Automotive Blockchain Market Sets the Table for Continued Growth
Automotive Blockchain Market:
The Global Automotive Blockchain Market is estimated to be worth USD 5.68 Billion by 2030, registering a 33.56% CAGR during the forecast period (2022- 2030).
The automotive blockchain market involves the use of blockchain technology to improve various aspects of the automotive industry. Blockchain is a distributed ledger technology that ensures secure and transparent transactions, making it an attractive option for applications such as supply chain management, vehicle data security, and mobility services.
This article provides an overview of the automotive blockchain market, discussing its current trends, market drivers, challenges, and future outlook.
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Market key players:
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)
Market Research Future Insights
Blockchain technology is to some extent new technology that can entirely alter the automotive industry by moving away from a centralized to a decentralized system. Third-party middlemen, whose services are currently enforced in the automotive industry, will no longer be required with the introduction of blockchain in the industry. This has the potential to enhance 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 get more flexible due to blockchain technology and will be able to contribute more proficiently to the industry’s growth.
An upsurge in e-mobility and on-demand services, the popularity of car/ride sharing among young urban customers, boosted worldwide automobile sales, lower operational costs, and the necessity for faster transactions are the reasons driving this market’s growth.
The factors that are incumbent for the growth of this market are an upsurge in e-mobility and on-demand services, the popularity of car/ride sharing among young urban consumers, growing sales of automobiles globally, reduced operational costs, and the need for faster transactions. The growth in the adoption of blockchain for logistics and transportation, the development of new business models for the automotive aftermarket, and the culturing of vehicle recall optimization in the US, are opportunities for the market. The drivers pushing 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 worldwide, lowers operational costs, and the need for faster operations.
Regional Analysis
The Global Automotive Blockchain Market is divided into five regions; North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Asia-Pacific is estimated to hold the largest market share during the forecast period, owing to the boosting adoption of blockchain technology in automotive to build trust and transparency between users and enterprises. Increasing electric vehicle manufacturing and sales are likely to drive demand for automotive blockchain in this market. Furthermore, the growing use of blockchain technology in ridesharing applications in China and India will drive market growth.
North America is projected to grow rapidly due to the high frequency of blockchain technology installation in commercial vehicles in the United States and Canada. Augmented production and sales of electric vehicles are awaited to boost the demand for automotive blockchain in this region.
Market Segmentation
The Global Automotive Blockchain Market is segmented into the following types;
By Application
- Smart Contracts
- Supply Chain
- Financing
- Mobility Solutions
- Others
By Provider
- Middleware Provider
- Infrastructure and Protocols Provider
- Application and Solution Provider
By Mobility Type
- Personal Mobility
- Shared Mobility
- Commercial Mobility
Latest Industry News:
IBM
IBM has been a significant player in the automotive blockchain space, particularly focusing on supply chain transparency and traceability. They’ve developed solutions like:
IBM Food Trust: Though primarily for food, it can be adapted to track automotive components, ensuring their authenticity and origin.
Blockchain-based solutions for supply chain management: These help track the movement of parts, reducing fraud and ensuring quality.
Microsoft
Microsoft’s Azure Blockchain Service provides a cloud-based platform for building blockchain applications. While they haven’t specifically announced automotive-focused projects, their platform could be used by automotive companies to develop their own blockchain solutions.
BigchainDB
BigchainDB is a blockchain database platform with a focus on scalability and performance. It’s been used in various industries, including automotive. While specific automotive use cases might not be widely publicized, its capabilities could be leveraged for tasks like:
Vehicle ownership verification: Ensuring the authenticity of car titles and preventing fraud.
Supply chain tracking: Monitoring the movement of parts and materials.
Smart contracts: Automating processes like lease agreements or insurance claims.
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