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What key factors are powering the surge in the balance shafts market right now?

In recent years, the market size for balance shafts has seen considerable growth. It is anticipated to expand from a value of $14 billion in 2024 to $14.9 billion in 2025, revealing a compound annual growth rate (CAGR) of 6.4%. The noted growth during the historical period is due to factors such as the expanding automotive industry, an emphasis on engine performance, strict emission regulations, consumer desire for a seamless driving experience, and the introduction of balance shafts in high-performance vehicles.

How fast Is the balance shafts market expected to grow, and what’s its future value?

The market size for balance shafts is predicted to experience robust growth over the next few years, potentially reaching up to $18.29 billion by 2029 with a compound annual growth rate (CAGR) of 5.3%. This expansion in the projected period could be due to the consistent growth of the automotive industry, heightened attention towards fuel efficiency, use in electric and hybrid vehicles, a worldwide shift towards electric mobility, and emphasis on vehicle comfort and noise, vibration, and harshness (NVH) reduction. Key trends predicted during the forecast period encompass the development of twin-scroll balance shafts, the use of superior materials in the creation of balance shafts, incorporation of variable valve timing (VVT) in balance shaft systems, use of balancer modules for specific engine configurations, and the integration of NVH reduction technologies.

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What are the leading drivers of growth in the balance shafts market?

The ever-increasing demand for fuel efficiency is anticipated to significantly contribute to the expansion of the balance shaft market. Fuel efficiency represents the distance a vehicle travels on a specific amount of fuel, indicating how well a vehicle or a device changes chemical energy from fuel into kinetic energy or work. The incorporation of a balance shaft in a vehicle engine lessens friction and vibration of the engine, resulting in decreased fuel consumption. This reduction leads to lower CO2 emissions and heightened fuel efficiency. For example, the U.S. Department of Transportation announced new fuel economy standards in April 2022, implying an 8% annual increase in fuel efficiency for model years 2024-2025 and a 10% annual increase for the model year 2026. Therefore, the accelerating demand for fuel efficiency is fostering the growth of the balance shaft market. The expansion of the automobile industry serves as a significant driver for the growth of the balance shafts market. This industry involves various businesses and organizations dedicated to the manufacturing, production, marketing, and sale of vehicles. Balance shafts, integral to automobiles, minimize vibration, enhance engine performance, efficiency, and durability. This feature also contributes to reducing engine noise and optimizing passenger comfort. For instance, sales of passenger cars in the UK, as per reports shared by the Society of Motor Manufacturers and Traders (SMMT), a UK-based trade association, escalated by 25.8% from 140,958 units in 2022 to 177,266 units in 2023. Therefore, the burgeoning automobile industry is promoting the growth of the balance shafts market.

What are the key segments defining the balance shafts market?

The balance shafts market covered in this report is segmented –

1) By Engine Type: Inline-3 Cylinder Engine, Inline-4 Cylinder Engine, Inline-5 Cylinder Engine, V6 Engine

2) By Manufacturing Process: Casting, Forging

3) By Application: Passenger Cars, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)

Subsegments:

1) By Inline-3 Cylinder Engine: Small Engine Balance Shafts, Turbocharged Inline-3 Cylinder Balance Shafts

2) By Inline-4 Cylinder Engine: Standard Inline-4 Cylinder Balance Shafts, Turbocharged Inline-4 Cylinder Balance Shafts

3) By Inline-5 Cylinder Engine: Conventional Inline-5 Cylinder Balance Shafts, Turbocharged Inline-5 Cylinder Balance Shafts

4) By V6 Engine: Conventional V6 Engine Balance Shafts, Turbocharged V6 Engine Balance Shafts

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Who are the key players steering the development of the balance shafts market?

Major companies operating in the balance shafts market report are Linamar Corporation, American Axle & Manufacturing Holdings Inc., Schaeffler Technologies AG & Co. KG, Metaldyne Performance Group Inc., Hirschvogel Holding GmbH, SHW AG, MAT Foundry Group Ltd., Sansera Engineering Pvt. Ltd., Ningbo Jingda Hardware Manufacture Co. Ltd., Hirschvogel Group, Engine Power Components Inc., Otics Corporation, Rane Engine Valve Limited, SAC Engine Components Pvt. Ltd., TFO Corporation, Shanghai Spb Industry Co. Ltd., Hines Industries Inc., oso precision GmbH, Bailey Morris Limited, Hunan Qilu Industrial Co. Ltd., Jinan Zhengdian Automobile Parts Co. Ltd., Kersten Maschinenbau GmbH, MFT Motoren und Fahrzeugtechnik GmbH, JL Autoparts Pvt. Ltd., Qingdao Milestone Vehicle Parts Co. Ltd., Mitec-Jebsen Automotive Systems (Dalian) Co Ltd.

What emerging trends are influencing the growth of the balance shafts market?

Major businesses involved in the balance shaft market are shifting their emphasis towards launching balance shaft kit solutions in a bid to stay ahead in the competition. A balance shaft kit is usually a collection of components deployed in internal combustion engines to neutralize vibrations and enhance engine performance. Take for example, the UK-based firm, Laser Tools, launched a balance shaft removal and installation package, custom-made for the Jaguar/Land Rover AJ200 2.0-liter diesel engines, in April 2022. Recognized by part number 8271, this kit is designed for safe removal, refitting, and aligning the gear-driven balance shafts on these engines, acting as an equivalent to multiple OEM devices. The kit, which can work with various Jaguar and Land Rover models such as the Jaguar E-Pace, F-Pace, XE, XF, and Land Rover Discovery, contains all necessary components for safely removing, fitting, and timing the gear-driven balance shaft for these specific engines.

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Which regions are most influential in expanding the balance shafts market?

North America was the largest region in the balance shafts market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the balance shafts market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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