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).
By switching from a centralized to a decentralized system, blockchain technology, which is somewhat new technology, has the potential to completely transform the automotive industry. With the adoption of blockchain, third-party middlemen, whose services are currently mandated in the automotive industry, won’t be needed. This could increase process speed in the automotive industry while cutting down on operating expenses. The operations of the automotive sector, including design, production, distribution, marketing, sales, finance, and vehicle service, will become more flexible thanks to blockchain technology and be able to contribute to the sector’s growth more effectively. The popularity of car/ride sharing among young urban customers, an increase in e-mobility and on-demand services, increased global auto sales
Key Players
The Global Automotive Blockchain Market’s prominent key players 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) and XAIN (Germany).
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
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