Automotive Blockchain Market, By Application (Mobility Solutions, Smart Contract, Financing, Supply Chain, By Provider ( Middleware, Infrastructure & Protocol, Application & Solution) By Mobility (Personal Mobility, Shared Mobility, Commercial Mobility) By Region - Global Industry Forecast till 2030

The Automotive Blockchain Market is expected to value $429.51 million in 2020 and is projected to reach $ 5.63 billion by 2030, registering a CAGR of 29.7%.

Vehicles are becoming more and more versatile, serving as more than just a mode of transportation. The modern automobile is a mobile data center equipped with sensors and disruptive technologies that gather information about the vehicle. By enabling safer and more traceable transactions as well as better access and openness to information, blockchain can increase trust and collaboration between businesses, consumers, and even cars. It is not unexpected that automakers are interested in blockchain and are investing strategically in it. Much of blockchain has the ability to change the way things are done on their own, it has even more potential when integrated with IoT, AI, and big data.

Data for procedures involving autos are tracked and stored using automotive blockchain. In addition to other procedures relating to car sales, servicing, processing warranty claims, and other associated activities, this incorporates other processes like smart contracts and the Internet of Things. Vehicle-related data is valid and cannot be altered by system users when it is kept on the blockchain. As a result, we provide our clients with safer and more secure data. Additionally, it can aid buyers and sellers in avoiding transactions or other processes when third parties or intermediaries are involved. Blockchain applications and solutions for the automotive industry improve system performance. This consists of a middleware that serves as a conduit for storing and retrieving data between the application and the database. The automotive blockchain space has seen breakthroughs and advancements from a range of international businesses. This allows for the provision of several services to vehicle users.

Market Dynamics:

Drivers:

The major growth drivers for the automotive blockchain market are the benefits provided by blockchain technology, such as real-time monitoring, auditability and information scalability. Also, as digitization progresses, this technology has become an integral part of the information technology (IT) budget in the automotive industry. Blockchain in the automotive industry is useful in a variety of areas including mobility solutions, connected cars, supply chain logistics, retail and leasing, autonomous driving, and IoT applications. Finance departments of OEMs are now exploring technologies for financial applications. Over the next few years, OEMs are expected to use this technology for other automotive applications.

In addition, various players in the automotive ecosystem have begun to take the lead in forming consortia and establishing policies to comply with regulatory obligations on a global scale. In the coming years, blockchain technology is expected to create growth opportunities and spur digital transformation in the industry, in addition to disrupting the automotive industry. Therefore, it can be said that these factors are likely to propel the growth of the automotive blockchain market in the near future.

Restraints:

The lack of adequate laws governing the use of blockchain technology and data protection is the main factor impeding the growth of the automotive blockchain market. For instance, in European nations, the rights granted to public and commercial entities by the European General Data Protection Regulation limit the deployment of blockchain technology-based applications (GDPR). There are a number of possible technical and financial hazards associated with blockchain technology and its implementations. Because of this, governments all over the world are concerned about the potential risks that technology brings to peoples' privacy rights and data protection rights.

Key players:

• Accenture

• IBM

• Microsoft

• carVertical

• Helbiz

• Tech Mahindra Limited

• HCL Technologies Limited

• XAIN.

• NXM Labs, Inc.

• CarBlock Corp.

Market Segmentation:

Automotive Blockchain Market, By Application

• • Financing

  • Mobility Solutions

  • Smart Contract

  • Supply Chain

Automotive Blockchain Market, By Provider

• • Application & Solution

  • Middleware

  • Infrastructure & Protocol

Automotive Blockchain Market, By Mobility

• • Personal Mobility

  • Shared Mobility

  • Commercial Mobility

Automotive Blockchain Market, By Region

• • North America

    • Us

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • Ireland

    • Uk

    • Rest Of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • South Korea

    • Rest Of Asia-Pacific

  • Lamea

    • Latin America

    • Middle East

    • Africa

Regional Analysis:

Geographically, there are four main regions that make up the global automotive blockchain market: North America, Asia-Pacific, Europe and the Rest of the World. Due to the increasing usage of blockchain technology in the automotive industry to increase build trust and transparency between users and organizations, Asia-Pacific is anticipated to hold the greatest market share over the projection period.

In addition, it is anticipated that growing sales and manufacture of electric vehicles will enhance demand for automotive blockchain in this region. The market will expand as a result of the increasing use of blockchain technology in ridesharing applications in China and India. Due to the widespread use of blockchain technology in commercial vehicles in the US, Canada, North America is anticipated to develop significantly during the projection period.

Scope Of The Report: 

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