The 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 are metal or iron bars that are fitted inside engines to reduce vibration. They help improve engine smoothness. The market has seen substantial growth due to rising automotive production around the world. Automakers are increasingly using balance shafts in vehicles to enhance customer experience.
Market Dynamics:
Some of the major drivers fueling growth in the vehicle balance shaft market include rising automotive production and sales globally. Automakers are introducing new vehicle models frequently, driving up demand for balance shafts. Moreover, strict emission regulations have forced automakers to equip engines with advanced vibration reduction technologies like balance shafts. This is positively impacting the market. However, the development of electric vehicles poses a threat to the balance shaft market as EVs do not require conventional internal combustion engines with balance shafts. Nevertheless, combustion engines will continue to be widely used for the foreseeable future, supporting ongoing demand in the vehicle balance shaft market.
SWOT Analysis
Strength: The vehicle balance shaft market has strong growth potential due to rising automotive production. Balance shafts help reduce vibrations in vehicles with inline engines. Many automakers are using balance shafts to enhance customer experience.
Weakness: High research and development costs associated with designing innovative balance shaft solutions can hamper market growth. Raw material price fluctuations pose significant challenges for manufacturers.
Opportunity: Growth in the electric vehicles segment provides new opportunities for players as EVs use a different type of balance shaft technology. Developing economies are increasingly adopting personal vehicles which will drive future demand.
Threats: Strict emission regulations worldwide may affect the demand pattern of vehicles using specific engine technologies addressed by balance shafts. Trade wars and geopolitical tensions impact supply chain and production costs.
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 automobile production across regions. North America and Europe currently dominate the market due to presence of leading automakers. However, Asia Pacific is likely to emerge as the fastest growing region owing to rising economies like India and China ramping up their automobile manufacturing capabilities.
Regional analysis related content comprises
The Asia Pacific vehicle balance shaft market is projected to expand at the fastest rate during the forecast timeline. Countries such as China, India, and Japan are experiencing rapid infrastructure development and increasing disposable income, propelling vehicle sales. Additionally, these nations are hub to leading automakers like Toyota, Honda, and others that are boosting production.
Key players related content comprises
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. Players adopt strategies such as mergers, acquisitions, and new product development to strengthen their market position.