Portland, OR -- (SBWIRE) -- 06/28/2018 -- Asia-Pacific is expected to lead the global automotive balance shaft market throughout the forecast period. Manufacturing by forging method is used widely across the globe than casting method as its performance is more stable than that of cast shaft. LAMEA is expected to grow at a highest rate during the forecast period.
The Global Automotive Balance Shaft Market was valued at $10,027 Million in 2016, and is projected to reach at $14,848 Million by 2023, growing at a CAGR of 5.5% from 2017 to 2023, according to the latest report published by Allied Market Research.
Automotive Balance Shaft Market Overview:
Asia-Pacific dominates this market presently, followed by Europe. In 2016, China dominated the market in Asia-Pacific. Rise in demand for the Inline-4 Cylinder Engine especially in the Asia-Pacific region has played a vital role in driving the automobile balance shaft market. Further, the need for eco-friendly automobiles is on an increase owing to the strict government emission policies. However, demand for electric vehicle hampers the automotive balance shaft market to a greater extent. On the other hand, pressure over the manufacturers to integrate balance shafts in automobiles to provide engines with reduced vibration, noise, and vibration is projected to create greater opportunities.
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In 2016, the Inline-4 cylinder engine dominated the global automotive balance shaft with 75.6% market share, in terms of revenue. Further, based on vehicle type, passenger cars lead the global market with 71.13% market share followed by light commercial vehicles (21.5%) in 2016.
Forging leads the automotive balance shaft market by manufacturing process with the 74% market share in 2016 and is anticipated to depict the highest CAGR of 5.7% throughout the forecast period.
By Manufacturing Process
1. Passenger Cars
2. Light Commercial Vehicles
3. High Commercial Vehicles
By Engine Type
1. Inline-3 Cylinder Engine
2. Inline-4 Cylinder Engine
3. Inline-5 Cylinder Engine
4. V6 Engine
By Vehicle Type
1. Passenger Cars
2. Light Commercial Vehicles
3. High Commercial Vehicles
Key Findings of the Automotive Balance Shaft Market:
In 2016, the forging manufacturing process generated the highest revenue of the global automotive balance shaft market. In 2016, the Inline-4 cylinder generated the highest revenue among the engine type in the market. The passenger cars segment led the automotive balance shaft market in 2016. LAMEA is anticipated to exhibit a highest CAGR of 7.0% during the forecast period.
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Key Players:
The key players profiled in the report American Axle & Manufacturing Holdings, Inc., LACO, Mitec-jebsen Automotive Systems (Dalian) Co Ltd, Musashi Seimitsu Industry Co., Ltd., Ningbo Jingda Hardware Manufacture Co., Ltd., Otics Corporation, Sansera Engineering Pvt. Ltd, SHW AG, SKF Group AB, and TFO Corporation.