The Automotive Balance Shaft Market is expected to expand from a valuation of USD 14.03 billion in 2022 to USD 25.01 billion by 2032, registering a CAGR of 6%. This growth is largely driven by increasing demand for quieter vehicles with reduced vibration and harshness, particularly in vehicles equipped with inline 4-cylinder engines. Additionally, the growing preference for fuel-efficient vehicles with lower carbon emissions is contributing to market expansion.
Challenges for the market include rising demand for luxury cars and SUVs with high-performance engines, as well as the increasing popularity of electric vehicles (EVs), which do not require balance shafts. However, the rising demand for passenger vehicles in developing countries and advancements in technology present significant growth opportunities.
Geographically, the market is divided into North America, Europe, Asia-Pacific, and Latin America & the Caribbean. Asia-Pacific held the largest share of the market in 2020, while the LAMEA region is anticipated to experience the fastest growth, with a CAGR of 7.2% through 2032.
Original Equipment Manufacturers (OEMs) are increasingly adopting technologies to meet fuel economy and emissions regulations, which enhances their branding. In the U.S., for example, new vehicles were required to meet a standard of 34.1 mpg by 2016, equating to 250 g of CO2 per mile. As a result, demand for more fuel-efficient and low-emission vehicles is driving the growth of the automotive balance shaft market.
Affordability and ease of replacing broken balance shafts also contribute to market growth, with consumers often preferring new vehicles over repairs. Key drivers of the market include rising demand for passenger cars and light commercial vehicles, increased awareness of fuel efficiency and emissions reduction, and stringent global emissions regulations.
Despite its growth potential, the market faces obstacles such as volatility in raw material prices and the increasing demand for electric vehicles, which could limit the need for balance shafts in the future.
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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.
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.
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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