A recent report published by Infinium Global Research on transmission repair market provides an in-depth analysis of segments and sub-segments in global as well as regional transmission repair market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional transmission repair market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global transmission repair market. According to the report, the global transmission repair market is projected to grow at a CAGR of 3.1% over the forecast period of 2018-2024.
The mechanism that transmits the power developed by the engine of the automobile to the engine to the driving wheels is known as the transmission system. It is required to provide means of connection and disconnection of an engine with the rest of powertrain without shock and smoothly. The necessity for a transmission system to undergo periodic maintenance is high as the transmission is an essential component of a vehicle. A simple lack of transmission fluid level can leave important parts unprotected by lubricant and allow internal components to warp and gaskets or seals to fail. Modern transmissions also contain a number of electronic modules and controls that could fail and cause transmission problems. Rebuilding an existing transmission will involve removing the damaged or broken transmission completely from the vehicle and then repairing or replacing any damaged parts.
The rise in ride sharing is the key factor for the growth of the transmission repair market. The wear and tear in vehicles used for ride sharing are high as compared to the private vehicles that require periodic transmission repair. LYFT and UBER together reached 500 million miles of coverage from 460 million miles in the US, resulting in an increase in transmission repair. Additionally, the increasing environmental concerns about the emission of GHGs create a need for periodic maintenance. Furthermore, periodic services for transmission increases the vehicle's age and enhance the fuel efficiency that will fuel the growth of the market over the upcoming years. On the other hand, the use of different technologies such as computers, hydraulics for regulating the functioning of transmissions is anticipated to provide several growth opportunities for the key players in the transmission repair market. However, the higher cost in transmission repair hampers the growth of transmission repair market. Furthermore, the rapid improvements in infrastructure along with the increase in the sales of automobiles worldwide are also expected to spur the growth of the market.
Geographically, North America region is anticipated to dominate the global transmission repair market followed by the Asia Pacific. The Asia Pacific is projected to be the fastest growing market during the forecast period due to high sales of vehicles and fast developing infrastructure. The need for transmission repairs is very frequent owing to the increased emission norms driven by the rising environmental concerns in countries such as China and Japan. The growth of ride sharing services in developed as well as developing markets is expected to boost the transmission repair market for passenger cars.
The report on global transmission repair market covers segments such as vehicle type, type of repair, and components. On the basis of vehicle type, the global transmission repair market is categorized into passenger vehicle and commercial vehicle. On the basis of the type of repair, the global transmission repair market is categorized into transmission overhaul and transmission general repair. On the basis of components, the global transmission repair market is categorized into transmission filters, fluids, gaskets and seals, o-rings, gears, clutch plates, pressure plates, axles, flywheels, and oil pumps.
The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section, the key trends and market size for each geography are provided over the period of 2016-2024. The countries covered in the North America region include the U.S., Canada, and Mexico; while the Asia-Pacific region includes countries such as China, Japan, India, South Korea, Malaysia, and among others. Moreover, Germany, U.K., France, Spain, and Rest of Europe are the major markets included in the European region. The U.S. drives the growth in the North America region, as it is the largest market in the region. In the Asia-pacific region, rapid industrial growth in India and China offer a substantial potential for the growth in the transmission repair market. As a result, the APAC region is projected to experience growth at a CAGR of x.xx% over the forecast period 2018-2024.
The report provides profiles of the companies in the global transmission repair market such as Continental Transmission, BorgWarner Inc, Schaeffler Group, Allison Transmission, ZF Friedrichshafen AG, Aamco Transmissions, Lee Myles Autocare & Transmission, Mister Transmission Ltd., Firestone Tire and Rubber Company, and Cottman Transmission and Total Auto Care.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the global transmission repair market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of transmission repair market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the transmission repair market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players. This report will help manufacturers, suppliers, and distributors of the transmission repair market to understand the present and future trends in this market and formulate their strategies accordingly.