Global Transmission Repair Market Size to Reach USD 276.78 Billion in 2032 | Emergen Research
Increasing sales of automobiles due to rising disposable income is a key factor driving market revenue growth
Vancouver, Aug. 31, 2023 (GLOBE NEWSWIRE) — The worldwide market for transmission repair demonstrated a value of USD 168.25 billion in 2022. Forecasts based on the latest analysis by Emergen Research suggest that this market is poised to maintain a consistent and steady compound annual growth rate (CAGR) of 5.1% throughout the projected period. The upward trajectory can be attributed to the escalating sales of vehicles prompted by growing disposable income, coupled with the demand for Maintenance, Repair, and Overhaul (MRO) services across a diverse range of applications. These factors collectively contribute to the expansion of revenue within the market.
Maintenance, Repair, and Overhaul (MRO) operations encompass a comprehensive range of activities geared towards maintaining the operational efficiency of equipment over its lifecycle. These activities include routine preventative maintenance, scheduled maintenance during out-of-service periods, as well as corrective actions such as repairs, retrofits, and rebuilds to address equipment damage. A component is earmarked for repair if it experiences complete failure or when monitoring tools indicate that it is operating below the acceptable performance thresholds. Part of transmission repair services involves the replacement of essential fluids and consumable elements like transmission fluids.
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The process of transmission repair involves the meticulous disassembly of the transmission from the engine and driveshaft, followed by its replacement with a new unit. This service primarily targets minor issues and aims to extend the lifespan of the gearbox. In contrast, transmission rebuilding is a more intricate undertaking designed to restore an aged or deteriorated transmission to a functional state. The rebuilding procedure involves extracting the transmission from the vehicle, thorough disassembly, and meticulous assessment of the extent of wear and tear that each individual part and component has undergone.
While passenger car ownership varies significantly among emerging markets, nearly all of these regions have witnessed an upsurge in the number of passenger automobiles per household. This trend is poised to amplify the demand for transmission services, consequently bolstering market revenue growth. However, a notable challenge arises from the scarcity of skilled technicians specializing in transmission repair services, coupled with the elevated cost associated with transmission repair. These factors have the potential to impede the growth of market revenue.
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Scope of Research
|Market Size in 2022||USD 168.25 Billion|
|Revenue Forecast To 2032||USD 276.78 Billion|
|Base Year For Estimation||2022|
|Quantitative Units||Revenue in USD Billion and CAGR in % from 2023 to 2032|
|Report Coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments Covered||Component, type, vehicle type, and region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Country Scope||U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa|
|Key Companies Profiled||Allison Transmission, Inc., ZF Friedrichshafen AG, BorgWarner Inc., Continental Transmission, Schaeffler Group USA Inc., AAMCO TRANSMISSIONS INC., Lee Myles Auto Care & Transmissions, Driven Brands, Inc., Firestone Complete Auto Care., and Aisin Corporation|
|Customization Scope||10 hours of free customization and expert consultation|
Major Companies and Competitive Landscape
The global transmission repair market is fairly fragmented, with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing new solutions and services. Some major players included in the global transmission repair market report are:
- Allison Transmission, Inc.
- ZF Friedrichshafen AG
- BorgWarner Inc.
- Continental Transmission
- Schaeffler Group USA Inc.
- AAMCO TRANSMISSIONS INC.
- Lee Myles Auto Care & Transmissions
- Driven Brands, Inc.
- Firestone Complete Auto Care.
- Aisin Corporation
- On 6 July 2023, Allison Transmission, enhanced its presence in Saudi Arabia and Qatar with partnerships, to provide cleaner and more sustainable transportation systems across the Middle East. Allison recently collaborated with a Chinese manufacturer to provide 40 buses for Hajj and Umrah periods in Saudi Arabia equipped with Allison transmissions for the first time ever. This partnership highlights the crucial role Allison has played in supporting the country’s transportation needs for these significant religious occasions.
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Some Key Highlights From the Report
- The oil pump segment is expected to account for largest revenue share in the global transmission repair market over the forecast period due to rising demand for oil pumps, in turn, increasing the sales. The transmission contains an oil pump that enables the engine to rotate. In the realm of automotive parts, the oil pump applies pressure to Automatic Transmission Fluid (ATF) to provide oil to the hydraulic actuator and torque converter, as well as to lubricate various other components.
- The transmission general repair segment is expected to register steadily fast revenue growth rate in the global transmission repair market over the forecast period. This is because performing regular maintenance, including changing and inspecting the transmission fluid, can extend the lifespan of transmission and minimize the likelihood of future issues. Routine upkeep includes the initial phase of transmission repair, while a diagnostic test must be performed before any transmission component can be fixed.
- The Passenger Car (PC) is expected to account for significantly large revenue share in the global transmission repair market during the forecast period. This is due to increasing sales of passenger cars and rising demand for MRO services, which can improve the performance of passenger cars.
- The North America market accounted for largest revenue share in the global transmission repair market in 2022. This is attributed to robust presence of major auto manufacturers and rising sales of commercial trucks in this region. Major corporations are engaged in creating products and providing services that enhance the lifespan of transmissions, optimize operational efficiency, and ensure maximum uptime.
- On 24 May, 2022, ZF Aftermarket opened a unique sales and service center in Bengaluru, India. This innovative establishment brings together various services under one roof, including distribution, sales, retrofitting, after-sales assistance, diagnostics, and training, providing a comprehensive and convenient experience for customers.
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Emergen Research has segmented the global transmission repair market on the basis of vehicle type, propulsion type, application, and region:
- Vehicle Type Outlook (Revenue, USD Billion; 2019-2032)
- Heavyweight Motorcycle
- All-Terrain Vehicles
- Side by Side Vehicles
- Personal Watercraft
- Propulsion Type Outlook (Revenue, USD Billion; 2019-2032)
- Application Outlook (Revenue, USD Billion; 2019-2032)
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America
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