The balance shafts market size has grown strongly in recent years. It will grow from $13.14 billion in 2023 to $14 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth observed in the historical period can be attributed to the expansion of the automotive industry, a heightened emphasis on engine performance, adherence to stringent emission standards, consumer demand for a smooth driving experience, and the integration of balance shafts in high-performance vehicles.
The balance shafts market size is expected to see strong growth in the next few years. It will grow to $17.42 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The anticipated growth in the forecast period can be ascribed to the ongoing expansion of the automotive industry, a growing emphasis on fuel economy, the adoption of balance shafts in electric and hybrid vehicles, the global shift towards electric mobility, and a focus on enhancing vehicle comfort and reducing NVH (noise, vibration, and harshness). Key trends expected in the forecast period include the development of twin-scroll balance shafts, the application of advanced materials in balance shaft construction, the implementation of variable valve timing (VVT) in balance shaft systems, the adoption of balancer modules for specific engine configurations, and the incorporation of technologies aimed at reducing noise, vibration, and harshness (NVH).
The balance shaft market is poised for growth, propelled by the increasing demand for fuel efficiency. Fuel efficiency measures how efficiently a vehicle converts fuel into kinetic energy or work. Utilizing a balance shaft in a vehicle engine reduces engine friction and vibration, leading to lower overall fuel consumption. This reduction in fuel consumption contributes to a decrease in CO2 emissions and an enhancement in fuel efficiency. For instance, in July 2022, the Energy Information Administration (EIA) reported a 2% average increase in vehicle efficiency in the United States between April 2021 and April 2022. Moreover, the U.S. Department of Transportation announced new fuel economy standards in April 2022, aiming for an 8% annual increase for model years 2024-2025 and a 10% annual increase for model year 2026. Hence, the growing demand for fuel efficiency is a key driver of the balance shaft market's growth.
The expanding automobile industry is expected to play a significant role in boosting the balance shafts market. Balance shafts, employed in automobiles to reduce vibration and enhance engine performance, efficiency, and durability, find extensive use in this industry. They contribute to minimizing engine noise and improving passenger comfort. For example, in June 2023, the Society of Motor Manufacturers and Traders (SMMT) reported a 25.8% increase in the sales of passenger cars in the UK from 2022 to 2023. Additionally, the European Automobile Manufacturers' Association (ACEA) noted a 5.5% increase in the sales of passenger cars in the U.S. from 2020 to 2021, with over 6.3 million passenger cars produced in U.S. facilities in 2021. This growth in the automobile industry is a significant factor driving the balance shafts market.
The increasing adoption of electric vehicles poses a challenge to the balance shaft market. Electric vehicles eliminate the need for balance shafts, leading to a potential decline in demand for these components. In April 2023, the International Energy Agency (IEA) reported a substantial increase in global electric car sales, reaching 14% of all new cars sold in 2022. The growing adoption of electric vehicles, projected to continue, presents a restraint on the balance shaft market.
Major companies in the balance shaft market are focusing on introducing innovative products, such as balance shaft kits, to gain a competitive edge. A balance shaft kit typically consists of components used in internal combustion engines to counteract vibrations and enhance overall engine smoothness. For instance, in April 2022, Laser Tools launched a balance shaft removal and installation kit tailored for Jaguar/Land Rover AJ200 2.0-liter diesel engines, providing a comprehensive solution for the safe removal, refitting, and alignment of gear-driven balance shafts in these engines.
In June 2022, American Axle & Manufacturing Holdings Inc. acquired Tekfor Group for $96.4 million. This acquisition enhances AAM's electrification product offering and diversifies its client and geographic sales mix. Tekfor Group, a Germany-based manufacturer of automotive balance shafts, crankshafts, connecting rods, and camshafts, aligns with AAM's objectives to expand its metal forming technologies and better serve international clients.
Major companies operating in the balance shafts market report are Linamar Corporation, American Axle & Manufacturing Holdings Inc., Schaeffler Technologies AG & Co. KG, Metaldyne Performance Group Inc., Hirschvogel Holding GmbH, SHW AG, MAT Foundry Group Ltd., Sansera Engineering Pvt. Ltd., Ningbo Jingda Hardware Manufacture Co. Ltd., Hirschvogel Group, Engine Power Components Inc., Otics Corporation, Rane Engine Valve Limited, SAC Engine Components Pvt. Ltd., TFO Corporation, Shanghai Spb Industry Co. Ltd., Hines Industries Inc., oso precision GmbH, Bailey Morris Limited, Hunan Qilu Industrial Co. Ltd., Jinan Zhengdian Automobile Parts Co. Ltd., Kersten Maschinenbau GmbH, MFT Motoren und Fahrzeugtechnik GmbH, JL Autoparts Pvt. Ltd., Qingdao Milestone Vehicle Parts Co. Ltd., Mitec-Jebsen Automotive Systems (Dalian) Co Ltd..
North America was the largest region in the balance shafts market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the balance shafts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the balance shaft market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
A balance shaft is a shaft with eccentrically attached weights that is employed in internal combustion engines to mitigate vibrations caused by the movement of pistons. Positioned between the cylinder banks in the engine, it serves to diminish the level of vibration originating from other engine components, particularly the pistons.
Balance shafts find application in various engine configurations, encompassing inline-3 cylinder engines, inline-4 cylinder engines, inline-5 cylinder engines, and V6 engines. An inline-3-cylinder engine refers to a type of reciprocating piston internal combustion engine where three cylinders are arranged in a straight line along a single crankshaft. These engines undergo manufacturing processes such as casting and forging, and they are utilized in a range of applications, including passenger cars, light commercial vehicles (LCV), and heavy commercial vehicles (HCV).
The balance shafts market research report is one of a series of new reports that provides balance shafts market statistics, including balance shafts industry global market size, regional shares, competitors with a balance shafts market share, detailed balance shafts market segments, market trends and opportunities, and any further data you may need to thrive in the balance shafts industry. This balance shafts market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The balance shaft market consists of sales of camshafts, bearing caps, crankshafts, valve tappets, and connecting rods. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The balance shafts market size is expected to see strong growth in the next few years. It will grow to $17.42 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The anticipated growth in the forecast period can be ascribed to the ongoing expansion of the automotive industry, a growing emphasis on fuel economy, the adoption of balance shafts in electric and hybrid vehicles, the global shift towards electric mobility, and a focus on enhancing vehicle comfort and reducing NVH (noise, vibration, and harshness). Key trends expected in the forecast period include the development of twin-scroll balance shafts, the application of advanced materials in balance shaft construction, the implementation of variable valve timing (VVT) in balance shaft systems, the adoption of balancer modules for specific engine configurations, and the incorporation of technologies aimed at reducing noise, vibration, and harshness (NVH).
The balance shaft market is poised for growth, propelled by the increasing demand for fuel efficiency. Fuel efficiency measures how efficiently a vehicle converts fuel into kinetic energy or work. Utilizing a balance shaft in a vehicle engine reduces engine friction and vibration, leading to lower overall fuel consumption. This reduction in fuel consumption contributes to a decrease in CO2 emissions and an enhancement in fuel efficiency. For instance, in July 2022, the Energy Information Administration (EIA) reported a 2% average increase in vehicle efficiency in the United States between April 2021 and April 2022. Moreover, the U.S. Department of Transportation announced new fuel economy standards in April 2022, aiming for an 8% annual increase for model years 2024-2025 and a 10% annual increase for model year 2026. Hence, the growing demand for fuel efficiency is a key driver of the balance shaft market's growth.
The expanding automobile industry is expected to play a significant role in boosting the balance shafts market. Balance shafts, employed in automobiles to reduce vibration and enhance engine performance, efficiency, and durability, find extensive use in this industry. They contribute to minimizing engine noise and improving passenger comfort. For example, in June 2023, the Society of Motor Manufacturers and Traders (SMMT) reported a 25.8% increase in the sales of passenger cars in the UK from 2022 to 2023. Additionally, the European Automobile Manufacturers' Association (ACEA) noted a 5.5% increase in the sales of passenger cars in the U.S. from 2020 to 2021, with over 6.3 million passenger cars produced in U.S. facilities in 2021. This growth in the automobile industry is a significant factor driving the balance shafts market.
The increasing adoption of electric vehicles poses a challenge to the balance shaft market. Electric vehicles eliminate the need for balance shafts, leading to a potential decline in demand for these components. In April 2023, the International Energy Agency (IEA) reported a substantial increase in global electric car sales, reaching 14% of all new cars sold in 2022. The growing adoption of electric vehicles, projected to continue, presents a restraint on the balance shaft market.
Major companies in the balance shaft market are focusing on introducing innovative products, such as balance shaft kits, to gain a competitive edge. A balance shaft kit typically consists of components used in internal combustion engines to counteract vibrations and enhance overall engine smoothness. For instance, in April 2022, Laser Tools launched a balance shaft removal and installation kit tailored for Jaguar/Land Rover AJ200 2.0-liter diesel engines, providing a comprehensive solution for the safe removal, refitting, and alignment of gear-driven balance shafts in these engines.
In June 2022, American Axle & Manufacturing Holdings Inc. acquired Tekfor Group for $96.4 million. This acquisition enhances AAM's electrification product offering and diversifies its client and geographic sales mix. Tekfor Group, a Germany-based manufacturer of automotive balance shafts, crankshafts, connecting rods, and camshafts, aligns with AAM's objectives to expand its metal forming technologies and better serve international clients.
Major companies operating in the balance shafts market report are Linamar Corporation, American Axle & Manufacturing Holdings Inc., Schaeffler Technologies AG & Co. KG, Metaldyne Performance Group Inc., Hirschvogel Holding GmbH, SHW AG, MAT Foundry Group Ltd., Sansera Engineering Pvt. Ltd., Ningbo Jingda Hardware Manufacture Co. Ltd., Hirschvogel Group, Engine Power Components Inc., Otics Corporation, Rane Engine Valve Limited, SAC Engine Components Pvt. Ltd., TFO Corporation, Shanghai Spb Industry Co. Ltd., Hines Industries Inc., oso precision GmbH, Bailey Morris Limited, Hunan Qilu Industrial Co. Ltd., Jinan Zhengdian Automobile Parts Co. Ltd., Kersten Maschinenbau GmbH, MFT Motoren und Fahrzeugtechnik GmbH, JL Autoparts Pvt. Ltd., Qingdao Milestone Vehicle Parts Co. Ltd., Mitec-Jebsen Automotive Systems (Dalian) Co Ltd..
North America was the largest region in the balance shafts market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the balance shafts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the balance shaft market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
A balance shaft is a shaft with eccentrically attached weights that is employed in internal combustion engines to mitigate vibrations caused by the movement of pistons. Positioned between the cylinder banks in the engine, it serves to diminish the level of vibration originating from other engine components, particularly the pistons.
Balance shafts find application in various engine configurations, encompassing inline-3 cylinder engines, inline-4 cylinder engines, inline-5 cylinder engines, and V6 engines. An inline-3-cylinder engine refers to a type of reciprocating piston internal combustion engine where three cylinders are arranged in a straight line along a single crankshaft. These engines undergo manufacturing processes such as casting and forging, and they are utilized in a range of applications, including passenger cars, light commercial vehicles (LCV), and heavy commercial vehicles (HCV).
The balance shafts market research report is one of a series of new reports that provides balance shafts market statistics, including balance shafts industry global market size, regional shares, competitors with a balance shafts market share, detailed balance shafts market segments, market trends and opportunities, and any further data you may need to thrive in the balance shafts industry. This balance shafts market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The balance shaft market consists of sales of camshafts, bearing caps, crankshafts, valve tappets, and connecting rods. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Balance Shafts Market Characteristics3. Balance Shafts Market Trends and Strategies32. Global Balance Shafts Market Competitive Benchmarking33. Global Balance Shafts Market Competitive Dashboard34. Key Mergers and Acquisitions in the Balance Shafts Market
4. Balance Shafts Market - Macro Economic Scenario
5. Global Balance Shafts Market Size and Growth
6. Balance Shafts Market Segmentation
7. Balance Shafts Market Regional and Country Analysis
8. Asia-Pacific Balance Shafts Market
9. China Balance Shafts Market
10. India Balance Shafts Market
11. Japan Balance Shafts Market
12. Australia Balance Shafts Market
13. Indonesia Balance Shafts Market
14. South Korea Balance Shafts Market
15. Western Europe Balance Shafts Market
16. UK Balance Shafts Market
17. Germany Balance Shafts Market
18. France Balance Shafts Market
19. Italy Balance Shafts Market
20. Spain Balance Shafts Market
21. Eastern Europe Balance Shafts Market
22. Russia Balance Shafts Market
23. North America Balance Shafts Market
24. USA Balance Shafts Market
25. Canada Balance Shafts Market
26. South America Balance Shafts Market
27. Brazil Balance Shafts Market
28. Middle East Balance Shafts Market
29. Africa Balance Shafts Market
30. Balance Shafts Market Competitive Landscape and Company Profiles
31. Balance Shafts Market Other Major and Innovative Companies
35. Balance Shafts Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Balance Shafts Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on balance shafts market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
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- Report will be updated with the latest data and delivered to you along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Description:
Where is the largest and fastest growing market for balance shafts ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The balance shafts market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Engine Type: Inline-3 Cylinder Engine; Inline-4 Cylinder Engine; Inline-5 Cylinder Engine; V6 Engine.2) By Manufacturing Process: Casting; Forging
3) By Application: Passenger Cars; Light Commercial Vehicle (LCV); Heavy Commercial Vehicle (HCV)
Key Companies Mentioned: Linamar Corporation; American Axle & Manufacturing Holdings Inc.; Schaeffler Technologies AG & Co. KG; Metaldyne Performance Group Inc.; Hirschvogel Holding GmbH
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Linamar Corporation
- American Axle & Manufacturing Holdings Inc.
- Schaeffler Technologies AG & Co. KG
- Metaldyne Performance Group Inc.
- Hirschvogel Holding GmbH
- SHW AG
- MAT Foundry Group Ltd.
- Sansera Engineering Pvt. Ltd.
- Ningbo Jingda Hardware Manufacture Co. Ltd.
- Hirschvogel Group
- Engine Power Components Inc.
- Otics Corporation
- Rane Engine Valve Limited
- SAC Engine Components Pvt. Ltd
- TFO Corporation
- Shanghai Spb Industry Co. Ltd.
- Hines Industries Inc.
- oso precision GmbH
- Bailey Morris Limited
- Hunan Qilu Industrial Co. Ltd.
- Jinan Zhengdian Automobile Parts Co. Ltd.
- Kersten Maschinenbau GmbH
- MFT Motoren und Fahrzeugtechnik GmbH
- JL Autoparts Pvt. Ltd.
- Qingdao Milestone Vehicle Parts Co. Ltd
- Mitec-Jebsen Automotive Systems (Dalian) Co Ltd.
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 175 |
| Published | March 2024 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value ( USD | $ 14 Billion |
| Forecasted Market Value ( USD | $ 17.42 Billion |
| Compound Annual Growth Rate | 5.6% |
| Regions Covered | Global |
