The global Vehicle Balance Shaft Market is estimated to be valued at US$9645.8 Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Vehicle balance shafts help reduce engine vibrations in vehicles. They improve the inherent balance of inline engines by offsetting the secondary inertia forces produced by uneven firing intervals. This results in reduced noise and smoother engine operation.
Market key trends:
One of the key trends in the vehicle balance shaft market is the rising demand for electric vehicles. As electric vehicles do not require traditional internal combustion engines, they eliminate the need for balance shafts. This is negatively impacting the sales of balance shafts. However, hybrid electric vehicles still use internal combustion engines and require balance shafts, which is providing some offset to this trend. Growth in hybrid electric vehicle production is providing opportunities for players in this market. Another major trend is the shift towards smaller displacement turbocharged engines from larger naturally aspirated engines. Turbocharged engines produce more vibrations and require more sophisticated balance shafts for smoother operation.
Segment Analysis
The global vehicle balance shaft market is segmented by engine type, vehicle type, and geography. By engine type, the market is segregated into inline-3 cylinder, inline-4 cylinder, inline-5 cylinder, and V-6 cylinder. The inline-4 cylinder dominates the market as this engine configuration is widely used in compact passenger cars. The inline-4 cylinder engine offers benefits like low weight, smooth operation, and improved fuel efficiency.
Key Takeaways
The global vehicle balance shaft market is expected to witness high growth, exhibiting CAGR of 4.4% over the forecast period, due to increasing demand for fuel-efficient and low-emission vehicles.
Regional analysis
Asia Pacific dominates the vehicle balance shaft market and is expected to continue its dominance over the forecast period. This is attributed to the presence of emerging economies like China and India that are witnessing high vehicle production. Increasing automotive demand from India and China is fueling the vehicle balance shaft market growth in the region.
Key players
Key players operating in the vehicle balance shaft market are Metaldyne LLC, Musashi Seimitsu Industry Co., Ltd., SKF Group, Otics Corporation, SHW AG, Sansera Engineering, Mitec-Jebsen Automotive Systems (Dalian) Co. Ltd., Ningbo Jingda Hardware Manufacture Co., Ltd., Tfo Corporation, and Engine Power Components, Inc. The market is witnessing increasing penetration of international players in developing countries owing to increasing investments in automotive manufacturing.
