PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1513790
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1513790
The global automotive balance shaft market is set to experience fluctuations in the near term due to the COVID-19 pandemic. With global automotive sales expected to decline significantly, the market for associated components and assemblies is poised to see a short-term downturn. However, demand is anticipated to rejuvenate as automotive sales rebound in the coming years. Balance shafts play a crucial role in achieving vehicular weight optimization, leading to greater fuel efficiency. This factor is expected to drive the expansion of the global automotive balance shaft market size in the foreseeable future.
Automotive Balance Shaft Market Trends
Growing Need for Fuel Efficiency: As environmental concerns take precedence, automotive manufacturers are focusing on achieving fuel efficiency by incorporating efficient combustion technologies. Government regulations aimed at reducing greenhouse gas emissions and minimizing carbon footprints are providing impetus in this regard. Additionally, global initiatives aimed at enhancing fuel economy are supporting these efforts. Such provisions are expected to increase the uptake of advanced balance shaft solutions across the automotive sector, thereby driving the growth of the automotive balance shaft market.
Inline-4 Cylinder Engines Generate Massive Demand: Inline 4-cylinders are the most commonly mounted engines across all automobiles due to their design simplicity and cost-effectiveness. These engines are small, compact, and easy to fit in any engine bay. For instance, Hyundai equips its Tucson models with the Theta II 2.4-liter inline-4 cylinder engine, offering significant horsepower and torque. Similarly, Chevrolet's Silverado 1500 fleet is equipped with a turbocharged 2.7-liter 4-cylinder engine designed to deliver low-end torque. The extensive adoption of 4-cylinder engines is opening new growth avenues for the automotive balance shaft market.
Growing EV Popularity May Impede Growth: As the electric vehicle (EV) revolution gains momentum, the popularity of conventional fossil fuel-driven cars is set to decline. This shift is anticipated to impact the automotive balance shaft market negatively. A substantial increase in EV adoption is expected, with a significant portion of the automotive market comprising municipal buses, light commercial vehicles, and two-wheelers. The rise in EV sales, driven by environmental sustainability goals and enhanced torque performance, poses a challenge to the growth of the automotive balance shaft market.
Regional Outlook of Automotive Balance Shaft Market
Asia Pacific is projected to be the most lucrative region for the automotive balance shaft market, owing to a thriving automotive industry. India and China represent significant growth opportunities, with numerous automotive manufacturers establishing their presence in these regions. Despite the pandemic-induced recession, the Asian automotive industry is likely to thrive, sustaining demand for the automotive balance shaft market.
COVID-19 Impact on Automotive Balance Shaft Market
As the world braces for the second wave of the COVID-19 pandemic, the automotive industry is taking proactive steps to minimize operational downturns. Strengthening supply chains and securing factory premises are among the measures being implemented. While the production of new cars may have slowed, the sales of automotive spare parts are expected to rise, with consumers increasingly relying on private transportation. This trend is likely to continue in the post-pandemic world.
Efforts to safeguard the automotive industry were initiated early in the pandemic. For instance, the Chinese government issued measures to stabilize and expand automobile consumption, extending subsidies to automotive manufacturers. While such measures may sustain demand for balance shafts, overall demand is likely to decline as consumers shift towards hybrid and electric vehicles to reduce emissions and achieve sustainability.
Automotive Balance Shaft Market: Prominent Players
Key players in the automotive balance shaft market include SHW AG, Otics Corporation, Metaldyne LLC, Musashi Seimitsu Industry Co. Ltd., TFO Corporation, Sansera Engineering, Engine Power Components Inc., and Ningbo Jingda Hardware Manufacture Co. Ltd. Vendors are conscious of carbon emission reduction objectives adopted by various countries, driving them to develop innovative product lines. Additionally, manufacturers are relying on acquisitions and collaborations to reach a wider target audience.
Analysts' Viewpoint
The global automotive balance shaft market is expected to experience positive growth, particularly in the private vehicles segment. Reduced usage of public transport due to COVID-19 fears has increased reliance on private vehicles, boosting the need for constant engine maintenance. This trend is favorable for the growth of the automotive balance shaft market.
Key Segments of Global Automotive Balance Shaft Market
Fairfield Market Research's report on the global automotive balance shaft market provides information divided into four segments - manufacturing process, engine type, end user, and region.
Manufacturing Process
Engine Type
End User
Region