Automotive Balance Shaft Market Statistics 2020-2030
The global automotive balance shaft market was valued $10,489.0 million in 2020 and is projected to reach $16,691.3 million in 2030, registering a CAGR of 4.9%.
Balance shaft is a weighted shaft utilized for offsetting the vibrations in vehicle engine. A balance shaft system comprises two shafts having equal eccentric weights and revolves in opposite directions with twice the engine speed. The centrifugal forces generated by shafts cancel out the vertical second-order forces generated by engine. Balance shafts are commonly used in inline 4-cylinder engines.
Increase in demand for inline 4-cylinder engines, surge in adoption of fuel efficient vehicles with low carbon emission, and rise in need for vehicle engines with reduced noise, vibration, and harshness drive the growth of the market. However, surge in adoption of electric vehicles and rise in sale of luxury vehicles & sports utility vehicles with high-performance engines are expected to hinder the market growth. Furthermore, increase in demand for passenger vehicles from emerging nations and technological advancements are expected to offer growth opportunities during the forecast period.
The automotive balance shaft market is segmented on the basis of engine type, manufacturing process, application, sales channel, and region. Depending on engine type, the market is classified into inline 3-cylinder engine, inline 4-cylinder engine, inline 5-cylinder engine, and V6 engine. By manufacturing process, it is fragmented into forging and casting. According to application, it is fragmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The sales channel segment has been divided into original equipment manufacturer and aftermarket. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By Engine Type
Inline-3 Cylinder Engine is projected as the most lucrative segment
Some leading companies profiled in the report include American Axle & Manufacturing, Inc., Engine Power Components, Inc., Hirschvogel Group, Linamar Corporation, MAT Foundry Group Ltd., Musashi Seimitsu Industry Co., Ltd., Ningbo Jingda Hardware Manufacturing Co., Ltd., Otics Corporation, Sansera Engineering Limited, and TFO Corporation.
By Manufacturing Process
Forging is projected as the most lucrative segment
Increase in Demand for Inline 4-cylinder Engines
Inline 4-cylinder engines are becoming a common engine configuration in automobiles. Enhanced fuel economy and affordability increases the demand for inline-4 cylinder engines. However, inline 4-cylinder engines have second-order vibration that cannot be eliminated due to asymmetrical movement of connecting rods throughout crankshaft rotation. Balance shafts are generally utilized in inline 4-cyline engines to reduce these vibrations. Henceforth, increase in demand for inline 4-cylinder engines is expected to increase the demand for balance shafts, which, in turn, drives the growth of the market during the forecast period.
By Application
Light Commercial Vehicles is projected as the most lucrative segment
Improved Adoption of Fuel Efficient Vehicles with Low Carbon Emission
To address increasing climate concerns, several countries across the globe are taking initiatives to promote adoption of fuel-efficient vehicles. For instance, in 2021, in India, the government issued advisory for automobile manufacturers to produce flex fuel engine-based vehicles. Several regulations have been introduced by the government to reduce fuel consumption & emission associated with vehicles. Concerns over the impact of emissions from light-duty vehicles on the environment have increased the adoption of balance shafts. Stringent global emission standards and enhanced environmental awareness encourage original equipment manufacturers (OEMs) and suppliers to offer enhanced products to address growing concerns.
By Sales Channel
Aftermarket is projected as the most lucrative segment
Rise in Need for Vehicle Engines with Reduced Noise Vibration, and Harshness
Vehicle noise, vibration, and harshness significantly affect vehicle performance and driving experience. Automobile manufacturers are consistently looking for methods to reduce the noise, vibration, and harshness in engines. Balance shafts aid in reduction of noise ,vibration, and harshness in vehicle engine as it cancels out the vertical second-order forces generated by engine, while improving comfort and performance of automobiles. Various automotive balance shaft manufacturers provide innovative solutions to extend the features of the balancer shaft to offer enhanced fuel economy, lower emissions, and minimized vibrations & noise.
By Region
LAMEA would exhibit the highest CAGR of 7.2% during 2021-2030.
COVID-19 Impact Analysis
- The COVID-19 crisis has created uncertainty in the market, massive slowing of supply chain, decline in business confidence, and increase in panic among the customer segments. Governments of different regions have announced total lockdown and temporarily shut down of industries, thereby adversely affecting the overall production and sales.
- The COVID‐19 pandemic affected sales of new vehicles, especially in 2020. It resulted in supply chain disruptions causing delay in manufacturing of vehicles. Several automobile manufacturers faced shortage of components and materials leading to delay in production of vehicles. However, with the uplifting of lockdown restrictions, increase in demand for vehicles is expected to be observed, boosting the growth of the automotive balance shaft market.
- Different countries took initiatives to revive the automobile industry in their region during the COVID-19 pandemic. For instance, in April 2020, the Chinese Government issued a circular on measures to stabilize and expand automobile consumption, which, in turn, extended subsidies to automobile manufacturers until 2022.
Key Benefits For Stakeholders
- This study presents the analytical depiction of the global automotive balance shaft market analysis along with the current trends and future estimations to depict imminent investment pockets.
- The overall automotive balance shaft market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities of the global automotive balance shaft market with a detailed impact analysis.
- The current automotive balance shaft market is quantitatively analyzed from 2020 to 2030 to benchmark financial competency.
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Automotive Balance Shaft Market Report Highlights
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Analyst Review
There has been increase in focus on reducing noise and vibration & harshness (NVH) in vehicle engine by automobile manufacturers. The leading players in automotive industry are developing noise and vibration absorbing & damping NVH parts in automobiles to enhance user experience.
Growth of the automotive balance shaft market is driven by increase in demand for inline 4-cylinder engines and enhanced adoption of fuel-efficient vehicles with low carbon emission. In addition, several companies are developing inline 4-cylinder engine based vehicles which is expected to contribute to the growth of automotive balance shaft market. For instance, in 2022, Hyundai announced plans to launch next-gen Hyundai Tucson with 2.5 liter inline 4-cylinder petrol engine in India. In addition, Kawasaki is developing Ninja ZX4R with 400cc inline 4-cylinder engine.
Increase in demand for automotive balance shaft from emerging economies of Asia-Pacific along with rise in sales of new cars and improved adoption of fuel efficient vehicles are expected to supplement the market growth. New product launch is expected to enable the leading players to enhance their product portfolios and expand into different regions. For instance, American Axle & Manufacturing, Inc. (AAM) launched 17 product programs during 2020, which includes launch of vibration control systems comprising isolation pulleys, balance shaft modules, and damped gears support downsized engines & hybrid powertrains for customers such as Daimler and Jaguar Land Rover.
The global automotive balance shaft market is expected to reach $16,691.3 million in 2030 from 10,489.0 million in 2020
Automotive balance shaft is a weighted shaft utilized for offsetting the vibrations in vehicle engine. A balance shaft system comprises two shafts having equal eccentric weights and revolves in opposite directions with twice the engine speed. The centrifugal forces generated by shafts cancel out the vertical second-order forces generated by engine.
The sample/company profiles for global automotive balance shaft market report can be obtained on demand from the AMR website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.
Balance shaft is a mechanical part of a car's engine that reduces vibrations by cancelling out unbalanced dynamic forces. It is used to offset vibrations in engine designs, which are not inherently balanced. It assists in achieving vehicular weight optimization and superior fuel efficiency.
Automotive balance shaft is used in various engines such as inline 3-cylinder engine, inline 4-cylinder engine, inline 5-cylinder engine, and V6 engine.
The company profiles of the top market players of automotive balance shaft market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the automotive balance shaft market.
Increase in demand for passenger vehicles from emerging nations and technological advancements are factors expected to offer growth opportunities during the forecast period.
American Axle & Manufacturing, Inc.(AAM) launched 17 product programs during 2020, which included vibration control systems comprising isolation pulleys, balance shaft modules.
Some upcoming trends include development of automotive balance shaft for inline 3-cylinder engine, advancements in manufacturing technologies, and use of light weight materials.
The companies manufacturing automotive balance shaft include American Axle & Manufacturing, Inc., Engine Power Components, Inc., Hirschvogel Group, Linamar Corporation, MAT Foundry Group Ltd., Musashi Seimitsu Industry Co., Ltd., Ningbo Jingda Hardware Manufacturing Co., Ltd., Otics Corporation, Sansera Engineering Limited, and TFO Corporation.
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