Yahoo Finance Transmission Repair Market worth USD 234.65 billion by 2027, registering a CAGR of 4.52% - Report by Market Research Future (MRFR)
New York, Aug. 05, 2021 (GLOBE NEWSWIRE) -- Transmission Repair Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Transmission Repair Market Research Report, Component, Repair type, Vehicle Type, Application, end-users and Region - Forecast till 2027” the market is projected to be worth USD 234.65 billion by 2027, registering a CAGR of 4.52% during the forecast period (2021 - 2027), The market was valued at USD 188.25 billion in 2020.
The global transmission repair market is growing at a rapid pace. Rising sales of automobiles and demand for OEM technologies are major driving forces behind the market growth. Timely maintenance of the vehicles enhances fuel efficiency. Rise in the adoption of MRO services (maintenance, repair, and overhaul) by vehicle owners influences the growth of the market. Also, automation and digitalization in the MRO sector positively impact the transmission repair market growth. Rising use of advanced technologies such as computers and hydraulics required by the transmission specialists to regulate the proper functioning of the transmissions boost the transmission repair market size. With the burgeoning automotive sector and rising economic growth worldwide, the market is projected to garner significant traction in the next few years
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Competitive Analysis
List of the Key Companies Profiled in the Transmission Repair Market Research Report are:
Allison Transmission (US)
ZF Friedrichshafen AG (Germany)
BorgWarner Inc. (US)
Schaeffler Technologies AG & Co. (Germany)
AAMCO (U.S.)
Continental AG (Germany)
Jiffy Lube (US)
Driven Brands Inc. (US)
Aisin Seiki Co.Ltd. (Japan)
ZF Friedrichshafen AG (Germany)
The transmission repair market witnesses significant strategic approaches, such as collaboration, mergers & acquisitions, expansion, and technology launch. Leading market players make strategic investments to drive research and development activities and expansion plans.
For instance, recently, on July 26, 2021, Tata Motors (India), a leading automobile company, announced the addition of a new variant to Tiago’s line-up - Tiago NRG to be launched on August 4 this year. The NRG variant would be launched in the facelift avatar and sold in only a single variant. It would be available in a 5-speed manual and a 5-speed AMT transmission that would make automatic transmission of Sport mode and a creep function possible.
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Rising Demand for Passenger Cars Substantiates Market Value
The rise in infrastructural improvements and automobiles sales globally spur the growth of the transmission repair market. Besides, rise in the demand for commercial vehicles boosts market sales. Technological upgrades, new product developments of many aftermarket parts, and the spurring rise in the automotive sector act as significant tailwinds benefitting the transmission repair growth.
Additionally, the rise in the global economy and OEMs and MRO services propel the transmission repair industry. Rising warehouse distributors and stores substantiate the market growth. Increasing numbers of manufacturers and the rising consumption of automotive parts in MROs push the growth of the market. Moreover, the augmenting demand for lightweight automotive parts influences the market growth.
Proliferation of Electric Vehicles Hampers the Market Growth
Electric vehicles almost smashed the maintenance industry with their features and high efficiency. Also, the price volatility and the demand-supply gap in aftermarket components impede the growth of the market.
COVID-19 Impacts
The COVID-19 outbreak severely hit the transmission repair Industry. Service providers faced a number of problems ranging from obtaining raw materials to attracting workers from quarantines to delivering end products. Strict lockdown mandates halted production facilities and forced several manufacturers to cut down on their production output. This, as a result, created shortages of key components, such as microchips.
The pandemic also created a shortage of new cars, which made the price of new and used cars skyrocketing. Getting a transmission quickly became even more challenging. However, the transmission repair market is rapidly returning to normal, witnessing the steadily increasing demand. Many parts are now back in order, and automobile repair shops see an uptick in demand as more vehicles return to the road after pandemic restrictions ease of.
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Segmentation
The market is segmented into repair types, components, vehicle types, applications, end-users, and regions. The repair type/ application segment is bifurcated into transmission general repair and transmission overhaul. The component segment is bifurcated into gaskets & seals, fluids, transmission filters, o-rings, axles, flywheels, gears, clutch plates, pressure plates, oil pumps, and others.
The vehicle type/ end-user segment is sub-segmented into passenger cars, light commercial vehicles (LCV), and heavy commercial vehicles (HCV). The region segment is sub-segmented into North America, Asia-Pacific, Europe, and Rest-of-the-World.
Regional Analysis
North America leads the global transmission repair market. The region demonstrates high growth potential, increasing production capacities. The largest market share attributes to the strong presence of key market players and major automakers in the region. Besides, major auto components and auto-solution providing companies in the region boost the transmission repair market size.
Moreover, the augmenting demand for innovative IT solutions and emphasis on minimizing skyrocketing maintenance & repair costs drive the transmission repair market growth. High disposal incomes that boost the purchasing power of consumers and increased spending on luxury cars foster the region’s transmission repair market shares. Furthermore, the significant demand for lightweight and fuel-efficient vehicles in the region propels market growth.
Segmentation of Market covered in the research:
Information by Component (Gaskets & Seals, O-ring, Gear, Clutch Plate, Oil Pump), Repair type (Transmission General Repair, Transmission Overhaul), Vehicle Type (Passenger Car, LCV, HCV) and Region (North America, South America, Europe, Asia- Pacific, and Middle East & Africa)
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