The balance shafts global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Balance Shafts Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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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Scope Of Balance Shafts Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Balance Shafts Market Overview
Market Drivers –
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.
Market Trends –
Major companies operating in the balance shaft market are increasing their focus on introducing balance shaft kits to gain a competitive edge in the market. A balance shaft kit typically refers to a set of components used in internal combustion engines to counteract vibrations and enhance overall engine smoothness. For instance, in April 2022, Laser Tools, a UK-based company, launched a balance shaft removal and installation kit specifically designed for the Jaguar/Land Rover AJ200 2.0-liter diesel engines. This kit, identified by part number 8271, is engineered to safely remove, refit, and align the gear-driven balance shafts on these engines, and it is equivalent to several OEM tools. The kit can be used on various Jaguar and Land Rover models, such as the Jaguar E-Pace, F-Pace, XE, XF, and Land Rover Discovery, among others. It contains all the necessary components to facilitate the safe removal, fitting, and timing of the gear-driven balance shaft on these specific engines.
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)
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Regional Insights –
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.
Key Companies –
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.
Table of Contents
1. Executive Summary
2. Balance Shafts Market Report Structure
3. Balance Shafts Market Trends And Strategies
4. Balance Shafts Market – Macro Economic Scenario
5. Balance Shafts Market Size And Growth
…..
27. Balance Shafts Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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