According to a new report, published by KBV research, The Global Automotive Balance Shaft Market size is expected to reach $13.2 Billion by 2027, rising at a market growth of 4.1% CAGR during the forecast period.
The Casting market has shown a growth rate of 5.8% during (2021 - 2027). Casting is a manufacturing method in which a liquid substance is poured into a mold with a hollow hole of the required shape and subsequently solidified. To complete the process, the solidified portion, also known as a casting, is broken out or ejected from the mold.
The Passenger Cars segment is leading the Global Automotive Balance Shaft Market by Application in 2020; thereby, achieving a market value of $6.0 billion by 2027. It is due to the rising demand for passenger vehicles from emerging nations, increased demand for fuel-efficient and high-performing automobiles, and stricter pollution rules.
The Aftermarket market is showcasing a CAGR of 4.9% during (2021 - 2027). The automotive aftermarket is the secondary market of the automotive industry, concerned with the manufacturing, remanufacturing, distribution, retailing, and installation of all vehicle parts, chemicals, equipment, and accessories, after the sale of the automobile by the original equipment manufacturer (OEM) to the consumer.
The Inline 4-cylinder Engine segment acquired the maximum revenue share in the Global Automotive Balance Shaft Market by Engine Type in 2020; thereby, achieving a market value of $6.1 billion by 2027. There has been a rise in demand for inline 4-cylinder engines due to their fuel efficiency and enhanced performance. Furthermore, inline 4-cylinder engines have second-order vibrations that can be mitigated with the use of a balance shaft, which will drive up the need for a balance shaft over the projected period.
Asia Pacific is the fastest growing region in the Global Automotive Balance Shaft Market by Region in 2020, and would achieve a market value of $4.9 billion by 2027. The Europe market is estimated to witness a CAGR of 3.4% during (2021 - 2027). Additionally, The North America market would exhibit a CAGR of 3.6% during (2021 - 2027).
Full Report: https://www.kbvresearch.com/automotive-balance-shaft-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of 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.
By Manufacturing Process
By Application
By Sales Channel
By Engine Type
By Geography
Companies Profiled
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