Vehicle Balance Shaft Market Segment is the largest segment driving the growth of Vehicle Balance Shaft market

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The global Vehicle Balance Shaft market is estimated to be valued at US$ 9645.8 Mn in 2023 and is expected to exhibit a CAGR of 4.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Vehicle balance shaft are used in engines with inline cylinder configuration to reduce vibrations by contrarotating at exactly twice the rate of the crankshaft. They help improve ride quality and passenger comfort.

Market key trends:
One of the key trends in the vehicle balance shaft market is the increasing demand for inline 3 and 4 cylinder engines. Balance shafts are necessary components of these engines to reduce vibrations. With more emphasis on fuel efficiency, these smaller engines are becoming popular. Also, advancement in materials is allowing for lighter and more compact design of balance shafts, meeting stricter emission standards while improving performance.
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Market Key Trends:
One of the key trends in the vehicle balance shaft market is the growing demand for fuel-efficient vehicles across the globe. Balance shafts help in reducing vibrations in vehicles and enhancing their performance. They play a vital role in minimizing noise, vibration, and harshness issues in vehicles. Owing to their benefits, balance shafts are being increasingly adopted by automobile manufacturers in engines to meet stringent fuel efficiency and emission norms.

SWOT Analysis
Strengths: Balance shafts improve engine balance and performance. They reduce vibrations caused by imbalanced rotating or reciprocating masses within an engine.
Weaknesses: High manufacturing costs associated with balance shafts. Additional weight added to the engine due to balance shafts.
Opportunities: Growing demand for low-emission vehicles driven by stringent emission standards creates market opportunity.
Threats: Rising electric vehicle sales can hamper the demand growth for conventional engine vehicles using balance shafts.

Key Takeaways

The global vehicle balance shaft market is expected to witness high growth, exhibiting CAGR of 4.4% over the forecast period, due to increasing global automotive production and sales.

Asia Pacific dominates the global market and is expected to continue its dominance over the forecast period. Presence of emerging economies like China and India with huge vehicle production and increasing disposable income are driving the regional market.

Key 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. The market is fragmented in nature with top 5 players accounting for less than 40% share.