Techno World Vehicle-Balance-Shaft-Market | Page 2

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.
Global Vehicle Balance Shaft Market: Restraint
Rising popularity of electric vehicles and growing sales of vehicles utilized for sports are among
the key factors restraining growth of the global vehicle balance shaft market. For instance,
according to the International Energy Agency (IEA), over 750 thousand units’ electric vehicles
were sold, in 2016, globally. Hence, increase in electric vehicles production will reduce demand
for balance shaft in vehicles as these electric cars and other luxurious vehicles have high
performance engines, which do not require balance shaft for engine operation.
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.
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Global Vehicle Balance Shaft Market: Regional Insights