Press release
Balance Shafts Market 2024 Latest Insights, Growth Rate, Future Trends And Forecast | Key Players : Linamar Corporation, American Axle & Manufacturing Holdings Inc., Schaeffler Technologies AG & Co. KG
Balance Shafts Global Market Report
The Business Research Company offers in-depth market insights through Balance Shafts Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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 in the historic period can be attributed to automotive industry growth, focus on engine performance, stringent emission standards, consumer demand for smooth driving experience, implementation 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 growth in the forecast period can be attributed to continued automotive industry expansion, increasing emphasis on fuel economy, adoption in electric and hybrid vehicles, global shift towards electric mobility, focus on vehicle comfort and nvh reduction.. Major trends in the forecast period include development of twin-scroll balance shafts, application of advanced materials in balance shaft construction, implementation of variable valve timing (vvt) in balance shaft systems, adoption of balancer modules for specific engine configurations, incorporation of noise, vibration, and harshness (nvh) reduction technologies..
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Market Segmentation:
The balance shafts market covered in this report is segmented -
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)
Major Driver - Growing Demand For Fuel Efficiency
The growing demand for fuel efficiency is expected to boost the growth of the balance shaft market going forward. Fuel efficiency refers to a term used to describe how far a car can go on a given amount of fuel. It is a measure of how efficiently a vehicle or device converts chemical energy from fuel into kinetic energy or work. By reducing friction and vibration of the engine, the use of a balance shaft in a vehicle engine leads to a reduction in overall fuel consumption, which can help reduce CO2 emissions and improve fuel efficiency. For instance, in July 2022, according to a report published by the Energy Information Administration (EIA), a US-based government agency, vehicle efficiency increased by 2% on average between April 2021 and April 2022 in the United States. Furthermore, in April 2022, the U.S. Department of Transportation, a US-based federal executive department, announced the new fuel economy standards which increase fuel efficiency 8% annually for model years 2024-2025 and 10% annually for model year 2026. Therefore, the growing demand for fuel efficiency is driving the growth of the balance shaft market.
Competitive Landscape:
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.
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