Automotive Balance Shaft Market to Garner $14.85 Billion by 2023: AMR

Rise in demand for the inline-4-cylinder engine, surge in vehicle demand, low carbon emission & fuel efficiency, and growth in unit production in the automotive industry are expected to propel the growth of the global automotive balance shaft market. The market across the Asia-Pacific region held the largest share in 2017, contributing nearly three-fifths of the market. On the other hand, the V6 engine segment is projected to portray the fastest growth, registering a CAGR of 6.1% during the forecast period.


Portland, OR, July 09, 2019 (GLOBE NEWSWIRE) -- According to the report, the global automotive balance shaft market accounted for $8.64 billion in 2017 and is projected to reach $14.85 billion by 2023, registering a CAGR of 5.5% during the period 2017–2023.

Increase in demand for the inline-4-cylinder engine, growth in unit production in the automotive industry, and low carbon emission & fuel efficiency are the major drivers of the global automotive balance shaft market. However, increasing demand for electric vehicles hampers the market growth. On the contrary, rise in vehicle demand and development of optimized balance shafts are expected to create lucrative opportunities in the near future.

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The global automotive balance shaft market is divided on the basis of the manufacturing process, engine type, vehicle type, and geography. Based on manufacturing process, the market is segmented into forging and casting. The forging segment dominated the market in 2017, accounting for nearly three-fourths of the market and is estimated to manifest the fastest CAGR of 5.6% during the forecast period.

On the basis of engine type, the market is categorized into the inline-3-cylinder engine, inline-4-cylinder engine, inline-5-cylinder engine, and V6 engine. The inline-4-cylinder engine segment held the largest share in 2017, contributing around three-fourths of the market revenue. However, the V6 engine segment is projected to portray the fastest growth, registering a CAGR of 6.1% during the forecast period.

Based on vehicle type, the market is divided into passenger cars, LCV, and HCV. The passenger cars segment held the lion’s share, accounting for around 71% of the total market in 2017. However, the HCV segment is estimated to register the fastest CAGR of 7.2% during the forecast period.

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The market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across the Asia-Pacific region held the largest share in 2017, contributing nearly three-fifths of the market. However, the LAMEA region is expected to register the fastest CAGR of 6.9% during the study period.

The global automotive balance shaft market report provides an in-depth analysis of the market players such as LACO, American Axle & Manufacturing Holdings, Inc., Musashi Seimitsu Industry Co., Ltd., Mitec-Jebsen Automotive Systems (Dalian) Co Ltd., Otics Corporation, Ningbo Jingda Hardware Manufacture Co., Ltd., SHW AG, Sansera Engineering Pvt. Ltd., SKF Group AB, and TFO Corporation.

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