Vehicle Balance Shaft Market to Witness Robust Expansion by 2025
A balance shaft is an eccentric weighted shaft that is designed to rotate and vibrate in order to reduce vibration produced by an engine. Balance shaft is commonly utilized in four-cylinder engines.
Dearth of conventional fuel sources along with concerns regarding growing carbon footprint is fuelling growth of the global vehicle balance shaft market
Factors driving growth of the global market is increasing CO2 emission in conjunction with factor such as regulations concerning exhaust gas emissions. CO2 emissions can be is proportional to the fuel consumed during vehicle’s operations. Balance shaft is responsible for increasing engine efficiency and reduce overall fuel consumption in order to reduce CO2 emission by reducing friction and vibration, improves oil mist supply, and reduces oil feed holes.
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Automotive and transportation account for a major share of the global energy consumption, which is further increasing CO2 emission as well as global warming. Owing to these factors, governments have implemented stringent regulations regarding reducing carbon footprint and enhancing fuel efficiency, and this is among key factors driving growth of the global vehicle balance shaft market. For instance the European Union has set emissions standards. EU Regulation No 443/2009 sets an average CO2 emission target for new passenger cars of 130 grams/kilometer. A target of 95 grams/kilometer will apply from 2021. According to CIA World Factbook, conventional fuels, commonly referred to as the fossil fuels such as coal, oil, and gas are expected to be exhausted by 2052, if the global consumption of oil remains consistent with an annual oil consumption of over 11 billion tons.
Global Vehicle Balance Shaft Market: Restraint
Rising popularity of electric vehicles and growing sales of vehicles utilized for sports are among the key factors restraining growth of the global vehicle balance shaft market. For instance, according to the International Energy Agency (IEA), over 750 thousand units’ electric vehicles were sold, in 2016, globally. Hence, increase in electric vehicles production will reduce demand for balance shaft in vehicles as these electric cars and other luxurious vehicles have high performance engines, which do not require balance shaft for engine operation.
Global Vehicle Balance Shaft Market: Segment Trends
Among engine types, Inline-4 Cylinder Engine accounted for the largest share in the global market in 2016. This is due to high demand for environment friendly vehicles and increasing concerns related to reduction in carbon footprint, aiding in growth of the segment. OEMs in automotive are incorporating balance shaft in the vehicles to offer vehicle engines with reduced and negligible noise, vibration, and harshness. Moreover OEMs are using aluminum balance shafts in vehicles to reduce their weight and strength.
Among vehicle types, passenger cars accounted for the largest share in the global automotive market in 2016, in terms of volume. For instance, according to The Organisation Internationale des Constructeurs d’Automobiles (OICA), in 2016, total vehicle produced globally was 94,976,569 units, among them 72,105,435 were passenger cars produced in 2016, which is almost 75% of the global vehicle production. Therefore, increasing vehicle production is leading to high demand for balance shaft for fuel efficiency along with requirement to reduce CO2 emissions.
Global Vehicle Balance Shaft Market: Regional Insights
The global vehicle balance shaft market is segmented on the basis of regions into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. The vehicle balance shaft market in North America is expected to exhibit the CAGR during the forecast period. This growth is attributed to growing stringency of regulatory bodies towards reducing carbon footprint and emissions, and is also a major factor propelling growth of the regional market. For instance, Corporate Average Fuel Economy (CAFÉ) Standards in the U.S. is propagating adoption of energy efficient automotive by formulating regulations for reduction of petroleum consumption and enhancing utilization of alternative fuel vehicles such as hybrid vehicles. This in turn, creates a highly conducive environment for growth of the global vehicle balance shaft market.
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The market for vehicle balance shaft in Asia Pacific region accounted for the largest market share in 2016 and it is expected to retain its dominance over the forecast period. The growth in this region is attributed to presence of some of the world’s largest manufacturing and sales hubs in the region. According to Coherent Market Insights’ analysis, vehicles production of the countries, including China, India, Japan, South Korea, and Thailand accounted for over 50% of the global production. Hence, increasing vehicle production further demands for balance shaft in this region.
Global Vehicle Balance Shaft Market: Competitive Background
Major players operating in the vehicle balance shaft market are Metaldyne LLC, Musashi Seimitsu Industry Co., Ltd., SKF Group, Otics Corporation, SHW AG, Sansera Engineering, Mitec-Jebsen Automotive Systems (Dalian) Co. Ltd., Ningbo Jingda Hardware Manufacture Co., Ltd., Tfo Corporation, and Engine Power Components, Inc.
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