Automotive Blockchain Market is projected to be worth USD 5.68 billion by 2030, registering a CAGR of 33.56% during the forecast period (2022- 2030)., The market was valued at USD 0.65 billion in 2022.
Blockchain technology is a relatively new technology that can completely alter the automotive industry by moving away from a centralized to a decentralized system. Third-party middlemen, whose services are currently required in the automotive industry, will no longer be required with the introduction of blockchain in the industry. This has the potential to improve 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 become more flexible thanks to blockchain technology market and will be able to contribute more efficiently to the industry's growth.
An increase in e-mobility and on-demand services, the popularity of car/ride sharing among young urban customers, increased worldwide automobile sales, lower operational costs, and the need for speedier transactions are the reasons driving this market's growth. The market's potential includes the increasing usage of blockchain for logistics and transportation, the creation of new business models for the automotive aftermarket, and the increasing vehicle recall optimization in the United States. Global blockchain operators are grappling with how to integrate blockchain interfaces with current systems for applications like peer-to-peer trading, smart contract generation, and other potential blockchain applications in the automotive sector. Because of the widespread use of blockchain technology in commercial vehicles in the United States and Canada, North America is likely to develop at a large rate during the projection period.
March 2024: The operator of the top Layer 1 blockchain in South Korea, Klaytn Foundation, announced today that the voting by the governance members of both organizations has approved its joint network merger proposal with Finschia Foundation, an independent foundation based in Abu Dhabi that will take over LINE Blockchain's mainnet and digital asset operations. In light of this, the two foundations will work together to create Asia's biggest Web3 ecosystem by launching an integrated mainnet.
The proposal's goal is to establish Asia's top blockchain network by using the best available blockchain services, technology, and business savvy. Each chain's governance members were asked to submit and vote on the plan. Finschia's 95% and Klaytn's 90% votes approved the united proposal. With around 45 governance member partners and over 420 DApps, the combined network will help Web3 become known as Asia's biggest blockchain ecosystem.
After the plan is approved, the two foundations will form a cooperative task force to combine the two chains and create an integrated foundation in Abu Dhabi by the end of the current quarter. The foundation will move its former operational teams to an integrated foundation and implement a single governance framework in order to run the organization effectively. Furthermore, the board will be jointly run by the Finschia and Klaytn foundations, with an equal number of directors from each foundation.
With more decentralization and support for both EVM and CosmWasm, the development plan for the new combined blockchain will make use of the technical know-how of both the Klaytn and Finschia Foundations. The two blockchains' native currencies, KLAY and FNSA, will also be replaced with a brand-new native currency with brand-new tokenomics. The combined chain will boost community involvement and governance delegation in order to improve operational transparency.
The foundation also intends to engage on new business projects, including developing infrastructure to make it easier for institutional investors to access it, collaborating with a variety of partners, and introducing local stable currencies to spur innovation in Asia's blockchain market.
The global market is segmented on the basis of technology type, application, provider, propulsion, vehicle type, and region.
On the basis of technology type, the market has been segmented into open blockchain, closed blockchain, consortium blockchain, and hybrid blockchain. On the basis of application, the market has been segmented into mart contracts, supply chain, financing, mobility solutions, and others. On the basis of provider, the market has been segmented into middleware provider, infrastructure & protocol providers, and application & solution providers. On the basis of propulsion, the market has been segmented into ICE and electric vehicle, whereas the electric vehicle segment is further sub-segmented into battery electric vehicle (BEV), hybrid electric vehicles (HEV), and plug-in hybrid electric vehicles (PHEV). On the basis of vehicle type, the market has been segmented into passenger car and commercial vehicles.
| Report Attribute/Metric | Details |
| Market Size | 2030: USD 5.68 billion |
| CAGR | 33.56% CAGR (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Technology, By Application, By Vehicle type, By EndMarket |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | 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). |
| Key Market Opportunities | Government initiative Developing commercial sectors globally |
| Key Market Drivers | Increase in e-mobility and on-demand services Popularity of car/ride sharing among young urban consumers Increasing sales of automobiles globally |
Automotive Blockchain Market Highlights:
Frequently Asked Questions (FAQ) :
The prime growth inducers in the global market are the surge in e-mobility as well as on-demand services, rising popularity of ride sharing among the urban population, mounting vehicle sales, lower operational cost, and the growing need for better transaction.
RSK Labs (Argentina), Helbiz (US), ShiftMobility (US), carVertical (Estonia), XAIN (Germany), IBM Corporation (US), Tech Mahindra (India), Microsoft Corporation (US), BigchainDB GmbH (Germany), HCL Technologies (India), are expected to compete for a bigger share in the global market in the coming years.
The market expansion can take place at a rate of 33.56% during the review period.
The notable growth opportunities in the market include surging use of blockchain for logistics & transportation, emergence of innovative business models in the automotive aftermarket, and the rising vehicle recall optimization across the United States/US.
Over the next few years, the APAC market is believed to gain the highest impetus.
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Team Lead - Research With a technical background as bachelor's in mechanical engineering, with mba in operations management , swapnil has 6+ years of experience in market research, consulting and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the automotive/a&d domain. swapnil has worked on major projects in verticals such as aerospace & defense, automotive and many other domain projects. he has worked on projects for fortune 500 companies' syndicate and consulting projects along with several government projects.
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