Automotive Balance Shaft Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Automotive Balance Shaft Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The global automotive balance shaft market is projected to face challenges in the near term due to the ongoing COVID-19 pandemic. The pandemic has significantly impacted global automotive sales, which are expected to decline by nearly a quarter. This decline will inevitably affect the market for associated components and assemblies, including automotive balance shafts, resulting in a short-term downturn.

Rebound in Demand Post-2021

Despite the current challenges, demand for automotive balance shafts is expected to recover post-2021 as automotive sales begin to rebound. Balance shafts play a crucial role in achieving vehicular weight optimization, leading to greater fuel efficiency. This factor is anticipated to drive the expansion of the global automotive balance shaft market in the coming years.

Market Trends in Automotive Balance Shafts

Growing Need for Fuel Efficiency

Environmental concerns are driving automotive manufacturers to focus on achieving fuel efficiency through efficient combustion technologies. Government regulations aimed at reducing greenhouse gas emissions and carbon footprints are further supporting these efforts. The Global Fuel Economy Initiative (GFEI) aims to achieve significant fuel economy improvements by 2050, targeting a substantial reduction in carbon emissions.

Moreover, the U.S. Environmental Protection Agency (EPA) and the National Highway Traffic Safety Administration (NHTSA) have established fuel economy standards for light-duty vehicles in two stages. These standards are expected to boost the adoption of advanced balance shaft solutions in the automotive sector, driving market growth.

Inline-4 Cylinder Engines Generating Massive Demand

Inline-4 cylinder engines are the most commonly mounted engines across various automobiles due to their design simplicity and cost-effectiveness. Their compact size makes them easy to fit in any engine bay, and they are relatively inexpensive to manufacture.

For example, Hyundai equips its Tucson GLS and Limited models with the Theta II 2.4-liter inline-4 cylinder engine, offering significant horsepower and torque. Similarly, Chevrolet's Silverado 1500 fleet features a turbocharged 2.7-liter 4-cylinder engine designed to deliver low-end torque.

The widespread adoption of 4-cylinder engines is opening new growth avenues for the automotive balance shaft market.

Potential Impact of Growing EV Popularity

The increasing popularity of electric vehicles (EVs) may pose a challenge to the growth of the automotive balance shaft market. As the electric vehicle market expands, the demand for conventional fossil fuel-driven cars is expected to decline. EVs offer greater torque and do not require engine warm-up on start-up, contributing to their rising popularity.

The International Energy Agency reports a significant increase in global electric car sales, driven by efforts to reduce fuel emissions and achieve environmental sustainability. This trend may impact the long-term growth prospects of the automotive balance shaft market.

Regional Outlook for the Automotive Balance Shaft Market

Asia Pacific is expected to be the most lucrative region for the automotive balance shaft market, driven by a thriving automotive industry in countries like India and China. Numerous regional and global automotive manufacturers are establishing factories in these countries due to immense growth opportunities.

India, for instance, is a major automotive market, with domestic production and sales figures reflecting significant growth. China has also experienced substantial growth in its automotive industry. Despite the economic impact of the pandemic, the Asian automotive industry is likely to remain resilient, sustaining demand for automotive balance shafts.

COVID-19 Impact on the Automotive Balance Shaft Market

As the world grapples with the second wave of the COVID-19 pandemic, the automotive industry is taking proactive measures to mitigate the impact. Strengthening supply chains and securing factory premises are among the steps being taken to minimize operational disruptions. While the production of new cars has slowed, the demand for automotive spare parts is expected to rise, as consumers increasingly rely on private transportation.

Efforts to support the automotive industry have been ongoing since the early months of the pandemic. For example, the Chinese government has extended subsidies to automotive manufacturers to stabilize and expand automobile consumption. These measures may sustain demand for balance shafts in the short term, but the shift towards hybrid and electric vehicles in the post-pandemic world may affect long-term demand.

Prominent Players in the Automotive Balance Shaft Market

Key players in the automotive balance shaft market include SHW AG, Otics Corporation, Metaldyne LLC, Musashi Seimitsu Industry Co. Ltd., TFO Corporation, Sansera Engineering, Engine Power Components Inc., and Ningbo Jingda Hardware Manufacture Co. Ltd., among others.

Manufacturers are focusing on developing innovative product lines to align with carbon emission reduction objectives adopted by various countries. Acquisitions and collaborations are also key strategies being employed to reach a wider target audience.

Analysts’ Viewpoint

The global automotive balance shaft market is expected to embark on a positive growth trajectory, particularly in the private vehicles segment. Reduced usage of public transport due to COVID-19 fears has led to increased reliance on private vehicles, driving the need for constant engine maintenance. This trend is likely to support the growth of the automotive balance shaft market.

Key Segments of the Global Automotive Balance Shaft Market

Fairfield Market Research's report on the global automotive balance shaft market offers insights into four main segments: manufacturing process, engine type, end user, and region.

Manufacturing Process
• Forged Balance Shafts
• Cast Balance Shafts

Engine Type
• Inline-3 Cylinder Engines
• Inline-4 Cylinder Engines
• Inline-5 Cylinder Engines

End User
• Commercial
• Industrial
• Defence
• Others
• Government
• Retail
• Entertainment
• Transportation

Region
• North America
• Latin America
• Europe
• South Asia
• East Asia
• Oceania
• Middle East & Africa

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