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Automotive Blockchain Market Size, Share Global Analysis Report, 2022 – 2028
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
Industry Insights
[202+ Pages Report] 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 1,825.06 million by 2028. The study examines the market in terms of revenue in each of the major regions, which are classified into countries. The report analyses the global automotive blockchain market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period. In addition, the report examines global opportunities in the automotive blockchain market.
Market Overview
The automotive blockchain is used to keep track of data and store it for automotive procedures. This encompasses procedures like smart contracts and the Internet of Things, as well as operations like car sales, service, warranty claim processing, and other associated activities. Customers will have safer and more secure data since the automotive-related data recorded in a blockchain is real and cannot be tampered with by system users. Various advances and innovations have been carried out by leading software industry players in the development of blockchain, which has fueled the global rise of the automotive blockchain market size. Also, an increase in investments along with government efforts in the automotive blockchain industry also surges the growth of the global market.
Growth Drivers
Protection against data breaches and manipulations, as well as lower operational costs, is driving the expansion of the automotive blockchain business. Uncertainty over rules, on the other hand, is expected to stifle market expansion. Additionally, increased use for better payments, logistics and transportation, and usage-based insurance is predicted to give several prospects for the global automotive blockchain market's growth and advancement. Meanwhile, 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.
COVID – 19 Impact
The pandemic of COVID-19 has had a devastating influence on the global automotive sector. Much automotive technology and service-based companies saw a significant drop in revenue as a result of the massive disruption in manufacturing and demand from 2020 to 2021, as both car production and sales fell sharply. Meanwhile, firms are investing in automotive blockchain solutions because stakeholders are excited about the potential prospects. As the situation returns to normal, the market is likely to rise in the next years.
The complete research study looks at both the qualitative and quantitative aspects of the automotive blockchain market. Both the demand and supply sides of the market have been investigated. The demand side study examines market income in various regions before comparing it to all the major countries. The supply-side research examines the industry's top rivals, as well as their regional and global presence and strategies. Each major country in North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America is thoroughly investigated.
Segmentation Analysis
The global automotive blockchain market is segregated based on application, provider, mobility, and region.
Based on application, the market is divided into smart contracts, supply chain, financing, mobility solutions, and others. The automobile industry benefits from blockchain technology because it improves supply chain efficiency and reduces wasteful costs. In 2021, the supply chain segment accounted for a significant portion of the market. This is owing to an increase in electric car sales and production, which is predicted to improve the global supply chain industry. Furthermore, from 2021 to 2028, smart contracts are expected to be the fastest-growing market.
Based on the provider, the market is segmented into application & solution, infrastructure & protocols, and middleware. The application and solution segment held a major share in 2021. The growth is attributed to investments by Tier-I companies and OEMs and the introduction of technologically advanced blockchain solutions. Moreover, application & solution necessitates higher costs to maintain and develop than middleware. Hence, the revenue generated by the application & solution providers is higher.
The market is divided into three types of mobility: personal mobility, shared mobility, and business mobility. The personal mobility sector accounted for the largest proportion of the global market in 2021. The personal mobility segment's growth can be ascribed to rising purchasing power, fast urbanization, rising population, and strong economic growth, all of which are directly contributing to market expansion. Similarly, the commercial mobility segment is expected to develop at the fastest rate from 2022 to 2028.
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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Regional Landscape
North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America are the five key regions in which the global automotive blockchain market is divided. Due to the increased usage of blockchain technology in automotive to promote trust and transparency between users and organizations, Asia-Pacific is predicted to hold the greatest market share over the projection period. Furthermore, growing manufacturing and sales of electric vehicles in this region are projected to enhance demand for automotive blockchain. Furthermore, market growth would be aided by the increasing use of blockchain technology in ridesharing applications in China and India. Due to the high prevalence of blockchain technology implementation in commercial vehicles in the United States and Canada, North America is likely to increase at a large rate during the projection period.
Competitive Landscape
The report contains qualitative and quantitative research on the global automotive blockchain Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
List of Key Players in the Global Automotive Blockchain Market:
- IBM
- Microsoft
- Accenture
- carVertical
- Helbiz
- Tech Mahindra
- SHIFTMobility
- BigchainDB
The global automotive blockchain market is segmented as follows:
By Application Segment Analysis
- Smart Contracts
- Supply Chain
- Financing
- Mobility Solutions
- Others
By Provider Segment Analysis
- Middleware Provider
- Infrastructure and Protocols Provider
- Application and Solution Provider
By Mobility Type Segment Analysis
- Personal Mobility
- Shared Mobility
- Commercial Mobility
By Regional Segment Analysis
- North America
- The U.S.
- Canada
- Mexico
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Sweden
- Norway
- 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
Table of Content
Industry Major Market Players
- IBM
- Microsoft
- Accenture
- carVertical
- Helbiz
- Tech Mahindra
- SHIFTMobility
- BigchainDB
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