Information and Communication Technology Automotive Blockchain Market is projected to grow up to 30.25% CAGR during the forecasting...

Automotive Blockchain Market is projected to grow up to 30.25% CAGR during the forecasting period 2021-2027.

Digitization has aided the development of new technologies across a variety of industrial verticals, resulting in the creation of smart ecosystems. Blockchain technology was created as a result of the rise of new technologies. A blockchain is a decentralised registry that stores permanent records and complicated transaction data without requiring a central authority. There are various blockchain configurations accessible, including private blockchains, public open-source networks, and so forth. Because of its decentralised structure, the risk of data breaches is considerably reduced. In the automotive industry, blockchain technology can be used to store and update information about car replacement parts. This allows the car manufacturer, service providers, and customers to track the part's origin and prevent purchasing counterfeit products. The automotive block chain market is being driven by increased vehicle digitization, increased use of sophisticated technologies, improved vehicle-to-vehicle and vehicle-to-other connection, and the need for a proactively safe operating system. Because block chains are transparent, the chance of a security breach is considerably reduced. It improves the ease and speed with which activities like pay, purchase, and other transactions can be completed. Advanced automobiles are progressively adopting Internet of Things (IoT) platforms. This is also driving the automotive block chain industry, since the combination of IoT and block chain technology provides users with several benefits. The Global Automotive Blockchain Market is thoroughly examined in this report. In-depth qualitative research, verifiable data from reliable sources, and market size predictions are all included in the report.

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Key Driving Factors: shared mobility is expected to be the fastest expanding market for automotive blockchain.

During the forecast period, shared mobility is expected to be the fastest expanding category in the automotive blockchain market by mobility type. Many countries, including the United States, China, India, France, and Germany, are working on shared transportation to handle massive urban migration and cut emissions. A decentralised integrated digital platform for end-to-end trip planning, rental, booking, e-ticketing, and payment services is required for shared mobility. The blockchain facilitates the execution of quick and secure transactions relating to all aspects of shared mobility.

Driving factor: Blockchain-enabled shift to electric vehicles

Due to its new machine working, which includes energy providers, charging stations, automakers, components suppliers, and car owners, moving toward digitalization in electric cars has grown more widespread these days. This Machine-to-Machine (M2M) economy is well-suited to the blockchain platform. A Blockchain Mobility platform makes it easier to take responsibility for the upkeep of new electric vehicle products and services. This contributes to the development of a healthy ecosystem culture as a result of the shift away from gas-powered automobiles. Dealing with parts is one of the most significant issues that companies in the automotive industry confront. Blockchain technology has emerged as the most promising approach for resolving this issue.

This report offers the major market player’s profiles, such as BigchainDB GmbH, CONSENSYS, Ethereum Foundation (Stiftung Ethereum), Zug, Switzerland, Robert Bosch GmbH, ZF Friedrichshafen AG, IBM, Factom, and XAIN AG.

Based on Application:  The automotive blockchain has the potential to greatly streamline supply chain operations, particularly those connected to regulatory, quality control, and compliance approval. Blockchain is projected to play a significant role in simplifying the automotive supply chain in developing nations such as China and India, where the automobile industry still uses a traditional approach to commercial transactions. Furthermore, the increased production and sales of automobiles would necessitate supply chain monitoring, which will fuel demand for blockchain supply chain applications in the automotive industry.

The Automotive Blockchain Market report has been categorized as below

By Application

  • Smart Contracts

  • Supply Chain

  • Financing

  • Mobility Solutions

  • Others

By Provider

  • Middleware Provider

  • Infrastructure and Protocols Provider

  • Application and Solution Provider

By Mobility Type

  • Personal Mobility

  • Shared Mobility

  • Commercial Mobility

By Region

  • North America

  •  Europe

  • Asia Pacific

  • Rest of World

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Published Date : August-2021