18-Jul-2022 | Facts and Factors
According to Facts and Factors, the global automotive blockchain market size was valued at USD 369.50 million in 2021 and is predicted to increase at a CAGR of 30.50% to USD 1825.06 million by 2028. The study examines the market in terms of revenue in each of the major regions, which are classified into countries.
Blockchain technology is a relatively new technology that has the ability to 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. Through blockchain technology, the automotive industry operations, such as design, production, distribution, marketing, selling, finance and servicing of vehicles, will become more flexible and can also effectively contribute to the growth of the automotive industry.
Browse the full “Automotive Blockchain Market Size, Share, Growth Analysis Report 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), Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/automotive-blockchain-market
The factors that are responsible for the growth of this market are an increase in e-mobility and on-demand services, the popularity of car/ride sharing among young urban consumers, increasing sales of automobiles globally, reduced operational costs, and the need for faster transactions. The rise in adoption of blockchain for logistics and transportation, the development of new business models for the automotive aftermarket, and the increasing vehicle recall optimization in the US, are opportunities for the market. Global blockchain operators are facing the challenge of integrating blockchain interface with existing systems for applications, such as peer-to-peer trading, smart contract generation and other potential blockchain applications in the automotive sector.
Segmental Overview
The market is divided into smart contracts, supply chain, financing, mobility solutions, and others, based on application. In 2021, the supply chain segment accounts for a substantial slice of the market. This is mainly to an expansion in hybrid car sales and production, which is anticipated to bolster the global supply chain industry. Additionally, from 2022 to 2028, smart contracts are anticipated to witness the fastest market. Smart contracts' applications in the automobile industry, including as B2B contractual agreements, dealership management, and title transfer, are responsible for the segment's quickest development.
The market is classified into three categories based on the provider: application & solution, infrastructure & protocols, and middleware. In 2021, the application and solution segment account for a large proportion of the market. Investments by Tier-I businesses and OEMs, as well as the launch of scientifically superior blockchain solutions, are credited with the increase. However, application and solution operational and integration expenses are higher than middleware. As a result, application and solution vendors generate more income.
Personal mobility, shared mobility, and business mobility are the three types of mobility available on the market. In 2021, the personal mobility category accounted for the maximum of the global market. The development of the personal mobility region is due to rising purchasing power, growing urbanization, rising population, and robust economic growth, all of which are contributing directly to market expansion. Similarly, from 2021 to 2028, the commercial mobility market is predicted to grow at the quickest rate.
Regional Overview
The global automotive blockchain market is segmented into five primary regions: North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America. Owing to the overwhelming usage of blockchain technology in automotive to promote trust and transparency between consumers and businesses, Asia-Pacific is forecasted to hold the maximum market share over the projected timeframe. In addition, the region's growing production and sales of electric vehicles are projected to drive up demand for automotive blockchain. Furthermore, the increasing adoption of blockchain technology in ridesharing applications in China and India will boost the market growth. North America is expected to grow rapidly due to the high frequency of blockchain technology installation in commercial vehicles in the United States and Canada.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 369.50 Million |
Projected Market Size in 2028 |
USD 1,825.06 Million |
CAGR Growth Rate |
30.50% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
IBM, Microsoft, Accenture, carVertical, Helbiz, Tech Mahindra, SHIFTMobility, BigchainDB, and Others |
Key Segment |
By Application, Provider, Mobility Type, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
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Some of the major companies operating in the global automotive blockchain market are IBM, Microsoft, Accenture, carVertical, Helbiz, Tech Mahindra, SHIFTMobility, BigchainDB and among others.
The global automotive blockchain market is segmented as follows:
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
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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