The Automotive Blockchain Market is projected to grow from USD 0.35 billion in 2020 to USD 5.29 billion by 2030, at a CAGR of 31.19% during the forecast period.
The requirement for decentralized business transactions and increasing blockchain applications in the automotive industry are expected to drive the market for automotive blockchain. Additionally, increasing focus toward data transparency and immutability will be critical for the growth of this market in the coming years.
The report provides detailed profiles of the following companies:
• IBM (US)
• Microsoft (US)
• Accenture (Ireland)
• caVertical (Estonia)
• Helbiz (US)
• Tech Mahindra (India)
• HCL Technologies (India)
• XAIN (Germany)
• NXM Labs (US)
• CarBlock (US)
• Cube (UK)
• Context Labs (US)
• SHIFTMobility (US)
• BigchainDB (Germany)
• Dashride (US)
• Consensys (US)
• FOAM (US)
• RSK Labs (Argentina)
• Gem (US)
Personal mobility is projected to be the largest segment of the automotive blockchain market, by mobility type. Strong economic growth, increasing population, rapid urbanization, and growing purchasing power have triggered the demand for personal mobility across the globe. As passenger car production and sales constitute the largest share of the revenue generated by all industry participants, the applications of blockchain are also projected to generate maximum revenues from the production, sales, and services related to passenger cars or personal mobility. Additionally, leading OEMs and Tier I companies have started implementing blockchain to streamline their operations. For instance, in July 2017, automaker Renault unveiled a new digitized car maintenance log prototype built using blockchain.
Americas is estimated to be the leading market for automotive blockchain
The automotive and transportation industry forms the backbone of the Americas’ economy. The automotive industry in the Americas region is the second-largest in the world for premium vehicle sales and production. The market is dominated by domestic OEMs such as the Ford Motor Company (US) and General Motors (US) along with established European and Japanese OEMs. Many companies are testing the use cases of blockchain in various automotive applications to manage such an advanced automotive industry and its connected ecosystem. For instance, the United States’ fourth-largest mobile network operator Sprint and a blockchain start-up NXM Labs have decided to launch a 5G connected car platform powered by blockchain technology. 54 million US customers of Sprint will use this platform to provide passengers with mobile Wi-Fi and vehicle health monitoring. In May 2018, SHIFTMobility revealed the world’s first blockchain-powered platform for the automotive industry. The US also happens to be one of the largest used-vehicles markets in the world, and blockchain applications such as title transfer, insurance, and smart contracts are in demand. Such potential use cases are expected to drive the market for automotive blockchain. The above-mentioned factors, coupled with an increasing demand for transparency and immutability in business operations and the presence of technology players, will drive the growth of the automotive blockchain market in the Americas.
Asia Oceania is projected to be the fastest-growing market for automotive blockchain. In recent years, the region has emerged as a hub for automobile production. Strong economic growth, increasing population, rapid urbanization, and growing purchasing power has triggered the demand for automobiles in the region. The growing automotive industry in Asia Oceania is set to adopt blockchain technology to increase transparency and combat fraud in the automotive sector. For instance, in 2015, Chinese conglomerate Wanxiang Group, one of the largest auto parts manufacturers, decided to invest USD 50.0 million in blockchain technology. Hence, these developments are expected to drive the growth of automotive blockchain in the region in the near future. Additionally, China and India, being the leading markets for mobility solutions, have the potential to integrate blockchain technology in ridesharing applications.
Shared mobility to be the fastest-growing market for automotive blockchain, by mobility type
Shared mobility is projected to be the fastest-growing segment in the automotive blockchain market, by mobility type, during the projected period. To manage significant migration in urban areas and to reduce emissions, many countries such as the US, China, India, France, and Germany are focusing on shared mobility. Shared mobility requires a decentralized integrated digital platform used for end-to-end trip planning, renting, booking, e-ticketing, and payment services. The blockchain helps execute fast and secure transactions related to every aspect of shared mobility. OEMs and automotive industry-related companies have announced blockchain-based pilot projects for a diverse set of use cases in shared mobility. In September 2017, German supplier ZF and IBM announced Car eWallet a payment technology targeting future mobility services. With the rise in popularity of ride-hailing and other related mobility-on-demand services, the requirement for driver and passenger authentication, security management, and payments will increase. These are some of the best applications where blockchain technology can ensure transparency and data integrity. Hence, the growing demand for ride-hailing services is projected to drive the market for automotive blockchain.
- Automotive OEMs
- Automotive blockchain platform providers
- Application and service providers
- Cloud service providers
- Crypto-currency companies
- Investors and venture capitalists
- Infrastructure and protocols providers
- Technology providers
- The automobile industry as an end-user industry and regional automobile associations
- Traders, distributors, and suppliers in the automotive blockchain industry
- Automotive blockchain system suppliers
- Research institutes and government organizations
Company Name: MarketsandMarkets
Contact Person: Mr. Shelly Singh
Email: Send Email
Address:630 Dundee Road Suite 430
Country: United States