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 create less noise, harshness, and vibration, as well as the increased acceptance of fuel-efficient vehicles with low carbon emissions, have all contributed to the growth of the worldwide automotive balancing shaft market. Inline 4-cylinder engines are also becoming more and more popular.
However, the popularity of electric vehicles and the rising demand for luxury cars and SUVs with high-performance engines are limiting the growth of the automotive balancing shaft industry. However, as the need for passenger cars rises in developing nations and new technology are introduced, opportunities will present themselves in the future.
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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. In 2020, Asia and the Pacific accounted for more than half of the market. However, the LAMEA automotive balancing shaft market is expected to grow at the fastest rate throughout the forecast time frame, 7.2%
The use of technologies by OEMs to comply with environmental and fuel efficiency laws has become a component of branding. By 2016, all new cars sold in the US must achieve 34.1 mpg, or 250 g of CO2 per mile. The demand for fuel-efficient, low-emission vehicles is driving growth in the automotive balancing shaft industry. The market for automotive balancing shafts benefits from the expansion of the automotive industry in developing nations. Engine performance is improved by balancer shafts, so the market should expand.
Low cost auto-balancing shafts are another market-driver. The expense of replacing a broken balancing shaft is not high. Their appeal is influenced by their usability; many people would rather buy a new car than have their old one fixed. Automotive balancing shaft market growth is being fueled by rising passenger car and light commercial vehicle demand, rising fuel efficiency and emissions reduction awareness, and rigorous pollution regulations globally.
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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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