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Automotive Blockchain Market Status (2017-2021) and Forecast Market Analysis, Regional Outlook, Segment Growth Potential, and Competitive Market Share Analysis, 2022-2028

Format: PDF | Pages: 307 | Report ID: MRS1184


Report Description

The global Automotive Blockchain market size is estimated at USD 430.6 million in 2021, expanding at a CAGR of 28.1% from 2022-2028 to reach 4,604.1 million USD in 2028.

Automotive Blockchain is used to track and store data for automobile-related procedures. This covers smart contracts, the Internet of Things (IoT), as well as other systems involved in car sales, service, warranty claim processing, and other associated activities. The automotive-related data recorded on a Blockchain is authentic and cannot be tampered with by system users, resulting in safer and more secure data for its clients.

Industry Trends

The Automotive Blockchain market will expand during the projected period as investments in autonomous and connected vehicles and other forms of mobility services, such as leasing, pooling, vehicle rental, sharing, hailing, and so on, increase. Car rental firms would be able to manage their fleets using Blockchain by monitoring the cleaning, maintenance, and other activities of registered vehicles.

Blockchain technology is also being used in the automotive industry to improve supply chain management. Blockchain technology aids in the preservation of entire records and information about parts and components, which ultimately aids OEMs during car recall and repair. This also aids in the detection of counterfeit products, ensuring that customers receive high-quality goods and services. With the increase in automobile accidents, particularly in countries such as China, the US, and India, Blockchain technology could aid in the elimination of unnecessary processes that a client must do while claiming insurance. The increasing demand for smart finance solutions will drive expansion in Blockchain technology.

The COVID-19 pandemic harmed the globally interconnected automotive sector. Much automotive technology and service-based enterprises saw a significant drop in revenue as car manufacturing and sales fell sharply. As the situation returns to normalcy, the market is likely to rise positively in the future years.

Segment Insights

Based on application market is divided into Supply Chain, Smart Contracts, Mobility Solutions, Financing, and Others.  Among these, smart contracts are estimated to grow at the fastest rate. In the automotive business, smart contracts have a wide range of applications, including title transfer, dealership administration, and B2B contractual agreements. Innogy SE, for example, used smart contracts to install a number of Blockchain-powered charging stations for electric cars across Germany through the e-mobility startup venture Share & Charge in May 2017. Key concept testing and implementations of Blockchain-based smart contracts in the automobile industry are likely to play a significant influence in the growth of this smart contract market.

By providers, the market is segmented into Middleware providers, Infrastructure and Protocol providers, and Application and Solution Providers. Application and solution providers are capturing the largest industry revenue share during the study period. It is because of the introduction of advanced technology-based Blockchain solutions and the significant investments by OEM providers in the market. Furthermore, the development and maintenance expenses of applications and solutions are higher than those of middleware and platforms. As a result, the money generated by application and solution providers is greater.

Based on the mobility type, the market is classified into Shared Mobility, Personal Mobility, and Commercial Mobility. Personal mobility is projected to be the largest segment. Strong economic growth, rising population, fast urbanization, and rising purchasing power have fuelled global demand for personal mobility. Because passenger car manufacturing and sales account for the lion's share of revenue earned by all industry participants, Blockchain applications are expected to generate the most money from passenger car production, sales, and services. Furthermore, top Tier I companies have begun to use Blockchain to optimize their operations. Renault, for example, introduced a new computerized automobile maintenance log prototype created on Blockchain in July 2017.

Competitive Insights

The Automotive Blockchain market is fairly consolidated, with key players such as Microsoft, BigchainDB, GEM, IBM, and SHIFT Mobility dominating. For the development of Blockchain infrastructure, the market is seeing a lot of collaboration between big OEMs, IT companies, and new startups.

For instance, In May 2020, Renault, Ford, General Motors, BMW, and ZF Friedrichshafen joined forces with prominent technology companies such as Accenture, IBM, and Bosch to begin exploring how Blockchain may be used to improve transportation and mobility. The initiative named the Mobility Open Blockchain Initiative (MOBI) will seek to employ Blockchain technology in a variety of use cases across the automotive industry, including autonomous driving, supply chain, and vehicle payments, vehicle identity tracking, and ride-sharing solutions.

Company Coverage (Company Profile, Sales Revenue, Price, Gross Margin, Main Products, etc.):

  • Accenture
  • IBM
  • Microsoft
  • CarVertical
  • Helbiz
  • Tech Mahindra Limited
  • HCL Technologies Limited
  • XAIN.
  • NXM Labs, Inc.
  • CarBlock Corp.

Application Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):

  • Smart Contracts
  • Supply Chain
  • Financing
  • Mobility Solutions
  • Others

Provider Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):

  • Middleware Provider
  • Infrastructure and Protocols Provider
  • Application and Solution Provider

Mobility Type Coverage (Market Size & Forecast, Main Consumer Analysis, etc.):

  • Personal Mobility
  • Shared Mobility
  • Commercial Mobility

Region Coverage (Regional Consumption, Demand & Forecast by Countries, etc.):

  • North America (U.S., and Canada)
  • Europe (Germany, U.K., France, Italy, Spain, etc.)
  • Asia-Pacific (China, India, Japan, Indonesia, Malaysia, Australia, South Korea, etc.)
  • South America (Brazil, Mexico, Argentina, etc.)
  • Middle East & Africa (Saudi Arabia, Kuwait, UAE, South Africa, etc.)

Frequently Asked Questions

The global Automotive Blockchain market size is estimated at USD 430.6 million in 2021, expanding at a CAGR 28.1% from 2022-2028 to reach 4,604.1 million USD in 2028.
North America captured the highest revenue in 2021 and is projected to continue its dominance during the study period.
The global Automotive Blockchain market size is expanding at a CAGR 28.1% from 2022-2028 to reach 4,604.1 million USD in 2028.
Asia Pacific (especially China, and India) region is projected to grow at the fastest growth rate during the study period.
The Automotive Blockchain market is fairly consolidated in nature. Companies such as BigchainDB, Microsoft, IBM, GEM, and SHIFT Mobility are actively operating in this market.

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