Popularity of Car Sharing to Affect Automotive Blockchain Market
The global automotive blockchain market is predicted to have an admirable growth at an impressive 21% CAGR over the estimated years (2018-2025). Blockchain has impacted almost every domain and vertical of the industry and this also includes the automobile sector. Various automotive industry operations with the help of blockchain technology such as servicing of vehicles, finance, selling, marketing, distribution, production and design will become flexible which in turn will contribute effectively to the automotive industry growth. Scalability, auditability and real-time monitoring are the main factors that are favoring blockchain technology for being used in autonomous vehicles, cybersecurity and connected cars.
There are ample factors that is boosting the growth of the automotive blockchain market. These factors as stated by the Market Research Future (MRFR) report include growing demand for immutability and transparency in complex automotive ecosystems, testing of blockchain use cases in various automotive applications, increasing emphasis on reducing data leaks or data manipulations, decreased overall cost of ownership and faster transactions. The additional factors that are driving the market growth include increase in on-demand services and e-mobility, popularity of ride/car sharing amid young urban consumers, rising sales of automobiles worldwide and reduced operational cost. On the contrary, lack of technical expertise, limited scalability, concerns associated to privacy, security and control and uncertain government regulations are factors that may restrict the automotive blockchain market growth over the estimated years.
MRFR report offers a wide segmental analysis of the automotive blockchain market on the basis of application, technology type, provider, vehicle type and propulsion.
Based on technology, the automotive blockchain market is segmented into hybrid blockchain, consortium blockchain, closed blockchain and open blockchain.
Based on application, the automotive blockchain market is segmented into mobility solutions, financing, supply chain, smart contracts and others. Of these, mobility solutions will have the largest share in the market over the estimated years.
Based on provider, the automotive blockchain market is segmented into application and solution provider, infrastructure and protocols provider and middleware provider. Of these, application and solution provider will dominate the market over the estimated years.
Based on propulsion, the automotive blockchain market is segmented into electric vehicle and ICE. The electric vehicle is again segmented into plug-in hybrid electric vehicles (PHEV), hybrid electric vehicles (HEV) and battery electric vehicle (BEV).
Based on vehicle type, the automotive blockchain market is segmented into commercial vehicle and passenger car. Of these, passenger car will lead the market over the estimated years.
By region, the automotive blockchain market covers growth opportunities and latest trends across Rest of the World, Asia Pacific, Europe and North America. Of these, the APAC region will outweigh others in the market over the estimated years. This is owing to increasing use of blockchain technology in the automotive sector for increasing trust and transparency amid enterprises and users. Besides, increased production as well as sales of electric cars is predicted to drive the demand for automotive blockchain in this region. Moreover, the increasing use of blockchain technology especially in ridesharing applications in India and China will augment the growth of the market. The automotive blockchain market in North America is predicted to develop at a significant rate over the estimated years owing to increasing deployment of blockchain technology in commercial vehicles in Canada and the US.
Leading players profiled in the automotive blockchain market include XAIN (Germany), HCL Technologies (India), Tech Mahindra (India), RSK Labs (Argentina), ShiftMobility (US), Helbiz (US), carVertical (Estonia), BigchainDB GmbH (Germany), Microsoft Corporation (US), and IBM Corporation (US).
May 2019- Vinturas will soon launch a blockchain-based digital platform for offering automotive end-to-end supply chain visibility. This move will help in addressing various cross-border process problems namely lack of transparency and artificially altered mileage via digitalizing every supply chain facet right from the factory up to the dealer. The company has also partnered with IBM and Grant Thornton, the former for their blockchain technology and the latter for blockchain expertise, advisory, legal, and auditing.