Global Balance Shafts Market By Type (Forged, Cast Balance Shaft), By Application (Inline-3 Cylinder, Inline-4 Cylinder, Inline-5 Cylinder), By Region, And Segment Forecasts, 2023 to 2029

Automotive Balance Shaft Market Size was estimated to be valued at USD 13.3 Billion in 2023 and is expected to reach USD 22.47 billion by 2031 growing at a CAGR of 28% in the forecast period. The automotive balance shaft market plays a key role in improving engine performance and reducing vibrations. Balance shafts are fundamental components within internal combustion engines, which include to carry the inevitable vibrations brought about by the reciprocatory motion of the pistons. The shafts go round the contrary direction of the engine’s crankshaft, to help in force balancing resulting into smootherness. Playing a key role in enhancing engine performance and lowering vibrations is the automotive balance shaft market.

Drivers:

A major causality for the market has to do with smooth and fuel-efficient engines; passenger cars are the case in point. If the engines are smaller and with high efficiency then the issue of vibration control cannot fail to crop up as a priority task among other tasks. One way of handling this problem of balance shafts which make for better quiescence and less decay on engine parts.

The increasing desire for luxury and high performance vehicles is another driver in the industry. Superior driving experience with minimal noise and vibrations is what clients in this bracket anticipate. This is why you will find that balance shafts have been integrated into the engine designs by car makers as they aim at meeting these expectations more effectively.

Restraints:

While there are benefits of balance shafts, challenges like cost and additional mechanical complexity may hamper the growth of the market. Factors like these need to be resolved and more innovative solutions are needed for the growth of the balance shafts market. 

Opportunities:

Rising the demand for eco-friendly automotive balance shaft

The implementation of strict measures to cut carbon dioxide emission by the ruling bodies in many nations would enable this market to have a big chance of growth. This, in addition motivates suppliers from the automotive original equipment industry to enhance the cars’ fuel efficiency, waste heat utilization, apply shaft balancer and reduce energy consumption.

Major market players are creating beneficial opportunities for the growth of the automotive balance shaft by improving its efficiency and design. Furthermore, the rising demand of the vehicle along with introduction of enhanced automotive balance shafts and increasing applications from emerging countries will further bring lucrative opportunities and will lead to the growth of the automotive balance shaft market in the abovementioned forecast period.

Market by System Type Insights:

The Balance Shafts Market is segmented by system types into inline and non-inline systems.  In inline systems, the shafts are positioned along the engine’s centerline, Inline systems are commonly used in inline engine configurations due to their efficiency in reducing vibrations and enhancing engine smoothness. More complex arrangements are involved in non-inline systems and are often employed in V-shaped and flat engines to achieve a balanced distribution of mass and reduce engine vibrations. 

Market by End Use Insights:

The primary target for the balance shaft market is the automotive sector, particularly passenger vehicles, light trucks and heavy trucks which require less engine vibrations and better fuel economy. Please note that premium cars and luxury vehicles require good engine sound, which can only be achieved by integrating these elements. Moreover, the aftermarket niche holds great interest for vehicle owners as it presents many opportunities for improving their cars’ engines by adding or putting new balance shafts. Besides that, balance shafts are also used widely in different car categories due to their association with shifts to cleaner vehicle engines along with heightened fuel efficiency-driven demands.

Market by Region Insights:

The automotive balance market segment has the most potential thus far in Asia Pacific and is likely the most profitable mainly because of the developing motor industry in the region. This growth trend could be attributed largely to the rising demand for automobiles in countries such as India and China where there exists considerable room for expansion while attracting car makers from all over the world including other regions within this continent too.

In the forecast period, India will be the fourth largest global automotive market by 2022, and more than 26 million units will be produced locally and over 21 million sales were recorded as at the beginning of this year. Despite the tough economic times occasioned by COVID-19 China experienced an impressive over a twelve percent increase in October 2020.

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.

Competitive Scenario:

The market in the automotive balance shaft industry is very competitive, with the major players competing for a larger share by innovating, forming alliances, and diversifying their range of goods. Prominent actors in that field may include Schaeffler AG, such as Thyssenkrupp AG among others like Metaldyne LLC which was bought out by American Axle & Manufacturing; Musashi Seimitsu Industry Co., Ltd; Dura Automotive Systems. Balance shafts are clever technology bits developed for several reasons: engines have to be more powerful, need to have minimal vibrations and should meet strict rules on exhaust gases emissions and for engines to become more powerful/free from vibrations/meet exhaust gas emission rules. But at the same time, they are meant to serve the increased need for balance shafts in different car models such as those used by people on a daily basis, those that transport light goods and those used to transport bulky goods.

Scope of Work: 

Market Segmentation:

By type:

• Passenger Cars

• Light Commercial Vehicles

• Heavy Commercial Vehicles

  
  

By geography:

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East & Africa

  
  

By system type:

• Inline Systems

• Non-inline systems

  
  

By end use:

• Automotive Industry

• Non-Automotive Engines

  
  

Key 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.”

FAQs

Q1. What is the market size of Automotive Balance Shaft Market?

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).

Q2. Who are the key vendors in the Automotive Balance Shaft Market?

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'

Q3. What is the key driver of Automotive Balance Shaft Market?

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.

Q4. What is the key market trend for Automotive Balance Shaft Market?

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.

Q5. Which region accounted for the largest share in Automotive Balance Shaft Market?

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 automotive manufacturers to establish their production facilities in these markets.