The Transmission Repair Market is projected to grow at a CAGR of 3.25% during the forecast period, to reach USD 233.70 billion by 2022. The adoption of preventive/periodic maintenance services for transmission, extended warranty, and growth of advanced technologies are triggering the market for transmission repair. Other factors driving the transmission repair market are the increase in ride sharing and rise in vehicle parc volume.
Continuous innovations in transmission technology, which requires a high level of expertise, are expected to drive the growth of the transmission repair market in the next five years. For instance, in November 2016, BorgWarner launched an electric drive module (eDM) with integrated eGearDrive transmission in two electric vehicles. eDM provides primary or secondary thrust to electric vehicles. The integrated design of the electric motor and transmission in eDM offers benefits such as weight, cost, and space savings. The eGearDrive transmission increases the driving range in electric vehicles. In September 2016, Schaeffler introduced the iTC torque converter with a shock absorbing performance. The product has less number of components as compared to a traditional torque converter. It was designed to meet the demand for fuel-efficiency, emission reductions, and automatic gearboxes from OEMs. The centrifugal pendulum shock absorber in the torque converter improves the effect of vibration isolation, saves fuel consumption, and improves comfort.
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North America and Asia Pacific hold the largest share of the transmission repair market. North America is expected to dominate the transmission repair market during the forecast period due to the high sales volume of commercial vehicles. The majority of commercial vehicles in the region are equipped with AT, which includes CVT and DCT. These transmissions help the engine to run at its maximum efficiency by reducing the power loss during the shifting of gears. However, to maintain the efficiency of the transmission, it has to be diagnosed periodically by experts for maintaining smoother shifting and increasing fuel efficiency. In Asia Pacific and Europe, the majority of vehicles are equipped with AMT (Automated manual transmission) and CVT systems to reduce the emission level.
Due to the high adoption rate of preventive/periodic maintenance services, transmission general repair is estimated to be the fastest growing market, by repair type. The passenger car segment is estimated to have the highest growth potential in the transmission repair market. Larger vehicle parc, increased average vehicle age, and increase in average vehicle miles traveled are driving the growth of the transmission repair market for the passenger car segment. The fluids segment is estimated to be the fastest growing segment of the transmission repair market, by component. The upcoming technology in fluids is expected to drive the growth of the transmission repair market.
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