Vehicle Balance Shaft

Vehicle Balance Shaft Market Outlook

The global vehicle balance shaft market is projected to reach approximately USD 1.4 billion by the year 2035, growing at a compound annual growth rate (CAGR) of around 4.5% from 2025 to 2035. This market growth is primarily driven by the increasing demand for enhanced engine performance and reduced vibrations in vehicles, which enhances overall driving comfort. With technological advancements in automotive engineering, the need for balance shafts has become crucial in minimizing noise, vibration, and harshness (NVH) levels in modern internal combustion engines. Furthermore, the growing trend toward lightweight and fuel-efficient vehicles is also contributing to the expansion of the vehicle balance shaft market. Additionally, the rise in production of electric and hybrid vehicles is expected to create new opportunities for balance shaft manufacturers, thus boosting market growth.

Growth Factor of the Market

The growth of the vehicle balance shaft market is influenced by several key factors. First and foremost, the increasing consumer demand for quieter and smoother vehicle operations has necessitated the incorporation of balance shafts in both internal combustion and hybrid engine systems. Moreover, the growing production rates of passenger cars and commercial vehicles around the globe are driving the market forward, as manufacturers focus on equipping their vehicles with advanced NVH management solutions. Additionally, stringent emission regulations are compelling automotive manufacturers to innovate and improve engine designs, leading to an increased adoption of balance shafts. Technological advancements that have enabled the production of lightweight and durable materials for balance shafts, such as composites and advanced alloys, are further propelling the market. Lastly, the booming automotive aftermarket sector, which focuses on vehicle upgrades and repairs, is also playing a significant role in the growth of the vehicle balance shaft market.

Key Highlights of the Market

• The global vehicle balance shaft market is expected to reach USD 1.4 billion by 2035.
• Passenger cars are the largest application segment for balance shafts, driven by consumer demand.
• Gear driven balance shafts hold a significant market share due to their efficiency in minimizing vibrations.
• Asia Pacific is poised to exhibit the highest CAGR during the forecast period, driven by increasing vehicle production.
• OEMs dominate the distribution channel segment, as original equipment manufacturers incorporate balance shafts in new models.

By Product Type

Chain Driven Balance Shafts:

Chain driven balance shafts are widely utilized in the automotive industry for their effectiveness in reducing vibrations and enhancing engine performance. These shafts are typically employed in inline engines where maintaining balance is crucial for optimal functioning. The advantages of chain driven balance shafts include durability, higher efficiency in power transfer, and a compact design, making them suitable for modern engines. The growing trend toward engine downsizing has led to an increased adoption of chain driven balance shafts as manufacturers seek efficient ways to minimize NVH levels while maintaining engine performance. Moreover, advancements in chain technology have further improved the reliability and longevity of these balance shafts, driving their demand in the market.

Gear Driven Balance Shafts:

Gear driven balance shafts are known for their precision and reliability. These types of balance shafts are primarily used in performance-oriented vehicles where exact timing and synchronization are essential for minimizing vibrations. The gear-driven design allows for a compact assembly, which is advantageous for space-limited applications. As vehicle manufacturers strive to deliver exceptional driving experiences, the demand for gear driven balance shafts is expected to grow, particularly in high-performance and luxury vehicles. Additionally, the ability of gear driven balance shafts to operate efficiently at various engine speeds makes them a preferred choice among OEMs, further solidifying their position in the market.

Belt Driven Balance Shafts:

Belt driven balance shafts are gaining popularity due to their simplicity and cost-effectiveness. These shafts operate using a belt mechanism, which can offer smooth operation with reduced wear and tear. They are particularly favored in smaller vehicles and engines where space is at a premium, and weight considerations are crucial. The adoption of belt driven balance shafts is also driven by the increasing focus on reducing manufacturing costs while maintaining performance standards. Furthermore, as more manufacturers explore alternative powertrains and lightweight vehicle designs, the appeal of belt driven systems in balance shafts is likely to increase, thus expanding their market share.

Hybrid Balance Shafts:

Hybrid balance shafts combine the functionalities of both traditional balance shafts and advanced technologies, catering to the needs of modern engines, including those found in hybrid and electric vehicles. These shafts aim to achieve reduced vibrations while optimizing performance across various driving conditions. As the automotive industry shifts towards electrification and hybrid powertrains, the demand for hybrid balance shafts is anticipated to witness significant growth. They are designed to adapt to the unique vibration characteristics of electric and hybrid engines, offering manufacturers a versatile solution for enhancing vehicle performance. The increasing investments in hybrid technology and the growing number of hybrid vehicles on the road will further drive the adoption of hybrid balance shafts.

Oil Driven Balance Shafts:

Oil driven balance shafts utilize hydraulic systems to achieve balance and reduce vibrations in an engine. This innovation allows for real-time adjustments to be made based on engine performance and load conditions, providing dynamic balancing. The adoption of oil driven balance shafts is being driven by the need for higher efficiency and lower emissions in modern engines, particularly in the context of stringent environmental regulations. These shafts are particularly effective in applications where variable engine loads are common, making them suitable for commercial vehicles and heavy-duty applications. As the focus on fuel efficiency and emissions reduction intensifies, oil driven balance shafts are expected to gain traction among manufacturers looking for advanced solutions.

By Application

Passenger Cars:

The passenger car segment represents the largest application for vehicle balance shafts, driven by the sheer volume of cars produced worldwide. As consumers increasingly prioritize comfort and luxury in their vehicles, the demand for effective NVH management solutions has surged. Vehicle manufacturers are focusing on incorporating advanced technologies, including balance shafts, to meet these expectations. Furthermore, with the rise in electric and hybrid vehicle production, balance shafts are becoming an integral part of the design to ensure smooth and quiet operations. The growing trend towards premium and luxury passenger cars is also contributing to the increasing adoption of balance shafts, as these vehicles typically demand higher performance standards.

Commercial Vehicles:

The commercial vehicle segment is witnessing significant growth, driven by the expansion of logistics and transportation sectors worldwide. As these vehicles are subjected to higher loads and longer operational hours, the need for balance shafts becomes critical in reducing vibrations that could lead to driver fatigue and comfort issues. Manufacturers are increasingly incorporating balance shafts in trucks and buses to enhance the overall driving experience. Additionally, the shift towards fuel-efficient and environmentally friendly commercial vehicles is pushing manufacturers to consider advanced balance shaft technologies that align with these new market demands. The increasing focus on vehicle longevity and durability further supports the growth of balance shafts in the commercial vehicle segment.

Off-road Vehicles:

The off-road vehicle segment, including SUVs and all-terrain vehicles, is experiencing robust growth driven by the rising popularity of adventurous and recreational driving. These vehicles often encounter rugged terrains, making the implementation of balance shafts essential for minimizing vibrations and ensuring better control and stability. As consumers seek enhanced performance and comfort in off-road driving experiences, manufacturers are being pushed to innovate and incorporate balance shafts that can withstand the demanding conditions of off-road applications. The market for off-road vehicles is expected to flourish in the coming years, thus driving the demand for effective balance shaft solutions.

Electric Vehicles:

The electric vehicle (EV) market is rapidly evolving, with a significant focus on reducing weight, enhancing efficiency, and improving driving comfort. Electric vehicles often require advanced vibration control technologies due to their unique powertrain characteristics. Balance shafts play an essential role in this context, as they help minimize NVH levels and enhance driving comfort. The growing investment in EV infrastructure and the shift towards cleaner transportation options are further stimulating the demand for balance shafts in electric vehicles. As the global push for sustainability continues, OEMs are increasingly looking for ways to integrate balance shafts in their electric vehicle designs to meet consumer expectations and regulatory standards.

Hybrid Vehicles:

Hybrid vehicles, which combine conventional internal combustion engines with electric propulsion systems, present unique challenges and opportunities for balance shaft manufacturers. The complex nature of hybrid powertrains necessitates advanced balancing solutions to reduce vibrations across different operating modes, which is where balance shafts play a vital role. As hybrid technology gains traction globally, the demand for specialized balance shafts designed for hybrid applications is expected to grow significantly. These balance shafts are tailored to adapt to the fluctuating power outputs of hybrid vehicles, ensuring smooth operation and enhanced driver comfort. The increasing consumer acceptance of hybrid vehicles is expected to further boost the vehicle balance shaft market in this segment.

By Distribution Channel

OEMs:

The original equipment manufacturers (OEMs) segment is a dominant force in the vehicle balance shaft market. OEMs play a crucial role as they integrate balance shafts into new vehicle models during the manufacturing process. The collaboration between automotive manufacturers and balance shaft producers is vital for ensuring that the latest technologies and innovations are incorporated into new designs. As the automotive industry continues to grow, OEMs are increasingly focusing on incorporating advanced balance shaft technologies to improve vehicle performance, reduce NVH levels, and comply with stringent regulations. The rising production of passenger cars, commercial vehicles, and electric and hybrid vehicles is expected to further bolster the demand for balance shafts through the OEM channel.

Aftermarket:

The aftermarket segment is gaining traction as more vehicle owners seek to enhance their vehicles' performance and comfort through upgrades and replacements. As vehicles age, the need for maintenance and replacement of worn-out components, including balance shafts, becomes imperative. The growing awareness among consumers regarding the benefits of performance upgrades and NVH reduction is fueling the demand for balance shafts in the aftermarket. Additionally, the rise of online platforms offering automotive parts has made it easier for consumers to access balance shafts, further supporting market growth. As the automotive aftermarket continues to expand, the demand for balance shafts is expected to follow suit, driven by the need for improved vehicle performance and reliability.

By Material Type

Steel:

Steel is one of the most widely used materials in the manufacturing of vehicle balance shafts due to its strength, durability, and ability to withstand high loads. Steel balance shafts offer excellent mechanical properties, making them suitable for a variety of vehicle applications. Their ability to be machined into precise shapes and sizes ensures optimal performance in reducing vibrations. The automotive industry's preference for steel is also driven by its cost-effectiveness compared to other materials. As manufacturers strive to enhance vehicle longevity and performance, the demand for steel balance shafts remains robust, contributing to the overall growth of the vehicle balance shaft market.

Aluminum:

Aluminum is increasingly gaining popularity in balance shaft production due to its lightweight nature and corrosion resistance. The use of aluminum in balance shafts allows for weight reduction in vehicles, which is a critical factor in improving fuel efficiency and performance. As the automotive industry shifts towards lighter materials to enhance overall vehicle dynamics, aluminum balance shafts are becoming more prevalent. The manufacturing processes for aluminum have also advanced, allowing for better design flexibility and customization. As manufacturers seek innovative solutions to meet consumer demands for efficiency and performance, the adoption of aluminum in balance shafts is expected to grow significantly.

Composite:

Composite materials are emerging as a viable alternative for balance shaft production, particularly in high-performance and specialty applications. Composites offer unique advantages, including reduced weight and enhanced vibration-damping properties, making them ideal for modern vehicle designs that prioritize efficiency and comfort. The ability to tailor composite materials for specific performance characteristics allows manufacturers to create balance shafts that meet the diverse needs of various vehicle types. As technological advancements continue to evolve in the field of material science, the use of composite materials in balance shafts is expected to gain traction, particularly in the context of electrification and hybridization in the automotive industry.

By Region

North America is expected to hold a significant share of the vehicle balance shaft market due to the presence of major automotive manufacturers and a robust automotive sector. The increasing demand for advanced vehicle technologies and a growing focus on performance and comfort have driven manufacturers to adopt balance shafts in various vehicle models. Additionally, North America is witnessing a trend towards hybrid and electric vehicles, further propelling the demand for balance shafts tailored for these applications. The market in North America is projected to grow at a CAGR of approximately 3.8% over the forecast period, driven by technological advancements and evolving consumer preferences.

Europe is another key region in the vehicle balance shaft market, characterized by a strong emphasis on automotive innovation and sustainability. The European automotive sector is shifting towards electric and hybrid vehicles, leading to an increased need for advanced vibration control solutions. As major automobile manufacturers invest in research and development activities to produce high-performance vehicles, the demand for vehicle balance shafts is expected to rise. The market in Europe is anticipated to experience steady growth, supported by the stringent regulatory environment that encourages the adoption of advanced automotive technologies.

Opportunities

The vehicle balance shaft market presents numerous opportunities for growth, particularly in light of the ongoing advancements in automotive technology. One of the most significant opportunities lies in the burgeoning electric and hybrid vehicle segment, which is rapidly gaining traction worldwide. As consumers increasingly turn to environmentally friendly transportation options, the demand for innovative balance shaft solutions tailored for electric and hybrid powertrains is set to rise. Manufacturers have the chance to develop specialized balance shafts that effectively address the unique vibration characteristics of these vehicles, thus enhancing comfort and performance. Additionally, the increasing focus on lightweight materials offers opportunities for manufacturers to explore new designs and incorporate advanced materials such as composites and aluminum into their balance shaft offerings.

Moreover, the aftermarket segment is ripe with potential as vehicle owners seek to enhance their existing vehicles' performance and comfort levels. With the growing awareness of the benefits of balance shafts in reducing NVH levels and improving overall ride quality, aftermarket suppliers can capitalize on this trend by offering a range of balance shaft options. The rise of e-commerce platforms and online automotive parts retailers further facilitates access to balance shafts, enabling consumers to make informed purchasing decisions. Furthermore, as the automotive industry continues to evolve with the integration of smart technologies and connectivity features, balance shaft manufacturers have the opportunity to innovate and adapt their products to complement these advancements, ensuring sustained growth and competitiveness in the market.

Threats

Despite the growth prospects, the vehicle balance shaft market faces several threats that could impede its expansion. One major threat stems from the increasing adoption of alternative powertrains, such as fully electric vehicles, which may not require traditional balance shaft solutions. As automakers pivot towards electrification, the demand for conventional balance shafts could decline, posing a challenge for manufacturers reliant on traditional automotive applications. Additionally, the competitive landscape of the automotive industry is constantly evolving, with new players entering the market and existing companies expanding their product offerings. This heightened competition may lead to price pressures, impacting profit margins for balance shaft manufacturers. Furthermore, fluctuations in raw material prices, particularly for steel and aluminum, can create challenges in production costs, affecting overall market dynamics.

Another threat to the vehicle balance shaft market is the potential shift towards integrated solutions that combine multiple components. As automotive manufacturers look for ways to streamline production processes and reduce complexity, there is a risk that balance shafts may be integrated into larger systems, diminishing their standalone value. This trend could limit the growth of specialized balance shaft manufacturers and create challenges in maintaining market share. Furthermore, regulatory changes and evolving consumer preferences may require manufacturers to continuously adapt their products, posing additional challenges in terms of research and development investments and operational adjustments.

Competitor Outlook

• GKN Automotive
• BorgWarner Inc.
• Schmidt & Heinzmann GmbH
• Vibracoustic GmbH
• Hella GmbH & Co. KGaA
• ThyssenKrupp AG
• Magna International Inc.
• JTEKT Corporation
• Federal-Mogul Corporation
• Mahle GmbH
• Valeo S.A.
• NTN Corporation
• Aisin Seiki Co., Ltd.
• Weichai Power Co., Ltd.
• FTE automotive GmbH
• Comau S.p.A.

The competitive landscape of the vehicle balance shaft market is characterized by the presence of several key players who are continually striving to innovate and enhance their product offerings. These companies are effectively leveraging advanced technologies and engineering expertise to develop balance shafts that align with the evolving demands of the automotive industry. Major players like GKN Automotive, BorgWarner Inc., and Magna International Inc. are at the forefront of the market, focusing on research and development initiatives to create high-performance balance shaft solutions. They are also investing in strategic partnerships and collaborations to expand their reach and enhance their product portfolios, ensuring they remain competitive in this dynamic landscape.

Furthermore, established companies such as ThyssenKrupp AG and Valeo S.A. are actively involved in the production of advanced balance shafts for various applications, including passenger cars, commercial vehicles, and electric vehicles. These firms are committing substantial resources to enhance their manufacturing capabilities and incorporate cutting-edge technologies in their products. Their focus on sustainability and environmentally friendly practices is also a crucial aspect of their strategy, allowing them to cater to the increasing consumer demand for green automotive solutions. As the market continues to grow, these major players are well-positioned to capitalize on emerging opportunities and drive innovation within the vehicle balance shaft market.

Emerging companies such as Weichai Power Co., Ltd. and Aisin Seiki Co., Ltd. are also making notable strides in the vehicle balance shaft market by introducing innovative products tailored to meet the specific needs of modern vehicles. These companies are focusing on lightweight materials and advanced manufacturing techniques to improve the efficiency and performance of balance shafts. Moreover, their commitment to investing in research and development allows them to stay ahead of industry trends and offer cutting-edge solutions. As competition intensifies, these players are expected to play a vital role in shaping the future of the vehicle balance shaft market, contributing to advancements in automotive technology and performance.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 Mahle GmbH
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 Valeo S.A.
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Comau S.p.A.
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 GKN Automotive
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 BorgWarner Inc.
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 NTN Corporation
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 ThyssenKrupp AG
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 JTEKT Corporation
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Vibracoustic GmbH
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 FTE automotive GmbH
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Aisin Seiki Co., Ltd.
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Hella GmbH & Co. KGaA
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Weichai Power Co., Ltd.
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Magna International Inc.
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Schmidt & Heinzmann GmbH
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis
  • 5.16 Federal-Mogul Corporation
    • 5.16.1 Business Overview
    • 5.16.2 Products & Services
    • 5.16.3 Financials
    • 5.16.4 Recent Developments
    • 5.16.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Vehicle Balance Shaft Market, By Application
    • 6.1.1 Passenger Cars
    • 6.1.2 Commercial Vehicles
    • 6.1.3 Off-road Vehicles
    • 6.1.4 Electric Vehicles
    • 6.1.5 Hybrid Vehicles
  • 6.2 Vehicle Balance Shaft Market, By Product Type
    • 6.2.1 Chain Driven Balance Shafts
    • 6.2.2 Gear Driven Balance Shafts
    • 6.2.3 Belt Driven Balance Shafts
    • 6.2.4 Hybrid Balance Shafts
    • 6.2.5 Oil Driven Balance Shafts
  • 6.3 Vehicle Balance Shaft Market, By Material Type
    • 6.3.1 Steel
    • 6.3.2 Aluminum
    • 6.3.3 Composite

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Vehicle Balance Shaft Market by Region

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Vehicle Balance Shaft market is categorized based on

By Product Type

• Chain Driven Balance Shafts
• Gear Driven Balance Shafts
• Belt Driven Balance Shafts
• Hybrid Balance Shafts
• Oil Driven Balance Shafts

By Application

• Passenger Cars
• Commercial Vehicles
• Off-road Vehicles
• Electric Vehicles
• Hybrid Vehicles

By Material Type

• Steel
• Aluminum
• Composite

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• GKN Automotive
• BorgWarner Inc.
• Schmidt & Heinzmann GmbH
• Vibracoustic GmbH
• Hella GmbH & Co. KGaA
• ThyssenKrupp AG
• Magna International Inc.
• JTEKT Corporation
• Federal-Mogul Corporation
• Mahle GmbH
• Valeo S.A.
• NTN Corporation
• Aisin Seiki Co., Ltd.
• Weichai Power Co., Ltd.
• FTE automotive GmbH
• Comau S.p.A.