Transmission Repair Market to be worth 233.70 Billion US$ by 2022
According to a report by Markets&Markets, the transmission repair market is projected to grow at a CAGR of 3.25% during the forecast period, from US$ 199.16 Billion in 2017 to US$ 233.70 Billion by 2022. In terms of volume, the transmission repair market is estimated to reach 7.89 Billion units by 2022. The major factors driving the growth of the transmission repair market are larger vehicle parc, increasing average vehicle age & miles travelled, improved infrastructure, and increased vehicle sales worldwide.
Transmission General Repair - To show high growth potential
By repair type, transmission general repair is expected to dominate the transmission repair market. The market for transmission general repair is expected to grow at the highest CAGR in the next five years. The growth of this segment can be attributed to the increase in the adoption rate of preventive/periodic maintenance services for vehicles to keep the transmission at full efficiency. Preventive/periodic services for transmission increase the vehicle age and enhance fuel efficiency.
Growth of ride sharing is expected to drive the market for transmission repair
Ride sharing is a key factor in the growth of the transmission repair market. The growth of ride sharing market is directly proportional to the vehicle parc and average miles driven, which, in turn, drive the growth of the transmission repair market. For instance, in December 2016, Lyft and Uber together reached 500 million miles of coverage from 460 million miles in the US. The growth of ride sharing contributes to the increase in average vehicle miles traveled, which propels the growth of the transmission repair market.
North America: Largest region for transmission repair market
North America is estimated to be the largest market, by value, for transmission repair in 2017. The market growth in North America can be attributed to the increased sales of passenger cars and light commercial vehicles in the region. In addition, the growth of ride sharing, larger vehicle parc, and increased average vehicle miles travelled are expected to boost the market for transmission repair in the region.
Asia Pacific is expected to be the fastest growing market during the forecast period due to high sales of vehicles and fast developing infrastructure. The major players in the transmission repair market that include companies such as Allison (US), ZF (Germany), BorgWarner (US), Schaeffler (Germany), and Continental AG (Germany) among others.