Global Automotive Blockchain Market to Reach US$ 2,904.3 Million by 2028, Propelled by the Expanding Automobile Industry

August 08, 2022 | Automotive Industry

The latest report by IMARC Group titled, “Automotive Blockchain Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, finds that the global automotive blockchain market size reached US$ 588.5 Million in 2022. 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.

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$ 2,904.3 Million by 2028, expanding at a CAGR of 28.98% during the forecast period (2023-2028).

Market Summary:

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.

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Million
Segment Coverage	Type, Provider, Mobility Type, Application, End User, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Accenture plc, BigchainDB GmbH, carVertical, ConsenSys, GemOS, HCL Technologies Limited (HCL Enterprise), International Business Machines Corporation, Microsoft Corporation, NXM Labs Inc., ShiftMobility Inc. and Tech Mahindra Limited
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499
Post-Sale Analyst Support	10-12 Weeks
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Global Automotive Blockchain Market to Reach US$ 2,904.3 Million by 2028, Propelled by the Expanding Automobile Industry

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