Global Automotive Blockchain Market – Industry Trends and Forecast to 2029

Global Automotive Blockchain Market, By Application (Smart Contracts, Supply Chain, Financing, Mobility Solutions, Others), Provider (Middleware Provider, Infrastructure and Protocols Provider, Application and Solution Provider), Mobility Type (Personal Mobility, Shared Mobility, Commercial Mobility), Technology Type (Open Block Chain, Closed Block Chain, Consortium Block Chain, Hybrid Block Chain), Propulsion (ICE, Electric Vehicle), Vehicle Type (Passenger Car, Commercial Vehicle), Type (Public, Private, Hybrid) – Industry Trends and Forecast to 2029.

Automotive Blockchain Market Analysis and Size

Manufacturing, commerce, finance, healthcare, automotive, and supply chain management are just a few of the industries that have benefited from Blockchain (BC) technology. BC's unique approach, which is focused on trust and value, is one of the most appealing aspects of this revolution that provides new ways of doing business. Even though the automotive industry only recently became acquainted with complete digitization, it has and continues to hold enormous promise for the future of personal mobility. With the advancement of technology, the automotive industry has evolved from automobiles powered by internal combustion engines to hybrid and electric vehicles.

Data Bridge Market Research analyses that the automotive blockchain market was valued at USD 423.1 million in 2021 and is expected to reach the value of USD 4853.53 million by 2029, at a CAGR of 35.66% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.

Automotive Blockchain Market Scope and Segmentation

Market Definition

A decentralised ledger used to store, track, and monitor data related to automobiles is referred to as automotive blockchain. It is linked by cryptography, which focuses on transforming data into formats that are unrecognised by unauthorised users in order to provide immediate, shared, and transparent information. Automotive blockchain provides numerous advantages, including quick warranty claim processing, easy-to-track operations, improved smart contracts and car sales, tamper-proof transaction records, improved transparency, instant traceability, and lower payment exchange fees. Aside from that, it is widely used to streamline procedures, store unique data, verify and secure vehicle mileages, and prevent fraud.

Drivers

• Expansion of automobile industries

The increasing number of vehicle manufacturing processes around the world is creating a positive market outlook. Automotive blockchain is widely used to improve supply chain management and assist original equipment manufacturers (OEMs) in following up on automotive parts and components regarding their most recent modifications, thereby assisting in the detection of counterfeit products and ensuring high-quality products and services to consumers.

• Offerings of advanced technologies

Various technological advancements, such as the integration of the Internet of Things (IoT) and artificial intelligence (AI) with connected devices to track, process, authenticate, and exchange transaction systems, are driving market growth. Other factors, such as a growing emphasis on reducing data leaks and manipulations, a growing need for faster transactions, and extensive research and development (R&D) activities, are expected to propel the market even further forward.

Opportunities

• Growing investments will bolster the growth

The growing investment in self-driving vehicles and mobility services, such as vehicle leasing, rental, sharing, hailing, and pooling, has fuelled demand for automotive blockchain, which allows car rental companies to track the maintenance, cleaning, rent, and user data of registered vehicles. This, in turn, supports market growth.

Restraints

• Limited scalability will challenge the growth

In the forecasted period, market restraints for automotive block chain include limited scalability and regulatory uncertainty.

This automotive blockchain market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the automotive blockchain market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Automotive Blockchain Market

The COVID-19 pandemic harmed the globally integrated automotive industry. Many automotive technology and service-based companies saw significant revenue declines as vehicle production and sales fell sharply. As the situation returns to normalcy, the market is expected to grow positively in the coming years.

Recent Developments

• In April 2021 Tech Mahindra Ltd has agreed to launch 'Stablecoin-As-A-Service' blockchain solutions with the Netherlands-based Blockchain technology application incubator Quantoz.
• In October 2020 Skoda Auto DigiLab has partnered with innovation management firm Lumos Labs and Microsoft to identify blockchain solutions in manufacturing. The collaboration intends to use its development expertise and digitization knowledge to identify problem statements for the startups to work on innovative blockchain-based solutions.

Global Automotive Blockchain Market Scope

The automotive blockchain market is segmented on the basis of application, provider, mobility type, technology type, propulsion, vehicle type and type. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Application

• Smart Contracts
• Supply Chain
• Financing
• Mobility Solutions
• Others

Provider

• Middleware Provider
• Infrastructure and Protocols Provider
• Application
• Solution Provider

Mobility Type

• Personal Mobility
• Shared Mobility
• Commercial Mobility

Technology type

• Open Block Chain
• Closed Block Chain
• Consortium Block Chain
• Hybrid Block Chain

Vehicle type

• Passenger Car
• Commercial Vehicle

Type

• Public
• Private
• Hybrid

Propulsion

• ICE
• Electric Vehicle

Automotive Blockchain Market Regional Analysis/Insights

The automotive blockchain market is analysed and market size insights and trends are provided by country of application, provider, mobility type, technology type, propulsion, vehicle type and type as referenced above.

The countries covered in the automotive blockchain market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

In terms of revenue share, the North American region dominated the global market. The presence of major players such as General Motors, Ford, and Tesla has contributed to regional growth. These firms were early adopters of emerging technologies and have strong presences in all major industry verticals.

Asia-Pacific region is expected to grow significantly during the forecast period as a result of increased government support for the adoption of innovative technologies across various industries, as well as rising investments from multinational corporations operating in this space.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Automotive Blockchain Market Share Analysis

The automotive blockchain market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to automotive blockchain market.

Some of the major players operating in the automotive blockchain market are:

• IBM Corporation (US)
• Microsoft (US)
• BASF SE (Germany)
• DSM (Netherlands)
• Oracle (US)
• Huawei Technologies Co., Ltd. (China)
• Bitfury Group Limited. (Netherlands)
• TIBCO Software Inc. (US)
• Applied Blockchain Ltd (US)
• Guardtime (Estonia)
• OARO (Canada)
• Peer Ledger Inc. (Canada)
• Venture Proxy Ltd. (UK)
• Datex Corporation (US)
• Omnichain Solutions (US)
• Amazon Web Services, Inc. (US)
• Bitnation.co (US)
• Blockverify (UK)
• BTL Group Ltd. (UK)
• Cambridge Blockchain, LLC (US)