According to the report published by Zion Market Research, global demand for automotive blockchain market was valued at approximately USD 394.5 Million in 2019, and is expected to generate revenue of around USD 2,481.3 Million by end of 2026, growing at a CAGR of around 29.2% between 2020 and 2026.
Global Automotive Blockchain Market: Overview
Automotive blockchain has various advantages, such as reduced overall ownership cost, speedy transactions, and rise in the focus on lowering manipulations and data leaks. Thus, this technology is being adopted by various market players to simplify their business processes along with creating stability and transparency. The demand and popularity of the automotive blockchain market on a global scale can be attributed to the growing market capital of cryptocurrency and increasing adoption rate of automotive blockchain for usage-based insurance, transportation and logistics, and payments.
Global Automotive Blockchain Market: Growth Factors
The major growth drivers in the global automotive blockchain market are the reduced overall ownership cost, speedy transactions, and rise in the focus on lowering manipulations and data leaks. Owing to substantial developments, such as the growing need for stability and better transparency in complex automotive ecosystems and testing blockchain use cases, the automobile industry across the world is growing by leaps and bounds. The global automobile industry is fuelled by increasing automobile production as a result of growing population, improved economic condition, increased purchasing power of the population, and rapid urbanization. This, in turn, is anticipated to drive the global automotive blockchain market over the estimated timeframe.
However, uncertain government regulations regarding automotive blockchain technology due to the nascent stage of the automotive blockchain market globally might limit this market on a global scale over the estimated time period. Other restraining factors include concerns related to control, security, and privacy, limited scalability, and the lack of technical expertise.
Global Automotive Blockchain Market: Segmentation
The global automotive blockchain market is classified into application, mobility type, and provider. By application, this market includes supply chain, smart contracts, mobility solutions, financing, and others (IoT, safety and security, insurance, and fleet management). Based on mobility type, this global market is segmented into commercial mobility, shared mobility, and personal mobility. On the basis of provider, this market is divided into application and solution provider, infrastructure and protocols provider, and middleware provider.
Global Automotive Blockchain Market: Regional Analysis
The global automotive blockchain market is classified into Europe, North America, the Middle East and Africa, Latin America, and Asia Pacific. The Asia Pacific region is likely to register the fastest rate of growth in the automotive blockchain market over the estimated time period. This can be attributed to the region’s increasing automobile production as a result of growing population, improved economic condition, increased purchasing power of the population, and rapid urbanization. This, in turn, is likely to drive the automotive blockchain market in the upcoming years, as the automotive industry is ready to adopt blockchain technology for combatting frauds and increasing transparency. China and India are anticipated to be the leading market contributors in this regional market. North America is projected to emerge as the major contributor to the global automotive blockchain market in the years to come. This is due to the region being a pioneer in adopting the blockchain technologies for varied automotive applications, such as stability of business operations, improved transparency, etc.
Global Automotive Blockchain Market: Competitive Players
Some of the most important market players in the global automotive blockchain market include Microsoft, carVertical, Gem, RSK Labs, FOAM, Consensys, Cube, BigchainDB, Context Labs, SHIFTMobility, CarBlock, NXM Labs, XAIN, Tech Mahindra, Helbiz, HCL Technologies, Dashride, Accenture, and IBM, among others.
Global Automotive Blockchain Market: Regional Segment Analysis
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
The major growth drivers in the global automotive blockchain market are the reduced overall ownership cost, speedy transactions, and rise in the focus on lowering manipulations and data leaks.
According to Zion Market Research, global demand for automotive blockchain market is expected to generate revenue of around USD 2,481.3 Million by end of 2026, growing at a CAGR of around 29.2% between 2020 and 2026.
The Asia Pacific region is likely to register the fastest rate of growth in the automotive blockchain market over the estimated time period. This can be attributed to the region’s increasing automobile production as a result of growing population, improved economic condition, and increased purchasing power of the population.
Some main participants of the automotive blockchain market are Microsoft, carVertical, Gem, RSK Labs, FOAM, Consensys, Cube, BigchainDB, Context Labs, SHIFTMobility, CarBlock, NXM Labs, XAIN, Tech Mahindra, Helbiz, HCL Technologies, Dashride, Accenture, and IBM, among several others
