Portland, OR, June 22, 2022 (GLOBE NEWSWIRE) -- As per the report published by Allied Market Research, the global automotive balance shaft market generated $10.48 billion in 2020, and is expected to reach $16.69 billion by 2030, registering a CAGR of 4.9% from 2021 to 2030.
Surge in demand for inline 4-cylinder engines, increase in need for vehicle engines with reduced noise, harshness, and vibration, and rise in adoption of fuel-efficient vehicles with low carbon emission have boosted the growth of the global automotive balance shaft market. However, surge in sale of luxury vehicles & sports utility vehicles with high-performance engines and increase in adoption of electric vehicles hinder the market growth. On the contrary, rise in demand for passenger vehicles from developing countries and technological advancements would open new opportunities in the future.
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Covid-19 scenario:
- The Covid-19 pandemic severely affected the sales of new vehicles, resulted in disruption of supply chain, and caused delays in manufacturing of vehicles.
- However, due to relaxation of lockdown restriction, the demand for vehicles is expected to increase.
The report segments the global automotive balance shaft market on the basis of engine type, manufacturing process, application, sales channel, and region.
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Based on engine type, the inline-3-cylinder enginesegment is expected to portray the highest CAGR of 6.8% during the forecast period. However, the inline-4 cylinder engine segment held the largest share in 2020, contributing to around two-thirds of the market.
On the basis of application, the light commercial vehicles segment is projected to manifest the highest CAGR of 6.1% during the forecast period. However, the passenger cars segment held the lion’s share in 2020, accounting for nearly three-fourths of the market.
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The global automotive balance shaft market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific dominated in 2020, holding more than half of the market. However, the market across LAMEA is projected to showcase the highest CAGR of 7.2% during the forecast period.
The global automotive balance shaft market includes an in-depth analysis of the prime market players such as American Axle & Manufacturing, Inc., Engine Power Components, Inc., Hirschvogel Group, Linamar Corporation, MAT Foundry Group Ltd., Musashi Seimitsu Industry Co., Ltd., Ningbo Jingda Hardware Manufacture Co., Ltd., Otics Corporation, Sansera Engineering Limited, and TFO Corporation.
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