Balance shaft is a mechanical part of a vehicle’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. Use of automotive balance shaft in a vehicle provides low specific fuel consumption, high thermal efficiency, energy savings, and improved passenger comfort while reducing engine noise, vibration, and harshness.
Balance shaft can be manufactured using forging or casting technique. In forging process, material is shaped with power hammers, presses, or special forging machines or with the application of localized compressive forces exerted manually. The forged components have good strength and toughness; hence, they can be used reliably for highly stressed and critical applications. In casting process, metal is heated until molten and then molten or liquid state is poured into a mold or vessel to create a balance shaft. Casting process is used in wide range of components that are too large, complicated, intricate, or otherwise unsuitable for the forging process.
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 are the factors that drive the growth of the market. However, increase in adoption of electric vehicles and rise in sales of luxury vehicles and sports utility vehicles with high-performance engines are the factors that hinder the growth of the market. Surge in demand for passenger cars from emerging nations and technological advancements are the factors that accelerate the growth of this market.
The automotive balance shaft market is segmented on the basis of engine type, manufacturing process, application, sales channel, and region. Inline 3-cylinder engine, inline 4-cylinder engine, inline 5-cylinder engine, and V6 engine are the various types of engines covered in this study. It provides particulars about different manufacturing processes such as forging and casting. The application segment included in the report covers passenger cars, light commercial vehicles, and heavy commercial vehicles. Moreover, it summarizes the details about revenue generated across regions such as North America, Europe, Asia-Pacific, and LAMEA.
Balance shaft can be manufactured using forging or casting technique. In forging process, material is shaped with power hammers, presses, or special forging machines or with the application of localized compressive forces exerted manually. The forged components have good strength and toughness; hence, they can be used reliably for highly stressed and critical applications. In casting process, metal is heated until molten and then molten or liquid state is poured into a mold or vessel to create a balance shaft. Casting process is used in wide range of components that are too large, complicated, intricate, or otherwise unsuitable for the forging process.
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 are the factors that drive the growth of the market. However, increase in adoption of electric vehicles and rise in sales of luxury vehicles and sports utility vehicles with high-performance engines are the factors that hinder the growth of the market. Surge in demand for passenger cars from emerging nations and technological advancements are the factors that accelerate the growth of this market.
The automotive balance shaft market is segmented on the basis of engine type, manufacturing process, application, sales channel, and region. Inline 3-cylinder engine, inline 4-cylinder engine, inline 5-cylinder engine, and V6 engine are the various types of engines covered in this study. It provides particulars about different manufacturing processes such as forging and casting. The application segment included in the report covers passenger cars, light commercial vehicles, and heavy commercial vehicles. Moreover, it summarizes the details about revenue generated across regions such as North America, Europe, Asia-Pacific, and LAMEA.
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 the financial competency
- Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry
KEY MARKET SEGMENTS
By Engine Type
- Inline 3-cylinder Engine
- Inline 4-cylinder Engine
- Inline 5-cylinder Engine
- V6 Engine
By Manufacturing Process
- Forging
- Casting
By Application
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By Sales Channel
- Original Equipment Manufacturer
- Aftermarket
By Region
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
- KEY PLAYERS
- American Axle & Manufacturing, Inc
- Engine Power Components, Inc
- Hirschvogel Group
- Linamar Corporation
- MAT Foundry Group Ltd
- Musashi Seimitsu Industry Co, Ltd
- Ningbo Jingda Hardware Manufacture Co, Ltd
- Otics Corporation
- Sansera Engineering Limited
- TFO Corporation
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Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Landscape
Chapter 4: Automotive Balance Shaft Market, by Engine Type
Chapter 5: Automotive Balance Shaft Market, by Manufacturing Process
Chapter 6: Automotive Balance Shaft Market, by Application
Chapter 7: Automotive Balance Shaft Market, by Sales Channel
Chapter 8: Automotive Balance Shaft Market, by Region
Chapter 9: Company Profiles
List of Tables
List of Figures
Executive Summary
According to a recent report titled, “Automotive Balance Shaft Market by Engine Type, Manufacturing Process, Application, and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030”, the global automotive balance shaft market was valued at $10,489.0 million in 2020, and is projected to reach $16,691.3 million by 2030, registering a CAGR of 4.9% from 2021 to 2030.Asia-Pacific is expected to be dominate the global automotive balance shaft market during the forecast period, owing to factors such as rise in sales of new cars and enhanced adoption of fuel-efficient vehicles. Increase in vehicle production specifically in the emerging economies such as China, Taiwan, India, and Singapore boosts the market growth. In addition, introduction of stringent government regulations associated with emissions and rise in environmental awareness are expected to fuel the overall market growth.
By application, is the market is segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger car segment dominated the market in 2020. Increase in demand for passenger vehicles from emerging economies, enhanced need for high performing & fuel-efficient vehicles, and stringent emission standards drive the growth of this segment.
Based on engine type, the market is segregated into inline 3-cylinder engine, inline 4-cylinder engine, inline 5-cylinder engine, and V6 engine. Increase in demand for inline 4-cylinder engine has been observed as it provides fuel efficiency and improved performance. Moreover, inline 4-cylinder engines have second-order vibration that can be handled with the help of balance shaft, which, in turn, increases the demand for balance shaft during the forecast period.
The significant factors impacting the growth of the automotive balance shaft market include increase in demand for inline-4 cylinder engines, improved adoption of fuel-efficient vehicles with low carbon emission, and rise in need for vehicle engines with reduced noise, vibration, and harshness. 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. Conversly, increase in demand for passenger vehicles from emerging nations and technological advancements are expected to offer growth opportunities during the forecast period.
COVID-19 Impact Analysis
The COVID-19 crisis has created uncertainty in the market, massive fall of supply chain, decline in business confidence, and increase in panic among the customer segments. Governments of different regions have already announced total lockdown and temporary shutdown 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 Findings Of The Study
- Depending on engine type, the inline 3 cylinder engine segment is expected to register a significant growth during the forecast period
- By manufacturing process, the forging segment is anticipated to exhibit significant growth in the near future
- According to application, the light commercial vehicle segment is anticipated to exhibit significant growth in the near future
- By sales channel, the aftermarket segment is anticipated to exhibit significant growth during the forecast period
- Region wise, LAMEA is anticipated to register the highest CAGR during the forecast period
- The key players operating in the global automotive balance shaft market 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
Companies Mentioned
- 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
- TFO Corporation.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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