Global Balance Shaft Market Report and Forecast 2024-2032

Global Balance Shaft Market Outlook

The global balance shaft market stood at a value of around USD 176.42 billion in 2023. The market is further expected to grow at a CAGR of 15% in the forecast period of 2024-2032.

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Increasing Demand for Inline- 4 Cylinder (L4) Engine to Bolster the Growth of the Balance Shaft Industry

Based on engine type, the inline- 4 cylinder (L4) engine is likely to account for a significant share in the market, owing to its lightweight and compact size, which allows it to easily fit in nearly any engine bay. The vehicles with an inline-4 cylinder engine tend to have an equal power distribution, which optimises the overall performance of the vehicle. This is aiding the growth of the segment. Meanwhile, the inline-3 cylinder (L3) engine is likely to occupy a considerable share in the market over the forecast period. This can be attributed to its fuel efficiency. The inline-3 cylinder (L3) engine consumes lesser amount of fuel in running the engine.

The Asia Pacific Accounts for a Significant Share in the Market

The growing automotive industry in emerging countries like India and China is aiding the growth of the balance shaft industry in the Asia Pacific.   The growing demand for automobiles, owing to the rising disposable income and growing population, is expected to further aid the market growth in the region The leading automotive manufacturers are establishing their facilities across the emerging markets in a bid to capitalise upon the immense growth possibilities present in the region.

With the outbreak of the COVID-19 pandemic, the market growth was hampered due to a decline in sales of automobiles across the world and the closure of manufacturing facilities. However, the demand for automobiles is expected to rebound in the forecast period, which, in turn, is expected to contribute to the growth of the market.

Balance Shaft: Market Segmentation

Balance shaft refers to a component of a vehicle, which is designed in a way that it reduces the vibration produced by an engine. These are used in the piston engines in order to cancel out the unbalanced dynamic forces.

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Based on engine type, the market is divided into:

• 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 
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Thriving Automobiles Industry to Boost the Growth of the Balance Shaft Industry

The global balance shift market is driven by the thriving automotive industry. The rising demand for passenger cars and light commercial vehicles is one of the major factors propelling the market growth. Over the forecast period, the increasing demand for commercial vehicles due to the growth of sectors like e-commerce and others is likely to generate a heavy demand for fuel efficient automobiles. Furthermore, the market is anticipated to be aided by the steps taken by the governments in emerging economies to support the use of fuel-efficient vehicles and curb noise pollution. This factor is anticipated to catalyse the demand for balance shafts.  However, the rising demand for electric vehicles may hamper the growth of the industry.

Key Industry Players in the Global Balance Shaft Market

The report gives a detailed analysis of the following key players in the global balance shaft market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• MAT Foundry Group Ltd.
• SAC Engine Components Pvt. Ltd
• Musashi Seimitsu Industry Co., Ltd.
• Ningbo Jingda Hardware Manufacture Co., Ltd
• Otics Corporation
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report