Demand for automotive balance shafts is projected to reach USD 14.03 billion in 2022 and is expected to expand at a CAGR of 6% to USD 25 billion from 2022 to 2032. Demand for automotive balance shafts has been on the rise, and some of the major factors that have been impacting this development are:
| Report Attributes | Details |
|---|---|
| Estimated Base Year Value (2021) | USD 13.2 Billion |
| Expected Market Value (2022) | USD 14.03 Billion |
| Anticipated Forecast Value (2032) | USD 25 Billion |
| Projected Growth Rate (2022 to 2032) | 6% CAGR |
Explore FMI!
Book a free demo
A need for efficient fuel consumption
In many developing and developed economies, fuel consumption has skyrocketed during the past decade. There has been a noticeable improvement in the day-to-day operations of most vehicles. Since this has resulted in increased fuel consumption, demand for automotive balance shafts is rising, which in turn is likely to propel the automotive balance shaft market forward throughout the forecast period.
New, stricter emission regulations
The growing price of oil is a problem for the global automotive balance shaft market. As the number of cars on the road continues to rise, governments in many nations are growing increasingly concerned about the impact on the environment. As a result, many new regulations have been imposed on the manufacturing sector, and several developing nations have demanded that their manufacturers increase engine standards immediately. The adoption of automotive balance shafts is expected to increase as a result of this trend.
Several major players dominate the global automotive balance shaft market by employing a mix of different growth and consolidation methods, including product launches, acquisitions, and partnerships. The top 3 companies in the automotive balance shaft market holding the largest share are MAT Holdings, SAC Engine Components Pvt. Ltd, and China Ningbo Jingda Hardware Manufacture Co, Ltd.
Manufacturers are expected to follow different strategies to increase their market share in the competitive market. The three major approaches for their development include:
Leverage existing institutional mechanisms: Within the constraints of the plant's current product mix, consider how automation or digitalization could propel the facility into the top 25% of its field. According to automation experts, the best returns on investment can be found in the production process's early stages, specifically in upstream activities like injection molding and assembly. When considering automation's return on investment, logistics comes out at the bottom.
Think about whether the products being produced at each facility are the correct ones. Identifying the manufacturing facilities' component specialty profile is the next step. Before starting any genuine transformation effort, you should think about where the company’s product portfolio could go in the future. Most manufacturers are expected to need to adopt standard, flexible production lines as the industry moves toward fuel cells and lightweight materials. By the 2030s, the importance of capital-intensive industrial processes, which are currently essential to produce commodity components, is expected to have diminished.
Explore non-automotive adjacent spaces. Manufacturers of auto parts could benefit from forming strategic alliances with businesses in complementary industries in order to leverage their combined resources and expertise and increase their market presence. Several automotive components share manufacturing capacities with items in other industries where demand is stable. Several industries, including consumer electronics, communication devices, and the energy industry, offer intriguing points of confluence. This might benefit greatly from increased production capacity.
Automotive balance shaft suppliers might expect their current manufacturing footprints to be inadequate during the approaching era of upheaval. To make it through, the company shouldn't try to just react, but stay one step ahead of potential problems.
An automotive balance shaft is an engine component, found in most inline-four and V-six-cylinder engines. The fundamental feature of a balance shaft is to offset the vibrations created with the aid of the power strokes of the pistons. Without a balance shaft, these vibrations might cause excessive wear on the engine and make it difficult to operate smoothly. Balance shafts are usually driven by the engine's timing belt or chain and rotate at twice the speed of the crankshaft.
Asia Pacific is considered to be a highly lucrative market for automotive balance shafts, driven primarily by its utilization across the automotive industry. Balance shafts are commonly used for engine refinement. Four-cylinder engines use a tow shaft, which turns in opposite directions on either side of the engine’s crankshaft. A single balance shaft is used in three-cylinder and V6 engines.
Some major factors that are expected to fuel the growth of the Automotive Balance Shaft market include the growth of the automotive sector and the increasing demand for fuel-efficient engines. Balance shafts are mainly used in high commercial vehicles to reduce vibrations and noise. They play a very important role in the smooth running of these vehicles.
Simultaneously, stringent emission norms and stringent regulations imposed on vehicle manufacturers could pose challenges to this market over the next few years, which is a hindrance factor for the growth of the automotive balance shaft market.
Presently, reductions in emissions and fuel efficiency gains majorly drive the Research and Development segment in the automotive industry. Stringent global emission standards, volatile fuel prices, and enhanced environmental awareness globally are encouraging original equipment manufacturers (OEMs), governments, suppliers, and other stakeholders to provide feasible solutions within a set time frame.
Furthermore, the technologies which help OEMs to meet the various emission & fuel economy standards have assumed a significant role in branding. For instance, in the USA, the regulatory bar calls for new cars and trucks to average at least 34.1 m.p.g. by 2016, a level that would result in emissions of 250 grams of carbon dioxide per mile driven. Thus, demand for high gas mileage & lower emission levels within set standards is on an increase, which fuels the automotive balance shaft market growth.
Moreover, the automotive balance shaft market is driven by the performance benefits associated with the use of balancer shafts in engines and the growth of the automotive industry in emerging economies. In addition, performance benefits associated with the use of balancer shafts in engines are anticipated to accelerate the growth of the market as well.
Another major factor driving the growth of the automotive balance shaft market is its low cost. Balance shafts are inexpensive and can be easily replaced in case they get damaged due to wear and tear over time. Their ease of use also makes them popular amongst consumers, many of whom prefer to replace their old car with a new one rather than go for costly repairs. The growth of this market can be attributed to various factors such as the increasing demand for passenger cars and light commercial vehicles, rising awareness about fuel efficiency and emissions reduction, and stringent emission norms across the globe.
The automotive balance shaft market has numerous advantages in the automotive industry, but stringent emission norms and stringent regulations imposed on vehicle manufacturers could pose challenges to this market over the next few years, which is a hindrance factor for the growth of the automotive balance shaft market during the forecast period.
Moreover, volatility in raw material prices may restrain the growth of the automotive balance shaft market to some extent. In addition, demand for electric vehicles is expected to impede the growth of the automotive balance shaft market during the forecast period.
Asia Pacific is the largest market for automotive balance shafts and the trend is expected to continue into the forecast period owing to its utilization across the automotive industry, owing to the utilization of Balance shafts across the automotive industry in countries like Japan, India, and China.
Further, the need for eco-friendly automobiles in the Asia Pacific region including countries like Japan, China, and India is increasing, owing to the strict government emission policies, which in turn is expected to fuel the growth of the Automotive Balance Shaft market in the region.
According to Future Market Insights, the North American market, along with the European market, are estimated to spearhead the automotive industry in terms of advancements, which in turn will boost the growth of the automotive balance shaft market in both regions. Factors such as the increasing demand for fuel-efficient vehicles and performance benefits associated with the use of balancer shafts in engines will offer immense growth opportunities.
To leverage the current opportunities, market vendors in countries including Germany France, the USA, and the United Kingdom are strengthening their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Moreover, the presence of top automotive players in countries including Germany, France, the United Kingdom, and the USA is another factor for the regions including North America and Europe to boost the sales prospects for the market during the forecast period.
Some of the key participants present in the global Automotive Balance Shaft Market include American Axle & Manufacturing Holdings, Inc., LACO, Mitec-Jensen Automotive Systems (Dalian) Co Ltd, Musashi Seimitsu Industry Co., Ltd., Ningbo Jingda Hardware Manufacture Co., Ltd., Otics Corporation, and Sansera Engineering, among others.
Attributed to the presence of such a high number of participants, the market is highly competitive. While global players such as American Axle & Manufacturing Holdings, Inc., and LACO, Mitec-Jensen Automotive Systems account for a considerable market size, several regional-level players are also operating across key growth regions, particularly in the Asia Pacific.
| Report Attributes | Details |
|---|---|
| Growth Rate | CAGR of 6% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015 to 2020 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million, Volume in Kilotons, and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered | Engine Type, Manufacturing Process, Application, Region |
| Regions Covered | North America; Latin America; Western Europe; Eastern Europe; Asia Pacific Excluding Japan; Japan; Middle East and Africa |
| Key Countries Profiled | USA, Canada, Brazil, Argentina, Germany, United Kingdom, France, Spain, Italy, Nordics, BENELUX, Australia & New Zealand, China, India, ASIAN, GCC Countries, South Africa |
| Key Companies Profiled | American Axle & Manufacturing Holdings, Inc.; LACO, Mitec-Jensen Automotive Systems (Dalian) Co Ltd.;Musashi Seimitsu Industry Co., Ltd.; Ningbo Jingda Hardware Manufacture Co., Ltd.; Optics Corporation; Sansera Engineering |
| Customization | Available Upon Request |
The market is likely to register a CAGR of 6% through 2032.
The market is currently valued at USD 14.03 Billion in 2022.
The market is likely to grow to a valuation of USD 25 Billion by 2032.
Asia Pacific is likely to be a leading market during the forecast period.
Car Battery Chargers Market Growth - Trends & Forecast 2025 to 2035
Automotive Belts Market Growth - Trends & Forecast 2025 to 2035
Automotive Soft Trim Interior Materials Market Growth - Trends & Forecast 2025 to 2035
Automotive Carbon Brake Rotors Market Growth - Trends & Forecast 2025 to 2035
Ultra-High Performance (UHP) Tire Market Growth – Trends & Forecast 2025 to 2035
Road Speed Limiter Market Growth - Trends & Forecast 2025 to 2035
Automotive Balance Shaft Market
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.
