The new report by Expert Market Research titled, ‘Global Balance Shaft Market Size, Share, Trend, Growth, Report and Forecast 2022-2027’, gives an in-depth analysis of the global balance shaft market, assessing the market based on its segments like engine types, manufacturing processes, vehicle types, 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 analysing 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 (2017-2027)
- Historical Market Size (2020): Around USD 116 Billion
- Forecast CAGR (2022-2027): 15%
The balance shaft industry is being driven by the rising demand for automobiles in various industries, including food and beverage, pharmaceutical, e-commerce, and transport, among others. The rising demand for balance shafts in the e-commerce sector is likely to aid the market growth.
The automotive supply processes in these industries require automobiles with a broad power curve and a flat torque to facilitate smooth acceleration and enhance the safety of the vehicle. This requirement is fulfilled by a balance shaft that provides the engine with the necessary power to prevent the product from any external damage, hence bolstering the market growth.
Industry Definition and Major Segments
A balance shaft is a solid cylindrical metal rod that is installed on one side of the crankshaft. It minimises the vibration of an engine by cancelling out the unbalanced dynamic forces. It finds extensive use in two-cylinder and four-cylinder engines in the automotive sector.
The various engine types of the product include:
- 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
The regional markets for balance shaft include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Technological advancements in the automotive industry to enhance safety and consumers’ driving experience is likely to propel the market for balance shaft in the forecast period. The introduction of various government policies towards curbing noise pollution is increasing the demand for balance shafts to reduce the vibration of engines, which is anticipated to bolster the market growth.
In addition, the growing demand for passenger cars due to the rising population and increasing disposable incomes in emerging economies is likely to surge the sales of balance shafts over the forecast period. The Asia Pacific is likely to account for a significant share in the market owing to the anticipated surge in automotive sales over the forecast period.
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, and 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.
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