2017 Transmission Repair Market by Component, Repair type, Vehicle Type, and Region - Global Forecast to 2022
DUBLIN, Jan. 15, 2018 /PRNewswire/ --
The "Transmission Repair Market by Component (Gasket & Seal, Fluid, O-ring, Transmission Filter, Gear, Clutch Plate, Pressure Plate, Oil Pump), Repair type (Transmission General Repair, Overhaul), Vehicle Type, and Region - Global Forecast to 2022" report has been added to ResearchAndMarkets.com's offering.
The transmission repair market is projected to grow at a CAGR of 3.25% during the forecast period, from USD 199.16 Billion in 2017 to USD 233.70 Billion by 2022.
Rising demand for commercial vehicles, larger vehicle parc, increasing vehicle sales, and the increasing average vehicle miles traveled every year have fueled the growth of the transmission repair market globally.
While the emerging markets such as China, India, and Mexico are witnessing an increase in sales volume of passenger cars, developed markets such as the US, UK, Canada, and Germany among others are witnessing a growth of commercial vehicles. The growth is not only focused on new car sales but also in the aftermarket, which is expected to generate huge revenues and margins for transmission repair.
On the basis of repair type, the transmission repair market is segmented into transmission general repair and transmission overhaul. The growth of the transmission general repair market can be attributed to the increasing adoption of preventive/periodic maintenance services for transmission in vehicles. Preventive/periodic maintenance not only increases the average vehicle age but also enhances fuel efficiency. The growth of the transmission overhaul market can be attributed to factors such as a worldwide increase in vehicle sales, improved infrastructure, and increased average vehicle miles traveled.
The transmission repair market has been segmented by vehicle type into passenger cars, light commercial vehicles, and heavy commercial vehicles. The passenger car segment is estimated to hold the largest share, in terms of value and volume, of the transmission repair market in 2017. The increasing average vehicle miles traveled and increased sales of passenger cars in developing countries such as China, India, Russia, Brazil, and Mexico are expected to drive the growth of the transmission repair market in this vehicle segment.
On the basis of component, the fluids segment is estimated to be the fastest growing market, in terms of value. The adoption of preventive/periodic maintenance services for transmission is expected to drive the market for fluids during the forecast period. The average fluid consumption is 5 to 7 quarts. The OE companies are focusing on high-quality oil for increasing transmission efficiency and also to reduce the frequent change of oil in the transmission.
North America is expected to dominate the transmission repair market during the forecast period. Increasing commercial vehicle sales, developed infrastructure, and increased average vehicle miles traveled are propelling the growth of the transmission repair market in the region. Asia Pacific is estimated to be the fastest growing market during the forecast period due to the increase in vehicle sales and larger vehicle parc.
The transmission repair market is dominated by many international as well as domestic players such as Allison (US), ZF (Germany), BorgWarner (US), Schaeffler (Germany), and Continental (Germany) among others.
Market Dynamics
Drivers
- Availability of Cost-Effective Measures for Transmission Repair
- Larger Vehicle Parc
- Extended Warranty
- Growth of Ride Sharing
- Increased Average Vehicle Age
Restraints
- Motor Generators Used in Electric Vehicles
Opportunities
- Franchise for Transmission Repair
- Gradual Growth of the Average Miles Driven
Challenges
- Healthcare Concerns Being a Deterrent to the Transmission Repair Industry
- Lack of Skilled Technicians in Transmission Repair Aftermarket
Companies Mentioned
- Aamco Transmissions
- Allison Transmission
- Borgwarner
- Continental
- Cottman Transmission And Total Auto Care
- Firestone Complete Auto Care
- Lee Myles Autocare & Transmission
- Mister Transmission
- Schaeffler
- ZF
For more information about this report visit https://www.researchandmarkets.com/research/2rfm4g/2017_transmission?w=5
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