According to the research report titled ‘Global Transmission repair Market Size study with COVID-19 impact, by Components (Gaskets and seals, O-ring, Transmission Filter, Gear, Clutch plate, Oil pump and others), by Repair Type (Transmission general repair and Transmission overhaul), by Vehicle type(passenger car, light commercial vehicle and heavy commercial vehicle) and Regional Forecasts 2020-2027‘, available with Market Study Report, global transmission repair market was valued at USD 205.09 billion in 2019 and is expected to witness a CAGR of 3.25%  during 2020-2027.
 

Large vehicle parc, in consort with increase in extension of warranty are the major factors fueling the growth of global transmission repair market. Further, requirement of transmission repair in all types of motorized automobiles, including vessels and aircrafts, for changing torque and rotations is fueling the industry growth.
 

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Rise in passenger vehicle production, and consequent requirement of transmission repair for enhancing average life cycle of the vehicle and ensuring driving satisfaction is driving the market growth. As per the International Organization of Motor Vehicle Manufacturer (OICA), in the year 2017, worldwide production of passenger cars reached 73.45 million units, which is a rise from 72.10 million units in the year 2016.
 

However, use of motor generator in electric vehicles may hamper the growth of global transmission repair market. Also, rising prevalence of COVID 19 has caused disruptions in raw material supply and temporary shutdowns of manufacturing units & repair facilities across the globe, hence negatively impacting the industry growth in recent times.
 

In terms of vehicle terrain, global transmission repair industry is bifurcated heavy commercial vehicle, passenger car, and light commercial vehicle. Considering the repair type, the market is divided into transmission overhaul, and transmission general repair.  Based on component gamut, the market is fragmented into gear, gaskets & seals, oil pump, transmission filter, clutch plate, and others.
 

From a regional frame of reference, worldwide transmission repair market is segmented into Europe, Asia Pacific, North America, Latin America, and rest of the world. North America market is projected to record significant growth during the study period, mainly due to increase in average age of vehicles. Whereas, Asia-Pacific market is anticipated to accumulate modest returns over 2020-2027, owing to escalating production of automotive in the region.
 

Major players operating in global transmission repair industry sphere include Schaeffler Technologies AG & Co. KG, Aisin Seiki Co. Ltd., Jiffy Lube, ZF Friedrichshafen AG, AAMCO Transmissions, Allison Transmission, Continental AG, BorgWarner Inc., and Driven Brands Inc.