New York, October 05, 2021 (GLOBE NEWSWIRE) – Automotive Blockchain Market Snapshot: According to a comprehensive research report from Market Research Future (MRFR), “Automotive blockchain market Research report, technology, application, vehicle type, end market and region – Forecast to 2030 » The market is expected 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
The list of notable players in the global automotive blockchain market presented is –
- IBM Corporation (United States)
- Microsoft Corporation (United States)
- BigchainDB GmbH (Germany)
- carVertical (Estonia)
- Helbiz (United States)
- ShiftMobility (United States)
- RSK Labs (Argentina)
- Tech Mahindra (India)
- HCL Technologies (India)
- XAIN (Germany).
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Competitive landscape
The automotive blockchain industry is consolidated, with prominent players such as IBM, Helbiz, Tech Mahindra, BigchainDB, and others dominating the market. For the development of blockchain infrastructure, the market sees a lot of collaboration between large 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 important 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 a smart mobility network.
Market Research Future review in the automotive blockchain market
Several factors to increase market growth
Blockchain technology is a relatively new technology that has the potential to revolutionize the automotive industry by moving from a centralized structure to a decentralized system. With the deployment of blockchain in the automotive industry, third-party intermediaries, whose services are currently required in the automotive industry, will be obsolete. This can successfully increase the speed of automotive industry processes while reducing operating costs. Automotive industry operations, such as vehicle design, production, distribution, marketing, sales, financing and maintenance, will become more flexible through blockchain technology and can successfully contribute to growth Of the industry.
The drivers for the growth of this market are an increase in electric mobility and on-demand services, the popularity of carpooling / carpooling among young urban customers, the increase in car sales globally, the decline operating costs and the need to speed up operations. Market potential includes increased use of blockchain for logistics and transportation, the creation of new business models for the automotive aftermarket, and increased optimization of vehicle recalls in the United States.
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Regulatory uncertainty
The use of blockchain in the automotive sector is still uncertain as it is not a widely used or advanced technology in the current market. The best organizations are always innovating in the blockchain industry, which is likely to complement the growth of the market. Meanwhile, the cost of using blockchain in the automotive industry is high due to its complex characteristics, which limit the growth of the market. As a result, regulatory uncertainty is a choking factor that hinders market expansion.
Market segmentation
The global automotive blockchain market has been segmented on the basis of technology type, application, vendor, 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.
Based on the application, the global automotive blockchain market has been segmented into market contracts, supply chain, finance, mobility solutions, and others.
On the basis of provider, the global automotive blockchain market has been segmented into middleware provider, infrastructure and protocol provider, and application and 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 subdivided 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 will hold the largest market share
Due to the increased use of blockchain technology in automotive to promote trust and transparency between users and organizations, Asia-Pacific is expected to hold the largest market share during the projection period. In addition, the increase in the manufacture and sales of electric vehicles is expected to drive the demand for automotive blockchain in this market. In addition, the increasing use of blockchain technology in ridesharing applications in China and India will drive the growth of the market.
North America will grow at a rapid rate
North America is expected to grow at a rapid pace during the forecast period, due to the widespread use of blockchain technology in commercial vehicles in the United States and Canada.
Market segmentation covered by research:
Automotive Blockchain Market Research Report: Insights by Technology (Open, Closed, Consortium & Hybrid Blockchain), Application (Contracts, Supply Chain, Funding), Supplier Type, Propulsion, Vehicle Type, and Region – Forecast until 2030
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