficient combustion technologies. Government laws aimed at reducing greenhouse gas emissions and carbon footprint are fueling this trend. Furthermore, the Global Fuel Economy Initiative (GFEI), with its '100 for 50 by 50' approach, is reinforcing efforts to improve fuel economy. This forum, which was launched prior of COP-21, aims to attain a worldwide fuel economy of at least 50% by 2050, resulting in a reduction of over 2 giga tonnes of carbon emissions.

Furthermore, the US Environmental Protection Agency (EPA) has set two stages of fuel efficiency criteria for light-duty cars in collaboration with the National Highway Traffic Safety Administration (NHTSA) (2018). Such provisions are projected to boost the adoption of innovative balance shaft solutions across the automotive industry, boosting the market for automotive balance shafts.

Low-Carbon Emissions and High-Fuel-Efficient Vehicles:

At the moment, the automotive industry's R&D is primarily driven by reductions in emissions and advances in fuel efficiency. Global emission requirements, variable fuel prices, and increased environmental awareness are putting pressure on original equipment manufacturers (OEMs), governments, suppliers, and other stakeholders to offer viable solutions within a specified time frame. Furthermore, technology that assist OEMs in meeting various emission and fuel economy criteria have become quite important in branding. In the United States, for example, the regulatory threshold requires new vehicles and trucks to average at least 34.1 miles per gallon by 2017, resulting in emissions of 250 grammes of carbon dioxide per mile travelled.

The balance shaft market faces a number of problems, including a tedious balance shaft replacement method. Furthermore, producing long-lasting balance shafts is more expensive. In addition, the growing relevance of premium vehicles with high-performance engines, as well as increased sales of sports utility vehicles, are stifling the worldwide balance shaft market's growth. As a result, the market's growth is likely to be limited throughout the projection period as consumers move their attention to electric vehicles.

Growing EV Popularity is expected to Stifle Balance shaft market Growth:

As the electric revolution gains traction, the popularity of traditional fossil-fuel-powered vehicles is expected to dwindle. As a result, the growth opportunities for the automotive balancing shaft market are expected to dwindle. By 2040, it is expected that electric vehicles would account for more than three out of every ten vehicles, with over three-fifths of municipal buses, nearly a quarter of LCVs, and roughly half of two-wheelers. Several companies are entering the electric vehicle market with the goal of achieving environmental sustainability.
Balance Shafts Market Segment Analysis:
Demand for inline-4-cylinder engines segment is increasing:

One of the most frequent engines is the inline-4 cylinder. It is small and compact, fitting into almost any engine compartment. It's also light, and because there's just one exhaust manifold, it's even lighter. Inline-4 cylinder engines are also in high demand due to their excellent fuel economy and low cost. Furthermore, engine innovations such as the turbocharged 4-cylinder engine provide excellent power and mileage. Until recently, it was commonplace for conventional 4-cylinder vehicles to include an extra-cost V6 engine as an option. However, since fuel efficiency has become more important, several automakers have replaced V6s with turbocharged 4-cylinder engines that produce V6-like power while getting more miles per gallon.

With the current Sonata, Hyundai set the trend, and others have followed suit, including Chevrolet with the new Malibu. Turbo four-cylinder engines, in particular, are becoming more common in luxury vehicles. In JAN 2017, BMW replaced the 328i's legendary 6-cylinder engine with a turbo 4-cylinder. As a result of the increased demand for inline-4-cylinder engines, the automobile balance shaft industry is growing.Forged Shafts: Dominating segment in the market:

Greater strength & fatigue resistance, improved microstructure, reduced downtime because of premature failures, decreased probability of voids, continuous grain flow are some of the advantages provided by forging process. According to Forging Industry Association, approximately 73% automotive component manufacturers use forging processes especially hot rolled forging as it gives composite strength to the components.
Balance Shafts Market Regional Insights:
Asia Pacific Region is expected to dominate the Market owing to Demographic Demands:

Due to a growing automotive sector, Asia Pacific is expected to be the most lucrative region in terms of automotive balance shaft market share. Due to enormous growth potential, India and China represent the best possibility, with various regional and worldwide automotive manufacturers opening facilities there. India was the world's fourth-largest automobile market in 2023, with domestic production exceeding 26 million units for the fiscal year 2017-2022, and over 21 million vehicles sold at the start of 2022. Similarly, in October 2022, China had an increase of more than 12%. Despite the coronavirus pandemic-induced recession, the Asian automobile sector is expected to prosper, ensuring that demand for automotive balance shafts remains stable for the foreseeable future.

While new automobile production may have reached a halt, sales of automotive replacement parts are anticipated to increase, as more than nine out of ten consumers prefer private transportation to public transportation. In the post-pandemic era, this trend is projected to continue.

Since the beginning of the epidemic, efforts to protect the automotive sector have been undertaken. The Chinese government, for example, published the Notice on Measures to Stabilize and Expand Automobile Consumption in April 2022, which extended subsidies to automakers through 2022.

The objective of the report is to present a comprehensive analysis of the global Balance Shafts Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Balance Shafts Market dynamic, structure by analyzing the market segments and projecting the Balance Shafts Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Balance Shafts Market make the report investor’s guide.
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Balance Shafts Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 14.12 Bn.


Forecast Period 2024 to 2030 CAGR:
5.9%
Market Size in 2030:
US $ 21.10 Bn.


 Segments Covered:
by Vehicle Type
Passenger Cars
LCV
HCV


by Manufacturing Process
Casting
Forging


by Engine Type
Inline-3 Cylinder Engine
Inline-4 Cylinder Engine
Inline-5 Cylinder Engine
V6 Engine



Balance Shafts Market, by Region:
• North America (United States, Canada and Mexico)
• Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
• Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
• Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
• South America (Brazil, Argentina Rest of South America)
Balance Shafts Market Key Players are:
1. MERICAN AXLE & MANUFACTURING HOLDINGS, INC. (METALDYNE PERFORMANCE GROUP INC.) (USA)
2. LACO Technologies (USA)
3. MITEC-JEBSEN AUTOMOTIVE SYSTEMS (DALIAN) CO LTD. (China)
4. MUSASHI SEIMITSU INDUSTRY CO., LTD (Japan)
5. NINGBO JINGDA HARDWARE MANUFACTURE CO., LTD. (China)
6. OTICS CORPORATION (Japan)
7. SANSERA ENGINEERING PVT. LTD. (India)
8. SHW AG (Germany)
9. SKF GROUP AB (Sweden)
10. TFO CORPORATION (Japan)
11. Engine Power Components Inc. (USA)
12. Ningbo Jingda Hardware Manufacture Co. Ltd. (China)

Frequently Asked Questions:

1] What segments are covered in the Global Balance Shafts Market report?
Ans. The segments covered in the Balance Shafts Market report are based on Coating Type, Engine Type, and Manufacturing Process.

2] Which region is expected to hold the highest share in the Global Balance Shafts Market?
Ans. The Asia Pacific region is expected to hold the highest share in the Balance Shafts Market.

3] What is the market size of the Global Balance Shafts Market by 2030?
Ans. The market size of the Balance Shafts Market by 2030 is expected to reach US$ 21.10 Bn.

4] What is the forecast period for the Global Balance Shafts Market?
Ans. The forecast period for the Balance Shafts Market is 2024-2030.

5] What was the market size of the Global Balance Shafts Market in 2023?
Ans. The market size of the Balance Shafts Market in 2023 was valued at US$ 14.12 Bn.