Automotive Balance Shaft Market

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%.    

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 balance shaft 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.

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.

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.

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.

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.  

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. 

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