Vehicle Balance Shaft MarketSize and Trends

Global Vehicle Balance Shaft Market: Segment Trends

Among engine types, Inline-4 Cylinder Engine accounted for the largest share in the global market in 2016. This is due to high demand for environment friendly vehicles and increasing concerns related to reduction in carbon footprint, aiding in growth of the segment. OEMs in automotive are incorporating balance shaft in the vehicles to offer vehicle engines with reduced and negligible noise, vibration, and harshness. Moreover OEMs are using aluminum balance shafts in vehicles to reduce their weight and strength.

Among vehicle types, passenger cars accounted for the largest share in the global automotive market in 2016, in terms of volume. For instance, according to The Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2016, total vehicle produced globally was 94,976,569 units, among them 72,105,435 were passenger cars produced in 2016, which is almost 75% of the global vehicle production. Therefore, increasing vehicle production is leading to high demand for balance shaft for fuel efficiency along with requirement to reduce CO₂ emissions.

Market Trends

Factors driving growth of the global market is increasing CO₂ emission in conjunction with factor such as regulations concerning exhaust gas emissions. CO₂ emissions can be is proportional to the fuel consumed during vehicle's operations. Balance shaft is responsible for increasing engine efficiency and reduce overall fuel consumption in order to reduce CO₂ emission by reducing friction and vibration, improves oil mist supply, and reduces oil feed holes.

Automotive and transportation account for a major share of the global energy consumption, which is further increasing CO₂ emission as well as global warming. Owing to these factors, governments have implemented stringent regulations regarding reducing carbon footprint and enhancing fuel efficiency, and this is among key factors driving growth of the global vehicle balance shaft market. For instance the European Union has set emissions standards. EU Regulation No 443/2009 sets an average CO₂ emission target for new passenger cars of 130 grams/kilometer. A target of 95 grams/kilometer will apply from 2021.

According to CIA World Factbook, conventional fuels, commonly referred to as the fossil fuels such as coal, oil, and gas are expected to be exhausted by 2052, if the global consumption of oil remains consistent with an annual oil consumption of over 11 billion tons.