The global automotive balance shaft market is experiencing steady acceleration on the back of increasing demand for improving fuel efficiency and acceleration in order to meet environmental sustainability goals set forth by governments, worldwide.
In its expansive recent study, Persistence Market Research offers a comprehensive, yet, unbiased analysis of how the growth of the automotive balance shaft market is likely to unfold from 2020 to 2030.
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Key Takeaways from Automotive Balance Shaft Market Study
- Global automotive balance shaft market to expand steadily through 2030.
- Asia Pacific to register impressive growth, pivoted primarily by the Indian and Chinese automotive industries.
- Inline-4cylinder engine-mounted automotive to register maximum balance shaft uptake.
- Growth of automotive balance shaft market may be impeded in light of surging popularity of electric vehicles.
- COVID-19to usher in short-term deceleration in the public transport segment, owing to shortfalls in unit production.
“Rising environmental concerns are prompting automotive manufacturers to introduce efficient fuel combustion technologies, including enhanced torque mechanisms, leading to enhanced balance shaft uptake,” infers a PMR analyst.
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Global Sustainability Compliance Frameworks to Catalyze Growth
With countries signing the Climate Change Paris Agreement, the global community has inched one step closer toward meeting the below 2 degrees Celsius global average temperature increase, and eventually to a 1.5 degrees C increase. Imposition of strict emission guidelines have largely helped achieve this objective.
While the long-term impact is yet to be realized, countries are unceasingly strengthening their regional regulatory frameworks to achieve the stated goal. This requires automotive manufacturers to equip vehicles with efficient engines, thus leading to an uptake in advanced automotive balance shafts, which is aiding the growth of the automotive balance shaft market space.
In 2016, the U.S EPA issued emission standards for light vehicles, requiring them to meet an estimated emission level of 250 grams CO2 per mile. Likewise, the European Union established fleet average emission targets of 95 grams CO2 per kilometer for passenger vehicles and 175 grams for LCVs.
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Automotive Balance Shaft Market – Competitive Landscape
The global automotive balance shaft market is characterized by the presence of prominent vendors who rely on an amalgamation of various expansion and market consolidation strategies such as product launches, acquisitions, and collaborations.
Prominent players profiled in PMR’s report include Otics Corporation, SHW AG, Ningbo Jingba Hardware Manufacture Co. Ltd., Musashi Seimitsu Industry Co. Ltd., Metaldyne LLC (American Axle & Manufacturing), Sansera Engineering, and TFO Corporation, among others.
- In October 2020, Musashi Seimitsu Industry Co. Ltd. entered into a strategic alliance with Silicon Valley based Zimeno Inc. to develop compact autonomous EV tractors for agriculture. The objective is to provide solutions for addressing labor shortages and furthering crop safety.
- Likewise, since November 2020, Metaldyne LCC (American Axle & Manufacturing) started supplying its EcoTrac® Disconnecting All-Wheel-Drive (AWD) for Chrysler’s new Pacifica minivan series. The system provides safety during hostile conditions such as cold temperatures, rough road conditions, and abrupt steering situations.
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Explore More Valuable Insights on Automotive Balance Shaft Market
Persistence Market Research, in its new report, offers an impartial analysis of the global automotive balance shaft market, presenting historical data (2015-2019) and estimation statistics for the period of 2020-2030. The study offers compelling insights on the automotive balance shaft market based on manufacturing process (forged balance shafts and cast balance shafts), engine type (inline-3 cylinder engines, inline-4 cylinder engines, and inline-5 cylinder engines), and end use (commercial, industrial, defense, and others [government, retail, entertainment, and transportation]), across seven regions.
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