Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The automotive blockchain market expands as a result of numerous industry developments. These factors collectively determine its magnitude and trajectory. An important factor in the adoption of blockchain technology for automobiles is the increasing requirement to ensure the security and precision of data. As more automobiles become connected and utilize data for a variety of purposes, individuals are concerned about the security of interoperable systems. With its decentralized and secure architecture, blockchain addresses these concerns. It provides a secure location to store and manage the massive quantities of data generated by modern automobiles.
Additionally, the complexity of supply chains is a critical aspect of the automotive blockchain market. Automobile manufacturing occurs globally, utilizing intricate and interconnected supply chains. Presently, it is critical to ensure that every element in the supply chain is transparent and traceable. This enables us to ascertain whether components are authentic and of satisfactory quality. Blockchain technology enables the recording of each transaction and movement in the supply chain in a transparent and shared ledger. This reduces the likelihood of counterfeit components, conniving, and improper resource utilization.
The emergence of smart contracts represents a significant market shift that has a profound impact on the way in which blockchain technology is implemented in automobiles. Smart contracts, which are agreements governed by predetermined principles, automate processes without requiring additional intervention. In the automotive industry, smart contracts are implemented to manage guarantees and automate payments in supply chain transactions. Additionally, they facilitate the vehicle rental procedure. Smart contracts facilitate streamlined operations for the automotive industry. They desire to reduce expenses, prevent errors, and avert conflicts through the implementation of innovative business practices.
Collaboration and alliance between automobile manufacturers and providers of blockchain technology are critical for the market. These operations demonstrate that automakers are implementing blockchain technology in an effort to effect change. Automobile manufacturers employ blockchain specialists to explore novel applications and implementations of technology. They will investigate tracing vehicle information, monitoring maintenance data in real time, and enhancing internet security to thwart hackers as automobiles become more interconnected.
Rule modifications are crucial for the development of the automotive blockchain market. Large organizations and policymakers are beginning to comprehend why the automobile industry requires regulations regarding the use of blockchain technology. Enhanced regulations facilitate the utilization of blockchain solutions by all. This instills confidence among individuals regarding the legality and accuracy of these technologies.
Consumer awareness and preferences constitute another influential market factor for the automotive blockchain market. Consumers are becoming more informed and discerning in their interactions with the automotive industry, seeking transparency and trust. Blockchain's ability to provide an immutable record of a vehicle's history, including maintenance records and accident information, aligns with consumer expectations for reliable information when purchasing or owning a vehicle. As consumer awareness grows, there is an increasing demand for blockchain solutions that enhance transparency and build trust within the automotive ecosystem.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | (2022-2030 |
Automotive Blockchain Market Highlights:
Automotive Blockchain Market Synopsis
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.
The prominent players in the global automotive blockchain Market
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).
Industry News
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.
Automotive Blockchain Market Segmentation
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.
Automotive Blockchain Market Regional Analysis:
Geographically, the global automotive blockchain market has been segmented into four major regions, namely North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is expected to hold the largest market share during the forecast period, owing to the growing adoption of blockchain technology in automotive to increase trust and transparency between users and enterprises.
Moreover, increased production and sales of electric vehicles, are expected to boost the demand for automotive blockchain in this region. Furthermore, the growing implementation of blockchain technology in ridesharing applications in China and India, will lead to the market growth. North America is expected to grow at significant rate during forecast period, due to the high instances of deployment of blockchain technology in commercial vehicles in the US and Canada.
The report for global automotive blockchain market of Market Research Future covers extensive primary research. This is accompanied by detailed analysis of qualitative and quantitative aspects by various industry experts and key opinion leaders to gain deeper insights into the market and industry performance. The report gives a clear picture of the current market scenario, which includes the historical and forecasted market size, in terms of value and volume, technological advancement, macroeconomics, and governing factors of the market. The report provides comprehensive information about the strategies of the top companies in the industry, along with a broad study of the different market segments and regions.
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
