Global Automotive Balance Shaft Market

Global Automotive Balance Shaft Market Size, Share, Growth Analysis, By Vehicle Type(Passenger Cars, Light Commercial Vehicles), By Engine(Inline 3-cylinder Engine, Inline 4-cylinder Engine) - Industry Forecast 2024-2031


Report ID: SQMIG25A2148 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 64 | Figures: 65

Global Automotive Balance Shaft Market Insights

Automotive Balance Shaft Market Size was valued at USD 13.3 Billion in 2021 and is poised to grow from USD 14.10 billion in 2022 to USD 22.47 billion by 2030, growing at a CAGR of 28% in the forecast period (2023-2030).

The automotive balance shaft market plays a crucial role in improving engine performance and reducing vibrations. Balance shafts are vital components used in internal combustion engines to counteract the inherent vibrations caused by the reciprocating motion of pistons. These shafts rotate in the opposite direction of the engine's crankshaft, helping to balance out the forces and providing smoother operation.

One of the key drivers for the market is the demand for smoother and more fuel-efficient engines, especially in passenger cars. As engines become smaller and more efficient, the need for effective vibration control becomes paramount. Balance shafts address this issue, leading to improved comfort and reduced wear and tear on engine components.

Another driver is the growing demand for luxury and high-performance vehicles. Customers in this segment expect a superior driving experience with minimal noise and vibrations. As a result, automotive manufacturers are increasingly incorporating balance shafts into their engine designs.

On the regional front, the market is influenced by the global automotive industry's trends. Asia-Pacific, led by countries like China and India, is a significant market due to its expanding automotive manufacturing sector. Europe and North America, with their focus on advanced technology and stringent emission regulations, also contribute significantly to the market's growth.

While balance shafts provide clear benefits, there are challenges, including cost and additional mechanical complexity. As the automotive industry continues to evolve, balancing these factors and finding innovative solutions will be essential for sustained market growth.

US Automotive Balance Shaft Market is poised to grow at a sustainable CAGR for the next forecast year.

Market snapshot - 2024-2031

Global Market Size

USD 13.3 Billion

Largest Segment

Passenger Cars

Fastest Growth

Passenger Cars

Growth Rate

28% CAGR

Global Automotive balance shaft market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Automotive balance shaft market By Vehicle Type ($ Bn)
Global Automotive balance shaft market By Vehicle Type (%)

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Global Automotive Balance Shaft Market Segmental Analysis

The conversational systems market is segmented on the basis of Vehicle Type, Engine, and Regional. Based on Vehicle the market is segmented as, Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles. Based on Engine the market is segmented as, Inline 3-cylinder Engine, Inline 4-cylinder Engine, Inline 5-cylinder Engine and V6 Engine. Based on Regional the market is segmented as, North America, Asia Pacific, and Latin America.

Automotive Balance Shaft Market Analysis By Vehicle Type

The global automotive balance shaft market is segmented by vehicle type, including passenger cars, light commercial vehicles, and heavy commercial vehicles. Among these segments, the passenger cars category is anticipated to maintain a dominant position in the market. The continuous expansion of the passenger car segment is driven by several factors, primarily the growing demand for personal transportation. In the upcoming years, various favorable conditions are expected to bolster the automotive industry, particularly for personal use. Manufacturers are actively investing in innovative technologies, thereby contributing to an anticipated surge in the demand for vehicles, which is projected to further increase during the forecast period.

Automotive Balance Shaft Market Analysis By Engine

The global automotive balance shaft market is categorized on the basis of Engine type, including Inline 3-cylinder Engine, Inline 4-cylinder Engine, Inline 5-cylinder Engine, and V6 Engine. Among these segments, the Inline 4-cylinder Engine is projected to lead in terms of both revenue generation and market share. However, in the forecast period, the demand for Inline 3-cylinder engines is anticipated to experience a more rapid increase compared to the other segments.

Global Automotive balance shaft market By Vehicle Type, 2023 (%)

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Global Automotive Balance Shaft Market Regional Insights

Asia Pacific emerges as the most promising and lucrative market for the automotive balance shaft segment, mainly due to the flourishing automotive industry. Countries like India and China present significant growth opportunities, attracting both regional and global automotive manufacturers to establish their production facilities in these markets.

As of 2022, India ranked as the fourth-largest automotive market globally, recording domestic production exceeding 26 million units during the forecast period, and over 21 million vehicles were sold at the start of 2020. Likewise, China witnessed a remarkable upswing of more than 12% in October 2020, despite the challenging economic environment created by the COVID-19 pandemic.

Despite the pandemic-induced recession, the Asian automotive sector is projected to bounce back, ensuring sustained demand for the automotive balance shaft market throughout the forecast period.

Global Automotive balance shaft market By Geography, 2024-2031
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  • Fastest

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Global Automotive Balance Shaft Market Dynamics

Automotive Balance Shaft Market Drivers

Growing Demand for Smooth Driving Experience:

  • With increasing customer expectations for comfort and reduced noise and vibrations, automotive balance shafts play a critical role in delivering a smoother driving experience, especially in passenger cars.

Expansion of the Automotive Industry:

  • The continuous growth of the automotive sector, particularly in emerging markets, drives the demand for balance shafts as vehicle production and sales increase.

Automotive Balance Shaft Market Restraints

Additional Costs:

  • The integration of balance shafts adds complexity to the engine design, leading to increased manufacturing costs. This can be a restraint, especially for cost-sensitive markets.

Engine Downsizing:

  • As manufacturers focus on downsizing engines to improve efficiency, it becomes more challenging to incorporate balance shafts while maintaining the desired size and weight of the engine.

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Global Automotive Balance Shaft Market Competitive Landscape

The competitive landscape of the automotive balance shaft market is characterized by intense competition among key players striving to enhance their market presence through innovation, strategic partnerships, and expanding their product offerings. Some prominent players in the market include Schaeffler AG, Thyssenkrupp AG, Metaldyne LLC (acquired by American Axle & Manufacturing), Musashi Seimitsu Industry Co., Ltd., and Dura Automotive Systems. These companies often focus on developing advanced balance shaft designs to improve engine performance, reduce vibrations, and meet stringent emission regulations. They also aim to cater to the growing demand for balance shafts in various vehicle types, including passenger cars, light commercial vehicles, and heavy commercial vehicles.

Automotive Balance Shaft Market Top Player’s Company Profile

  • 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

Automotive Balance Shaft Market Recent Developments

  • In December 2022, American Axle & Manufacturing Inc collaborated with EKA Mobility to offer its innovative e-Beam technology for 2.5T e-CVs by EKA.
  • In June 2022, Hirschvogel Group announced its plans to focus on “Green Mobility.”

Global Automotive Balance Shaft Key Market Trends

  • Electric and Hybrid Vehicles: While traditional balance shafts may see reduced demand in the long term due to the rise of electric and hybrid vehicles, these technologies may still require innovative balance shaft solutions to address specific vibration challenges in hybrid powertrains or range-extender engines.

Global Automotive Balance Shaft Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Component types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our global automotive balance shaft market analysis, The automotive balance shaft market, segmented by Engine Type into Inline 3-cylinder, Inline 4-cylinder, Inline 5-cylinder, and V6 engines, is driven by the critical role balance shafts play in reducing engine vibrations and enhancing performance. The Inline 4-cylinder segment is anticipated to lead in revenue and market share, with the Inline 3-cylinder segment expected to exhibit faster growth during the forecast period.

Regionally, Asia Pacific holds the most promising market share due to its booming automotive industry, with India and China presenting substantial growth opportunities. The rapid expansion of the passenger car segment in these regions, coupled with the presence of innovative companies, fuels market growth. Despite the challenges posed by the COVID-19 pandemic, the resilience of the Asian automotive industry is expected to sustain demand for balance shafts throughout the forecast period, driven by the need for smoother, efficient engines in both emerging and established markets.

Report Metric Details
Market size value in 2023 USD 13.3 Billion
Market size value in 2031 USD 22.47 billion
Growth Rate 28%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Vehicle Type
    • Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles
  • Engine
    • Inline 3-cylinder Engine, Inline 4-cylinder Engine, Inline 5-cylinder Engine, and V6 Engine
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • 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 Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Global Automotive Balance Shaft Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Global Automotive Balance Shaft Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Global Automotive Balance Shaft Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Automotive Balance Shaft Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Automotive Balance Shaft Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Global Automotive Balance Shaft Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

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FAQs

Automotive Balance Shaft Market Size was valued at USD 13.3 Billion in 2021 and is poised to grow from USD 14.10 billion in 2022 to USD 22.47 billion by 2030, growing at a CAGR of 28% in the forecast period (2023-2030).

The competitive landscape of the automotive balance shaft market is characterized by intense competition among key players striving to enhance their market presence through innovation, strategic partnerships, and expanding their product offerings. Some prominent players in the market include Schaeffler AG, Thyssenkrupp AG, Metaldyne LLC (acquired by American Axle & Manufacturing), Musashi Seimitsu Industry Co., Ltd., and Dura Automotive Systems. These companies often focus on developing advanced balance shaft designs to improve engine performance, reduce vibrations, and meet stringent emission regulations. They also aim to cater to the growing demand for balance shafts in various vehicle types, including passenger cars, light commercial vehicles, and heavy commercial vehicles. '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'

With increasing customer expectations for comfort and reduced noise and vibrations, automotive balance shafts play a critical role in delivering a smoother driving experience, especially in passenger cars.

Electric and Hybrid Vehicles: While traditional balance shafts may see reduced demand in the long term due to the rise of electric and hybrid vehicles, these technologies may still require innovative balance shaft solutions to address specific vibration challenges in hybrid powertrains or range-extender engines.

Asia Pacific emerges as the most promising and lucrative market for the automotive balance shaft segment, mainly due to the flourishing automotive industry. Countries like India and China present significant growth opportunities, attracting both regional and global automotive manufacturers to establish their production facilities in these markets.

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