Automotive Blockchain Market worth USD 5.68 billion by 2030, registering a CAGR of 33.56% – Report by Market Research Future (MRFR)
New York, Oct. 05, 2021 (GLOBE NEWSWIRE) — Automotive Blockchain Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Automotive Blockchain Market Research Report, Technology, Application, Vehicle type, End Market and Region – Forecast till 2030” the market is projected to be worth USD 5.68 billion by 2030, registering a CAGR of 33.56% during the forecast period (2021 – 2030)., The market was valued at USD 0.65 billion in 2021.
Key Players
List of the Notable players in the global automotive blockchain market profiled are –
- IBM Corporation (US)
- Microsoft Corporation (US)
- BigchainDB GmbH (Germany)
- carVertical (Estonia)
- Helbiz (US)
- ShiftMobility (US)
- RSK Labs (Argentina)
- Tech Mahindra (India)
- HCL Technologies (India)
- XAIN (Germany).
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Competitive Landscape
The automotive blockchain industry is consolidated, with significant players such as IBM, Helbiz, Tech Mahindra, BigchainDB, and others dominating the market. For the development of blockchain infrastructure, the market is seeing a lot of collaboration between big OEMs, IT companies, and new start-ups.
Spring Protocol, a blockchain-based information sharing platform that prevents synthetic identity fraud, was developed in collaboration between General Motors and Spring Labs. The most major partnership is the formation of the Mobility Open Blockchain Initiative (MOBI) by 37 automotive and technology companies such as BMW, Ford, IBM, and others to develop an intelligent mobility network.
Market Research Future’s Review on Automotive Blockchain Market
Multiple Factors to Augment Market Growth
Blockchain technology is a relatively new technology that has the potential to revolutionize the automotive industry by moving away from a centralized structure and toward a decentralized system. With the deployment of blockchain in the automobile sector, third-party intermediaries, whose services are currently required in the automotive business, will be obsolete. This can successfully boost the speed of automobile sector processes while lowering operational costs. The automotive industry’s operations, such as design, production, distribution, marketing, selling, finance, and service of vehicles, will become more flexible as a result of blockchain technology and can successfully contribute to the industry’s growth.
The drivers propelling this market’s growth are an increase in e-mobility and on-demand services, the popularity of car/ride sharing among young urban customers, increased automobile sales globally, lower operational costs, and the necessity for faster operations. The market’s potential includes the increased usage of blockchain for logistics and transportation, the creation of new business models for the automotive aftermarket, and the increased vehicle recall optimization in the United States.
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Uncertainty over regulations
The use of blockchain in the automobile sector is still uncertain since it is not widely used or advanced technology in the current market. Top organizations are always innovating in the blockchain industry, which is likely to supplement the market growth. Meanwhile, the cost of using blockchain in the automotive industry is high due to its complex characteristics, which limit the market growth. As a result, regulatory uncertainty is a stifling factor impeding market expansion.
Market Segmentation
The global automotive blockchain market has been segmented on the basis of technology type, application, provider, propulsion, and vehicle type.
On the basis of technology type, the global automotive blockchain market has been segmented into open blockchain, closed blockchain, consortium blockchain, and hybrid blockchain.
On the basis of application, the global automotive blockchain market has been segmented into mart contracts, supply chain, financing, mobility solutions, and others.
On the basis of provider, the global automotive blockchain market has been segmented into middleware provider, infrastructure & protocols provider, and application & solution provider.
On the basis of propulsion, the global automotive blockchain market has been segmented into ICE and electric vehicle. The electric vehicle segment has been further sub-segmented into battery electric vehicles (BEV), hybrid electric vehicles (HEV), and plug-in hybrid electric vehicles (PHEV).
On the basis of vehicle type, the global automotive blockchain market has been segmented into passenger cars and commercial vehicles.
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Regional Analysis
APAC to Hold the Largest Market Share
Due to the increased usage of blockchain technology in automotive to promote trust and transparency between users and organizations, Asia Pacific is predicted to hold the greatest market share over the projection period. Furthermore, rising electric vehicle manufacturing and sales are likely to drive demand for automotive blockchain in this market. Furthermore, the increasing use of blockchain technology in ridesharing applications in China and India will drive market growth.
North America to Grow at a Rapid Pace
North America is predicted to develop at a rapid pace during the forecast period, owing to the widespread use of blockchain technology in commercial vehicles in the United States and Canada.
Segmentation of Market covered in the research:
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 – Forecast till 2030
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