Balance Shaft Market

Global Balance Shaft Market (2023 to 2028)

The global balance shaft market is worth USD 11.202 billion in 2023 and is expected to reach a valuation of USD 14.78 billion by 2028, growing with a CAGR of 5.7% during the forecast period 2023 to 2028.

Even if the engine is well-balanced, an automotive balancer shaft is integrated to compensate for vibrations generated by the engine. A balance shaft is made either by casting or forging. In forging, the shaft is formed by rolling with a steel bar. It should be noted that forged balancer shafts are lighter and more compact and can provide more effective damping than cast balancer shafts.

The demand for "Inline-4 Cylinder Engine" is growing all over the world, especially in the Asia-Pacific region. The demand for environmentally friendly vehicles is increasing due to strict government regulations on emissions. OEMs in the automotive industry are integrating the balancer shaft into vehicles to provide reduced/insignificant noise, vibration, and hardness to vehicle engines. All of the above factors are driving the growth of the global equilibrium axis market. OEMs are increasingly using aluminum shafts to gain weight and strength.

The growing importance of electric vehicles and the increasing sales of sport utility vehicles and luxury vehicles with high-performance engines are hampering the growth of the global balance shaft market.

The global automotive balance shaft market is expected to register a single-digit CAGR for the forecast period. For the Asian and Pacific automotive balancing market, a significant CAGR is expected over the forecast period. Growing automobile production, government strict emission standards, and changing consumer preferences are some of the factors driving the growth of the automotive balance wave market in the Asia-Pacific region. It is predicted that India and China will see significant growth in the Asian Pacific corrugated shafts market as auto production in these countries increases.

REPORT COVERAGE:

This research report on the global balance shaft market is segmented and sub-segmented into the following categories.

Global Balance Shaft Market - By Vehicle Type:

• Passenger Car
• Light Commercial Vehicle
• Heavy Commercial Vehicle

Global Balance Shaft Market - By Engine Type:

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

Global Balance Shaft Market - By Manufacturing Process:

• Forging
• Casting

Global Balance Shaft Market – By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

It is estimated that the Asia-Pacific region dominates the market, with a market share of around 57% in 2021. China is the main buyer of the equilibrium market in the Asia-Pacific region. The global demand for balance axes in the automotive sector is due to the growing demand for in-line 4-cylinder engines and the increase in trends in fuel efficiency, reduction of CO2 emissions, and reduction of weight. It is estimated that Europe ranks second in the market, with a market share of 19% in 2021. The main operators in this market are Germany, Great Britain, France, and Spain, all of which have a high production of vehicles. The global market for automotive balancing shafts was estimated at $10,027 million in 2021 and is expected to reach $14,848 million by 2026, with a CAGR of 5.58 to 2026.

KEY MARKET PLAYERS:

The automotive balance shaft market is dominated by a few global players and several regional players. Key players include SKF Group (U.S), SHW Ag (Germany), Musashi Seimitsu Industry Co. Ltd (Japan), OTICS Co. (Japan) and Metaldyne (U.S.).