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The global 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:
A balance shaft is utilized in automobiles with inline engines to diminish vibration. It comprises of weighted shafts mounted in the engine block, which rotate in synchronize with the crankshaft. This enables balance shafts to counterbalance the free inertial forces that cause vibration. They play a vital role in enhancing ride comfort and improving noise, vibration, and harshness (NVH) of vehicles. With growing usage of inline engines in automobiles, the demand for balance shafts is increasing rapidly.
Market key trends:
One of the key trends in the vehicle balance shaft market is the increasing production of inline-four cylinders engines. Balance shafts are commonly used with inline-four cylinders engines to reduce vibration. Major automakers are focusing on developing inline-four cylinders engines with downsizing and turbocharging technologies to improve fuel efficiency. For instance, the A350 small gasoline engine introduced by Fiat Chrysler Automobiles NV uses balance shafts to reduce vibration from its 1.0-liter, three-cylinder design. Another trend is growing demand for luxury and sports vehicles. Since balance shafts provide smoother rides, manufacturers are increasingly incorporating them in high-end vehicles. Further, rapid urbanization and rising living standards in developing nations are augmenting the sales of passenger vehicles, thereby driving the vehicle balance shaft market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as market has few large established players and require high initial investment and technology to enter.
Bargaining power of buyers: The bargaining power of buyers is moderate as buyers have many suppliers to choose from and price is an important consideration.
Bargaining power of suppliers: The bargaining power of suppliers is low as raw materials used in balance shaft market are commodity items and industry has many suppliers.
Threat of new substitutes: There is low threat of substitutes as balance shafts are critical components in vehicle engines and no close substitute exist.
Competitive rivalry: Intense as market has few large players competing on pricing and technology.
Key Takeaways
The global Vehicle Balance Shaft Market is expected to witness high growth, exhibiting CAGR of 4.4% over the forecast period 2023 to 2030, due to increasing demand for fuel efficient vehicles. The rising vehicle production along with stringent emission norms aimed at curbing vehicular emissions are driving the vehicle balance shaft market.
Regional analysis: Asia Pacific region dominates the vehicle balance shaft market and is expected to grow at fastest pace during the forecast period. China, India and Japan are major automotive hubs in the region and contribute significantly to the regional demand. Growing vehicle production in these countries along with demand of high performance vehicles propel the APAC vehicle balance shaft market.
Key players: 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. These players focus on new product development, expansion and collaboration to gain competitive advantage in the market.
