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Automotive Blockchain Market Synopsis
Automotive Blockchain Market is projected to be worth USD 5.68 billion by 2030, registering a CAGR of 33.56% during the forecast period (2022- 2030)., The market was valued at USD 0.65 billion in 2022.
Blockchain technology is a relatively new technology that can completely alter the automotive industry by moving away from a centralized to a decentralized system. Third-party middlemen, whose services are currently required in the automotive industry, will no longer be required with the introduction of blockchain in the industry. This has the potential to improve the speed of automobile sector processes while lowering operational costs. The automobile industry's operations, such as design, production, distribution, marketing, selling, finance, and vehicle service, will become more flexible thanks to blockchain technology market and will be able to contribute more efficiently to the industry's growth.
An increase in e-mobility and on-demand services, the popularity of car/ride sharing among young urban customers, increased worldwide automobile sales, lower operational costs, and the need for speedier transactions are the reasons driving this market's growth. The market's potential includes the increasing usage of blockchain for logistics and transportation, the creation of new business models for the automotive aftermarket, and the increasing vehicle recall optimization in the United States. Global blockchain operators are grappling with how to integrate blockchain interfaces with current systems for applications like peer-to-peer trading, smart contract generation, and other potential blockchain applications in the automotive sector. Because of the widespread use of blockchain technology in commercial vehicles in the United States and Canada, North America is likely to develop at a large rate during the projection period.
The prominent players in the global automotive blockchain Market
IBM Corporation (US), Microsoft Corporation (US), BigchainDB GmbH (Germany), carVertical (Estonia), Helbiz (US), ShiftMobility (US), RSK Labs (Argentina), Tech Mahindra (India), HCL Technologies (India), and XAIN (Germany).
- Tech Mahindra Ltd. has signed a deal with Quantoz, a Netherlands-based Blockchain technology application incubator, to provide 'Stablecoin-As-A-Service' blockchain solutions in April 2021.
- Skoda Auto DigiLab teamed with Lumos Labs, an innovation management agency, and Microsoft in October 2020 to discover blockchain applications in manufacturing. The alliance seeks to find problem statements for companies to work on novel blockchain-based solutions using its development expertise and understanding of digitalization.
Automotive Blockchain Market Segmentation
The global market is segmented on the basis of technology type, application, provider, propulsion, vehicle type, and region.
On the basis of technology type, the market has been segmented into open blockchain, closed blockchain, consortium blockchain, and hybrid blockchain. On the basis of application, the market has been segmented into mart contracts, supply chain, financing, mobility solutions, and others. On the basis of provider, the market has been segmented into middleware provider, infrastructure & protocols provider, and application & solution provider. On the basis of propulsion, the market has been segmented into ICE and electric vehicle, whereas the electric vehicle segment is further sub-segmented into battery electric vehicle (BEV), hybrid electric vehicles (HEV), and plug-in hybrid electric vehicles (PHEV). On the basis of vehicle type, the market has been segmented into passenger car and commercial vehicle.
Automotive Blockchain Market Regional Analysis:
Geographically, the global automotive blockchain market has been segmented into four major regions, namely North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is expected to hold the largest market share during the forecast period, owing to the growing adoption of blockchain technology in automotive to increase build trust and transparency between users and enterprises. Moreover, increased production and sales of electric vehicles, are expected to boost the demand for automotive blockchain in this region. Furthermore, the growing implementation of blockchain technology in ridesharing applications in China and India, will lead to the market growth. North America is expected to grow at significant rate during forecast period, due to the high instances of deployment of blockchain technology in commercial vehicles in the US and Canada.
The report for global automotive blockchain market of Market Research Future covers extensive primary research. This is accompanied with detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomic, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
| Market Size
|| 2030: USD 5.68 billion
|| 33.56% CAGR (2022-2030)
| Base Year
| Forecast Period
|| 2022 to 2030
| Historical Data
|| 2019 & 2020
| Forecast Units
|| Value (USD Million)
| Report Coverage
|| Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
| Segments Covered
|| By Technology, By Application, By Vehicle type, By EndMarket
| Geographies Covered
|| North America, Europe, Asia-Pacific, and Rest of the World (RoW)
| Key Vendors
|| IBM Corporation (US), Microsoft Corporation (US), BigchainDB GmbH (Germany), carVertical (Estonia), Helbiz (US), ShiftMobility (US), RSK Labs (Argentina), Tech Mahindra (India), HCL Technologies (India), and XAIN (Germany).
| Key Market Opportunities
||Government initiative Developing commercial sectors globally
| Key Market Drivers
||Increase in e-mobility and on-demand services Popularity of car/ride sharing among young urban consumers Increasing sales of automobiles globally
Frequently Asked Questions (FAQ) :
The prime growth inducers in the global market are the surge in e-mobility as well as on-demand services, rising popularity of ride sharing among the urban population, mounting vehicle sales, lower operational cost, and the growing need for better transaction.
RSK Labs (Argentina), Helbiz (US), ShiftMobility (US), carVertical (Estonia), XAIN (Germany), IBM Corporation (US), Tech Mahindra (India), Microsoft Corporation (US), BigchainDB GmbH (Germany), HCL Technologies (India), are expected to compete for a bigger share in the global market in the coming years.
The market expansion can take place at a rate of 33.56% during the review period.
The notable growth opportunities in the market include surging use of blockchain for logistics & transportation, emergence of innovative business models in the automotive aftermarket, and the rising vehicle recall optimization across the United States/US.
Over the next few years, the APAC market is believed to gain the highest impetus.
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