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The automotive blockchain market is undergoing numerous significant transformations that are altering its course and impacting the entire automobile industry. An important transformation in our era of connected vehicles is the growing significance attributed to the protection and confidentiality of automobile data. As automobiles become more interconnected and utilize data for a variety of purposes, it becomes increasingly vital to protect sensitive data. The inability of blockchain technology to be altered readily and lack of centralized control eliminates the challenges associated with securing automobile data. It accomplishes this by providing a secure method for managing the vital data generated by connected vehicles. Gaining a comprehension of the potential vulnerabilities in large systems and the criticality of data security are driving forces behind this transformation.
An additional significant development in the automotive blockchain market is the increasing adoption of the technology for supply chain management. Numerous automobile components are required from around the globe; therefore, it is critical to ascertain that these components are authentic and of high quality. Blockchain facilitates the creation of an immutable and transparent ledger of each transaction that occurs along the supply chain. This trend is motivated by the desire to reduce the risk of counterfeit components, increase supply chain efficiency, and prevent deception. Automotive companies are increasingly considering the implementation of blockchain technology as a means to enhance transparency and accountability within the supply chain.
Smart contracts are gaining prominence in the sphere of automotive blockchain technology. They are making numerous modifications to the business's operations. Contracts that operate autonomously establish and adhere to regulations without requiring intermediaries. Smart contracts are currently finding application in the automotive industry to facilitate lease agreements, oversee warranties, and automate payment processing in supply chain business transactions. This phenomenon arises due to the capacity of smart contracts to streamline processes, reduce operational expenditures, and mitigate the likelihood of errors and disputes.
A second significant market trend is the partnership between automobile manufacturers and blockchain technology providers. Recognizing the criticality of blockchain technology, automobile manufacturers are collaborating with industry experts. Future applications and methods of this technology are of interest to them. These groups intend to implement blockchain technology for a variety of purposes. Some of them include monitoring maintenance data in real time, tracing vehicle information, and enhancing internet security in connected vehicles. This trend exemplifies the industry's rapid adoption of novel technologies and the establishment of a collaborative atmosphere that propels advancements.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Government initiative Developing commercial sectors globally |
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.
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