The latest report by IMARC Group titled, “Automotive Blockchain Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, finds that the global automotive blockchain market size reached US$ 420.1 Million in 2021. Automotive blockchain refers to a ledger that is used to maintain a track of data and store it for the procedures related to the automobile. The data stored in a blockchain is authentic and cannot be hampered by the users of the system. Some of the various benefits offered by automotive blockchain include easy-to-track operations, fast warranty claims processing, tamper-proof transaction records, improved smart contracts and car sales, transfer-proof transaction records, and reduced payment exchange fees. In recent years, automotive blockchain has gained traction due to its extensive utilization to streamline processes, secure vehicle mileage, and store distinctive data.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Automotive Blockchain Market Trends:
One of the primary factors driving the market is the expanding automobile industry. Additionally, the increasing number of vehicle production processes is creating a positive market outlook. Other than this, automotive blockchains assist the original equipment manufacturers (OEMs) to have a follow-up on components and auto parts about their current modification, which allows them to identify counterfeit products and ensure high-quality services and products to consumers. Furthermore, various technological upgradations, including the integration of the Internet of Things (IoT) and artificial intelligence (AI) with connected devices, are catalyzing the market growth. Moreover, extensive investments in autonomous vehicles and mobility services, such as hailing, sharing, vehicle leasing, rental, and pooling, are propelling the market growth. Other growth-inducing factors include constant research and development (R&D) activities, minimizing data leaks and manipulations, and the growing need for faster transactions. Looking forward, IMARC Group expects the market value to reach US$ 2,236.3 Million by 2027, expanding at a CAGR of 30.60% during the forecast period (2022-2027).
- Based on the type, the market has been divided into public, private, and hybrid blockchain.
- On the basis of the provider, the market has been classified into application and solution, middleware, and infrastructure and protocol.
- Based on the mobility type, the market has been segmented into personal mobility, shared mobility, and commercial mobility.
- On the basis of the application, the market has been categorized into financing, mobility solutions, smart contract, and supply chain.
- Based on the end-user, the market has been divided into OEMs, vehicle owners, mobility as a service provider, and others.
- Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analysed, with some of the key players being Accenture plc, BigchainDB GmbH, carVertical, ConsenSys, GemOS, HCL Technologies Limited (HCL Enterprise), and International Business Machines, Microsoft Corporation, NXM Labs Inc., ShiftMobility Inc. and Tech Mahindra Limited.
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