Automotive Blockchain Market: Outlook and Forecast – 2030

The Automotive Blockchain Market is projected to grow at a CAGR of 31.19% from 2020 to 2030, and the market size is projected to grow from $0.35 billion in 2020 to $5.29 billion by 2030.

The market growth is primarily driven by factors such as the increasing immutability and the reduction in operating cost made possible by the automotive blockchain technology. Other factors driving the growth of the automotive blockchain market are the increasing implementation and testing of potential use cases of blockchain in various automotive applications.

The automotive blockchain market consists of companies such as IBM (US), Microsoft (US), Accenture (Ireland), carVertical (Estonia), Helbiz (US), Tech Mahindra (India), SHIFTMobility (US), BigchainDB (Germany), RSK Labs (Argentina), NXM Labs (US), and XAIN (Germany).

Opportunities:

• Higher Adoption of Automotive Blockchain for Payments, Logistics and Transportation, and Usage-Based Insurance
  1.1 Payments and Mobility Services
  1.2 Logistics and Transportation
  1.3 Usage-Based Insurance
• Increasing Cryptocurrency Market Cap

Request FREE Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=150652065

In the automotive blockchain market, by the provider, the application and solution provider segment is projected to hold the largest market share because of the introduction of technologically advanced blockchain solutions and the significant investments by OEMs and Tier I companies in the automotive blockchain in partnership with solution providers. Additionally, applications and solutions require higher costs to develop and maintain than middleware and platforms. Hence, the revenue generated by the application and solution providers is higher.

Personal mobility is projected to be the largest segment of the blockchain market for automotive, by mobility type. Strong economic growth, increasing population, rapid urbanization, and growing purchasing power have triggered the demand for personal mobility across the globe. As passenger car production and sales constitute the largest share of the revenue generated by all industry participants, the applications of blockchain are also projected to generate maximum revenues from the production, sales, and services related to passenger cars or personal mobility. Additionally, leading OEMs and Tier I companies have started implementing blockchain to streamline their operations. For instance, in July 2017, automaker Renault unveiled a new digitized car maintenance log prototype built using blockchain.

Asia Oceania is projected to be the fastest-growing market for automotive blockchain. In recent years, the region has emerged as a hub for automobile production. Strong economic growth, increasing population, rapid urbanization, and growing purchasing power has triggered the demand for automobiles in the region. The growing automotive industry in Asia Oceania is set to adopt blockchain technology to increase transparency and combat frauds in the automotive sector. For instance, in 2015, Chinese conglomerate Wanxiang Group, one of the largest auto parts manufacturers, decided to invest USD 50.0 million in blockchain technology. Hence, these developments are expected to drive the growth of automotive blockchain in the region in the near future. Additionally, China and India, being the leading markets for mobility solutions, have the potential to integrate blockchain technology in ridesharing applications.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=150652065

The automotive and transportation industry forms the backbone of the Americas’ economy. The automotive industry in the Americas region is the second-largest in the world for premium vehicle sales and production. The market is dominated by domestic OEMs such as the Ford Motor Company (US) and General Motors (US) along with established European and Japanese OEMs. Many companies are testing the use cases of blockchain in various automotive applications to manage such an advanced automotive industry and its connected ecosystem. For instance, the United States’ fourth-largest mobile network operator Sprint and a blockchain start-up NXM Labs have decided to launch a 5G connected car platform powered by blockchain technology. 54 million US customers of Sprint will use this platform to provide passengers with mobile Wi-Fi and vehicle health monitoring. In May 2018, SHIFTMobility revealed the world’s first blockchain-powered platform for the automotive industry. The US also happens to be one of the largest used-vehicles markets in the world, and blockchain applications such as title transfer, insurance, and smart contracts are in demand. Such potential use cases are expected to drive the market for automotive blockchain.   The above-mentioned factors, coupled with an increasing demand for transparency and immutability in business operations and the presence of technology players, will drive the growth of the automotive blockchain market in the Americas.