Automotive Balance Shaft Market to witness High Growth in near future: Leading key players such as LACO, Mitec-jebsen Automotive Systems (Dalian) Co Ltd, Musashi Seimitsu Industry Co., Ltd., Otics Corporation and more
According to a recent report published by Allied Market Research, titled, Automotive Balance Shaft Market by Manufacturing Type, Engine Type, and Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global automotive balance shaft market was valued at $10,027 Million in 2016, and is projected to reach at $14,848 Million by 2023, growing at a CAGR of 5.5% from 2017 to 2023.
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The global automotive balance shaft market is expected to witness high growth rate due to rise in demand for the Inline-4 cylinder engine, low carbon emissions & fuel efficiency, and growth in unit production in the automotive industry.
Specific automotive engines with asymmetric design exhibit a second level of engine vibration, even when the engine is well-balanced. An automotive balance shaft is integrated to offset the vibrations created by the engine. A balance shaft is manufactured by either casting or forging. Forging involves shaping the shaft from a steel bar, through roll forging. It is noted that forged balance shafts are lighter, compact, and can inherent damping more effectively in comparison with casted balance shafts.
Rising demand for the Inline-4 Cylinder Engine especially in the Asia-Pacific region has played a vital role in driving the automotive balance shaft market. Further, the need for eco-friendly automobiles is increasing, owing to the strict government emission policies. However, demand for electric vehicle has hampered the growth of the automotive balance shaft market to a greater extent. On the other hand, pressure over the manufacturers to integrate balance shafts in automobiles to provide engines with reduced vibration, noise and vibration is likely to create greater opportunities for the key players operating in automotive balance shaft market.
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Key Findings of the Automotive Balance Shaft Market:
In 2016, the forging manufacturing process generated the highest revenue of the global automotive balance shaft market.
In 2016, the Inline-4 cylinder generated the highest revenue among the engine type in the market.
The passenger cars segment led the automotive balance shaft market in 2016.
LAMEA is anticipated to exhibit a highest CAGR of 7.0% during the forecast period.
American Axle & Manufacturing Holdings, Inc., LACO, Mitec-Jebsen Automotive Systems (Dalian) Co Ltd, Musashi Seimitsu Industry Co., Ltd., Ningbo Jingda Hardware Manufacture Co., Ltd., Otics Corporation, Sansera Engineering Pvt. Ltd, SHW AG, SKF Group AB, and TFO Corporation are key market players that occupy a significant revenue share in the automotive balance shaft market.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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