Automotive Balance Shaft Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The global automotive balance shaft market is poised to experience a slowdown in the near term due to the COVID-19 pandemic. With a significant decline in global automotive sales, the market for associated components and assemblies is expected to face a short-term downturn. However, demand is projected to rejuvenate post-pandemic as automotive sales rebound. Balance shafts play a critical role in vehicular weight optimization, leading to improved fuel efficiency, which is anticipated to drive the market's growth in the coming years.

Automotive Balance Shaft Market Trends

Growing Need for Fuel Efficiency: As environmental concerns gain prominence, automotive manufacturers are increasingly focusing on achieving fuel efficiency through efficient combustion technologies. Government regulations aimed at reducing greenhouse gas emissions and carbon footprints are providing further impetus. The Global Fuel Economy Initiative (GFEI) is also bolstering efforts to enhance fuel economy with its ambitious targets. Additionally, regulatory standards for fuel economy set by the U.S. Environmental Protection Agency (EPA) and the National Highway Traffic Safety Administration (NHTSA) are expected to boost the adoption of advanced balance shaft solutions in the automotive sector.

Inline-4 Cylinder Engines Generate Massive Demand: Inline 4-cylinders are the most commonly used engines across various automobiles due to their design simplicity and cost-effectiveness. These engines are compact, easy to fit in any engine bay, and less expensive to manufacture. For instance, Hyundai equips its Tucson GLS and Limited models with the Theta II 2.4-liter inline-4 cylinder engine, offering significant horsepower and torque. Similarly, Chevrolet's Silverado 1500 fleet features a turbocharged 2.7-liter 4-cylinder engine designed for low-end torque. The extensive adoption of 4-cylinder engines is creating new growth avenues for the automotive balance shaft market.

Growing EV Popularity May Impede Growth: The increasing popularity of electric vehicles (EVs) is likely to impact the growth prospects of the automotive balance shaft market. As EVs gain traction, the demand for conventional fossil fuel-driven cars is expected to decline. EVs are projected to account for a significant portion of the automotive market, driven by factors such as reduced fuel emissions and greater torque. The International Energy Agency reports a steady rise in electric car sales, which is likely to affect the automotive balance shaft market's growth trajectory.

Regional Outlook of Automotive Balance Shaft Market

Asia Pacific is expected to be the most lucrative region for the automotive balance shaft market due to its thriving automotive industry. India and China present substantial growth opportunities, with numerous regional and global automotive manufacturers establishing factories in these countries. Despite the economic challenges posed by the pandemic, the automotive industry in Asia is likely to sustain demand for balance shafts throughout the forecast period.

COVID-19 Impact on Automotive Balance Shaft Market

As the world braces for the ongoing impact of the COVID-19 pandemic, the automotive industry is taking proactive steps to mitigate downturns, including strengthening supply chains and securing factory operations. While the production of new cars has slowed, the demand for automotive spare parts is on the rise, with a majority of consumers preferring private transportation over public modes. This trend is expected to continue in the post-pandemic world. Governments have also introduced measures to support the automotive industry, such as extending subsidies to manufacturers, which may help sustain demand for balance shafts.

Automotive Balance Shaft Market: Prominent Players

Key players in the automotive balance shaft market include SHW AG, Otics Corporation, Metaldyne LLC, Musashi Seimitsu Industry Co. Ltd., TFO Corporation, Sansera Engineering, Engine Power Components Inc., and Ningbo Jingda Hardware Manufacture Co. Ltd. These companies are focusing on developing innovative products to meet carbon emission reduction goals and are leveraging acquisitions and collaborations to expand their market reach.

Analysts’ Viewpoint

The global automotive balance shaft market is anticipated to experience a positive growth trajectory, particularly in the private vehicles segment. The increased reliance on private vehicles due to the pandemic has driven the need for constant engine maintenance, which bodes well for the market's growth.

Key Segments of Global Automotive Balance Shaft Market

The report on the global automotive balance shaft market categorizes the market into four segments based on manufacturing process, engine type, end user, and region.

Manufacturing Process

• Forged Balance Shafts
• Cast Balance Shafts

Engine Type

• Inline-3 Cylinder Engines
• Inline-4 Cylinder Engines
• Inline-5 Cylinder Engines

End User

• Commercial
• Industrial
• Defense
• Others
• Government
• Retail
• Entertainment
• Transportation

Region

• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East & Africa

This product will be delivered within 1-3 business days.