Pune, India, March 09, 2022 (GLOBE NEWSWIRE) -- The automotive blockchain market size was valued at USD 0.35 billion in 2020. The market is forecast to rise from USD 0.37 billion in 2021 to USD 2.84 billion by 2028 at 33.8% CAGR from 2021 to 2028. Fortune Business Insights™ has deep-dived into these insights in its latest research report titled, “Automotive Blockchain Market, 2021-2028.”
According to the analysis, automotive blockchain has fueled the trend with the rising penetration of autonomous vehicles. OEMs and automakers are likely to exhibit traction for better quality control as venture capitalists boost their portfolio. While the footfall of crypto-currency and blockchain-as-a-service (BaaS) is likely to surge, the emergence of the COVID-19 pandemic could bring a paradigm shift.
Key Industry Developments
April 2021: UNA Blockchain rolled out a blockchain ecosystem to lead the automotive industry.
June 2021: Daymak, a Canada-based EV company, announced the launch of the crypto mining vehicle “the Daymak Spiritus.”
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 33.8% |
| 2028 Value Projection | USD 2.84 Billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 0.37 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 200 |
| Segments covered | Smart Contracts, Supply Chain, Financing, Mobility Solutions, Others |
| Growth Drivers | Industry players expect sophisticated blockchain technology to set the trend in the automotive sector. |
| Stakeholders project the U.S. and Canada to provide lucrative opportunities for companies. An influx of funds into the technology will foster the North America automotive blockchain market growth. | |
| The report sheds light on quantitative and qualitative assessments to offer a holistic view of the global market. |
Segments:
Application, Provider, Mobility Type, and Region are Studied
In terms of application, the market is segmented into supply chain, smart contracts, mobility solutions, financing, and others.
Based on provider, the market is fragmented into infrastructure and protocols, middleware, and application & solution.
With respect to mobility type, the market is segregated into shared mobility, personal mobility, and commercial mobility.
On the basis of region, the market is studied across North America, Asia Pacific, Europe, and the rest of the world.
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Report Coverage:
The report highlights bottom-up and top-down approaches to provide a comprehensive view of product mapping. The report sheds light on quantitative and qualitative assessments to offer a holistic view of the global market. Further, primary sources, such as interviews with opinion leaders and other stakeholders, have also been delved upon. The report also uses secondary sources, including website reports, SEC filings, and press releases.
COVID-19 Impact:
Changing Dynamics amidst Pandemic to Influence Growth Outlook
The COVID-19 pandemic had a significant impact on the automotive sector, with manufacturing and demand witnessing a major disruption. Industry players grappled with a dip in the production of vehicles from 2020 through 2021. Meanwhile, stakeholders are optimistic about the growth prospect, prompting companies to inject funds into automotive blockchain solutions.
Drivers and Restraints:
Streamlining of Records and Data to Foster Blockchain Adoption
Industry players expect sophisticated blockchain technology to set the trend in the automotive sector. The advent of blockchain solutions has played an invaluable role in reducing operational costs. The automakers have upped investments in shared and personal mobility. Soaring demand for smart contracts and mobility solutions will fuel the automotive blockchain market share. A gradual rise in vehicle sales along with burgeoning urbanization will encourage investments across advanced and emerging economies.
However, ambiguous regulations and potential hesitancy from end-users may not bode well for the industry outlook.
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Regional Insights:
North America to Remain at Helm with Rising Trend for Smart Products
Stakeholders project the U.S. and Canada to provide lucrative opportunities for companies. An influx of funds into the technology will foster the North America automotive blockchain market growth. Besides, the presence of leading companies, including IBM, AWS, and Microsoft will leverage the industry growth over the next few years.
The Asia Pacific market forecast will be strong due to investments in electric vehicles across China, Japan, and India. Expanding penetration of ridesharing amidst the growing trend for shared mobility will underpin the business outlook over the next few years.
Competitive Landscape:
Stakeholders Focus on Product Launches to Gain Competitive Edge
Leading companies are slated to infuse funds into product launches, mergers & acquisitions, technological advancements, and R&D activities. Prevailing trends indicate leading companies are slated to focus on geographical expansion during the forecast period.
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Major Players Profiled in the Market Report:
- Microsoft (Washington, U.S.)
- BigchainDB GmbH (Berlin, Germany)
- IBM Corporation (New York, U.S.)
- ShiftMobility Inc. (California, U.S.)
- Accenture (Dublin, Ireland)
- Tech Mahindra Limited (Pune, India)
- GEM (California, U.S.)
- HCL Technologies Limited (Noida, India)
- NXM Labs, Inc. (California, U.S.)
- CONSENSYS (New York, U.S.)
Major Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Merger, Acquisitions, and Partnerships
- Distribution Analysis
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Impact of COVID-19
- Global Automotive Blockchain Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Application
- Smart Contracts
- Supply Chain
- Financing
- Mobility Solutions
- Others
- Market Analysis, Insights and Forecast – By Provider
- Middleware
- Infrastructure and Protocols
- Application and Solution
- Market Analysis, Insights and Forecast – By Mobility Type
- Personal Mobility
- Shared Mobility
- Commercial Mobility
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Automotive Blockchain Market Analysis, Insights and Forecast, 2017-2028
TOC Continued…!
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