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The global automotive balance shaft market reached a value of US$ 13.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 18.8 Billion by 2027, exhibiting at a CAGR of 5.55% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
An automotive balance shaft is fitted into an internal combustion engine (ICE) to reduce vibration by canceling unbalanced dynamic forces. It has eccentric weights that eliminate the need to balance the engine components while ensuring smooth operations. Nowadays, forged balance shafts are gaining adoption around the world on account of their compact dimension and effective inherent damping.
The boosting sales of passenger vehicles worldwide on account of rapid urbanization and inflating income levels represent one of the major factors bolstering the market growth. Automotive balance shafts help reduce engine noise, vibration, and harshness and ensure passenger comfort. Apart from this, the rising use of commercial vehicles, such as buses, trucks, taxicabs, trailers, and vans, in transportation and logistics is influencing the market positively. Moreover, the emerging trend of online shopping, along with the expanding global trade, is propelling the utilization of commercial vehicles in logistics for shipments. This, in turn, is contributing to the market growth. Additionally, the growing working population is driving the need for interconnected mobility solutions that reduce road traffic and commute times and provide diverse travel options. This is offering lucrative opportunities to manufacturers for expanding their product portfolio and retaining a competitive edge in the market. Furthermore, stringent policies implemented by governing agencies of numerous countries to minimize greenhouse gas (GHG) emissions from vehicles are impelling the market growth. This is also encouraging automotive original equipment manufacturers (OEMs) to incorporate balance shafts and improve fuel efficiency, thermal efficiency, and energy savings of vehicles. Besides this, market players are focusing on improving the design and efficiency of balance shafts, which is anticipated to stimulate the market growth.
IMARC Group provides an analysis of the key trends in each sub-segment of the global automotive balance shaft market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on vehicle type, manufacturing process and engine type.
Breakup by Vehicle Type:
Breakup by Manufacturing Process:
Breakup by Engine Type:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being AB SKF, American Axle & Manufacturing Inc., Engine Power Components Inc., Hirschvogel Automotive Group, MarkLines Co. Ltd., Musashi Seimitsu Industry Co. Ltd., Ningbo Jingda Hardware Manufacture Co. Ltd., OTICS USA Inc. (OTICS Corporation), Sansera Engineering Limited, SHW AG and TFO Corporation.
|Base Year of the Analysis||2021|
|Segment Coverage||Vehicle Type, Manufacturing Process, Engine Type, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||AB SKF, American Axle & Manufacturing Inc., Engine Power Components Inc., Hirschvogel Automotive Group, MarkLines Co. Ltd., Musashi Seimitsu Industry Co. Ltd., Ningbo Jingda Hardware Manufacture Co. Ltd., OTICS USA Inc. (OTICS Corporation), Sansera Engineering Limited, SHW AG and TFO Corporation|
|Customization Scope||10% Free Customization|
|Report Price and Purchase Option||Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
|Post-Sale Analyst Support||10-12 Weeks|
|Delivery Format||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)|
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