Automotive Blockchain Market Research Report Information by Technology (Open, Closed, Consortium, and Hybrid Blockchain), Application (Contracts, Supply Chain, Financing), Provider Type, Propulsion, Vehicle Type, and Region - Global Industry Size, Share, Growth, Trends and Forecast To 2030
ID: MRFR/AM/6266-HCR | 185 Pages | Author: Swapnil Palwe | November 2023
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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
Industry News
- 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:
Report Scope:
| Report Attribute/Metric | Details |
|---|---|
| Market Size | 2030: USD 5.68 billion |
| CAGR | 33.56% CAGR (2022-2030) |
| Base Year | 2021 |
| 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.
Key Questions Answered
- ✅Global Market Outlook
- ✅In-depth analysis of global and regional trends
- ✅Analyze and identify the major players in the market, their market share, key developments, etc.
- ✅To understand the capability of the major players based on products offered, financials, and strategies.
- ✅Identify disrupting products, companies, and trends.
- ✅To identify opportunities in the market.
- ✅Analyze the key challenges in the market.
- ✅Analyze the regional penetration of players, products, and services in the market.
- ✅Comparison of major players’ financial performance.
- ✅Evaluate strategies adopted by major players.
- ✅Recommendations
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