Transmission Repair Market is forecast to reach $259.8 million by 2025, growing at a CAGR of 3.76% from 2020 to 2025. Transmissions play a major role in a vehicle’s operation, hence the significant growth in automotive production is set to impact on the market growth rate. The significant adoption of periodic maintenance services for the vehicles in order to increase the vehicle age is set to boost the marke growth rate during forecast period 2020-2025.
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By Repair type- Segment Analysis
Transmission general repair dominates the market in 2019, owing to the rising adoption of the periodic maintenance to increase the life cycle of the vehicle. As the periodic transmission repairs increases the vehicle age and also the fuel efficiency, the users tend to opt for transmission general repair thereby contributing to the growth of the market.
By Vehicle Type- Segment Analysis
Passenger cars is analysed to hold highest market share in 2019. As stated by OICA, number of passenger cars accounted for 67,149,196units whereas the commercial vehicles accounted for 24,637,665. Adding to this, the growing production plants for passenger cars is also set to escalate the market growth rate. In January 2020, Toyota has announced to invest $700M in the expansion of its production plant in US. In September 2019, Toyota Motor Corporation has announced to expand its facility in Brazil with an investment of $190M to increase the production.
Geography – Segment Analysis
APAC is the dominant region in 2019 with a market owing to the high production base in the region, followed by North America and Europe. The large market share is majorly attributed to the presence of large production bases in China and India. In March 2020, China Association of Automobile Manufactures has announced that vehicle production and sales volume reached 3.47 million and 3.67 million units. It has also stated that the commercial vehicles have declined than that of passenger vehicles. In December 2019, Morris Garages, a British automobile brand has announced its plans to invest $ 429.25 million.
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Drivers – Transmission repair market
The automotive production has significantly risen in the past few years owing to the rising economic standards and affordability in many nations. As stated by OICA the commercial vehicles production has risen by 2% in 2019 compared to 2018. Hence the growing vehicular production in various countries is significantly impacting on the transmission repair market.
Challenges – Transmission repair market
The significantly rising developments impacting on the increasing production of the electric vehicles due to its demand is set to hamper the market growth rate during the forecast period. The electric vehicles fundamentally shatter the maintenance industry owing to their high efficiency and features. In November 2019, Volkswagen announced expansion of the electric vehicle manufacturing plant with an investment of $800M in US.
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the Transmission repair market. Transmission repair driver market is expected to be dominated by major companies such as Allison Transmission, ZF, BorgWarner, Schaeffler, AAMCO, and Continental among others.
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