Global Balance Shaft Market to be Driven by rise in the automotive industry in the Forecast Period of 2021-2026

The new report by Expert Market Research titled, ‘Global Balance Shaft Market Size, Share, Price, Trends, Growth, Analysis, Key Players, Outlook, Report, Forecast 2021-2026’, gives in-depth analysis of the Global Balance Shaft Market, assessing the market based on its segments like engine type, manufacturing process, vehicle type, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.

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The key highlights of the report include:

Market Overview (2016-2026): –

Historical Market Size (2020): USD 116 Billion
Forecast CAGR (2016-2026): 15%

The automobile balancing shaft market has been driven by rising demand for inline-4 cylinder engines, particularly in the Asia-Pacific region. Furthermore, rigorous government emission rules are driving the demand for environmentally efficient autos. The desire for electric vehicles, on the other hand, has restricted the growth of the automotive balancing shaft market. On the other hand, the demand on automakers to integrate balance shafts into their vehicles in order to give engines with decreased vibration, noise, and vibration is projected to generate more chances for the main players in the automotive balance shaft market.

Industry Definition and Major Segments

The term “balance shaft” refers to a vehicle component that is designed to decrease vibration caused by an engine. These are used to compensate for imbalanced dynamic forces in piston engines.

Based on engine type, the market is divided into:

Inline-3 Cylinder (L3) Engine
Inline- 4 Cylinder (L4) Engine
Inline- 5 Cylinder Engine
V-6 Engine

On the basis of manufacturing process, the industry is segmented into:

Forged Balance Shaft
Cast Balance Shaft

The significant vehicle types of the product include:

Passenger Cars
Light Commercial Vehicle
Heavy Commercial Vehicle
Others

Based on region, the market is segmented into:

North America
Europe
Asia Pacific
Latin America
Middle East and Africa

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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.

Market Trends

As the demand for noise, vibration, and harshness-free engines grows around the world, the need for automotive balancing shafts is expected to rise. Because of the significant increase in the vehicle industry in the Asia Pacific region, demand for inline-4 cylinder engines is increasing. The need for environmentally friendly vehicles is increasing. Because of the government’s rigorous emission rules, this is the case. Automotive original equipment manufacturers are incorporating balance shafts into their vehicles to provide vehicles with reduced noise, harshness, and vibration. The expansion of the balancing shaft market is fueled by such reasons. Aluminum balance shafts are increasingly being used by original equipment manufacturers (OEMs) due to their weight and strength advantages. The market for balancing shafts is growing due to an increasing trend in fuel efficiency, lower CO2 emissions, and weight. As a result, factors such as increased demand for automobiles with inline-4 cylinder engines and the requirement to reduce engine NvH levels are projected to propel the market forward throughout the forecast period. The balance shaft market faces a number of problems, including a tedious balance shaft replacement method. Furthermore, producing long-lasting balance shafts is more expensive. In addition, the growing relevance of premium vehicles with high-performance engines, as well as increased sales of sports utility vehicles, are stifling the worldwide balance shaft market’s growth. As a result, the market’s growth is likely to be limited throughout the projected period as consumers move their attention to electric vehicles.

Key Market Players

The major players in the market are MAT Foundry Group Ltd., SAC Engine Components Pvt. Ltd, Musashi Seimitsu Industry Co., Ltd., Ningbo Jingda Hardware Manufacture Co., Ltd, Otics Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.