The global automotive blockchain market accounted for a value of USD .3 billion in 2019 and is projected to register growth at a CAGR of 27.2% during forecast period.
COVID-19 has impacted the automotive blockchain market. Automotive market has experienced a major hit due to this pandemic and it is expected that after this pandemic, sales of vehicles will be primary concern for OEMs. Due to pandemic there was lockdown all over the world, the companies suffered shutdown because of which the production was stopped. The supply of raw material was on halt which has affected production immensely. Automotive blockchain market is expecting decline due to COVID-19.
For more details, visit: Global Automotive Blockchain Market By Type (Public, Private, Others), By Application (Supply Chain, Insurance, Others), By Provider (Middleware Provider, Others), By End-Users (OEMs, Others), By Region, Forecast & Opportunities to 2026
The investment in autonomous and connected vehicles is increasing. The demand for various types of mobility services is increasing such as vehicle rental, leasing, hailing, pooling etc. Blockchain allow car rental companies to manage their fleet by monitoring the maintenance of registered vehicles. The demand and adoption of automotive blockchain is increasing and drives growth in automotive blockchain market during forecast period.
On the basis of application, the automotive blockchain market is segmented into manufacturing, supplychain, insurance, financial transaction and others. The manufacturing segment is estimated to dominate the market during forecast period. The automotive parts and components can be damaged, steal or lost in delivery and the manufacturers could not take necessary measures to prevent it even after knowing about component. Blockchain helps the OEMs to follow up on the lost, steal or damaged components. This increases demand and adoption of automotive blockchain in manufacturing applications and drives growth in this segment during forecast period.
On the basis of type, the automotive blockchain market is segmented into public, private and hybrid. The private blockchain segment is estimated to be lead the market during forecast period. The adoption of blockchain technology is higher by private domain. The public blockchain has low scalability and high transaction costs and this makes the private blockchain highly preferred and drives growth in private blockchain segment during forecast period.
Asia-Pacific region is estimated to grow at highest rate during forecast period. The Asia-Pacific region has the biggest IT companies and automotive market around the world. The China and India are estimated to dominate the automotive blockchain market. China is the largest manufacturer of automotive vehicles and a major exporter of components of automotive. The demand and adoption for automotive blockchain is increasing and this drives growth in Asia-Pacific region in automotive blockchain market during forecast period.
The key market players in automotive blockchain industry are IBM, Accenture, Microsoft, Carvertical, helbiz, Tech Mahindra, HCL Technologies, Xain, NXM Labs, Carblock, Cube, Context Labs, Shiftmobility, Bigchaindb, Dashride, Foam, RSK Labs, GEM and Consensys.
- What are the expected industry trends over the next three to five years?
- Which of the automotive blockchain application is likely to lead by 2026?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2026?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?