Automotive Blockchain Market Size Worth USD 6.48 Billion in 2032 | Emergen Research

Vancouver, Nov. 21, 2023 (GLOBE NEWSWIRE) -- The global automotive blockchain market size is expected to reach USD 6.48 Billion in 2032 and register a steady revenue CAGR of 32.0% over the forecast period, according to the latest analysis by Emergen Research. Rising adoption of autonomous vehicles and connected car technologies is a key factor driving market revenue growth.

Blockchain technology, with its decentralized ledger and cryptographic features, facilitates quicker and more secure data management. This efficient data handling through blockchain empowers self-driving cars to analyze real-time traffic conditions, reduce accidents, identify optimal routes, and minimize travel time.

In addition, blockchain technology enables rapid and efficient bidirectional communication between vehicles and other infrastructure within urban and roadway systems. It has the capacity to establish a trustworthy network and facilitate highly secure peer-to-peer transactions. It is expected that by 2025, approximately 10% to 15% of connected vehicle transactions will be conducted via blockchain. Moreover, blockchain enhances the security of autonomous and interconnected vehicles by uniting manufacturers within a shared drive and test database, which stores information related to simulations, experiments, and system faults.

Request Free Sample Copy (To Understand the Complete Structure of this Report [Summary + TOC]) @ https://www.emergenresearch.com/request-sample/2485

However, in the automobile sector, blockchain technology is still in its infancy, and regulating bodies throughout the world have traditionally discovered it difficult to keep up with these developments. Since this technology is decentralized, no government, organization, or person can control the blockchain and impose rules on it.

Thus, lack of standardized protocols and interoperability among different automotive blockchain solutions and evolving regulatory framework is a key factor, which could restrain market revenue. For instance, India has not introduced specific legislation for the oversight of Virtual Currencies (VCs). Nonetheless, it has revised its income tax regulations to allow for the taxation of Virtual Digital Assets (VDAs), which includes VCs. The Proposed Bill is presently in the consultation phase, and government is expected to release a consultation paper. This marks the initial move toward regulating emerging and rapidly expanding blockchain, VDA, and Web3 industry.

This report forecasts revenue growth at a global, regional, and country level and provides an analysis of the Automotive Blockchain market trends in each of the sub-segments. The scope of the report can be defined as:

Scope of Research

Emergen Research is Offering Limited Time Discount (Grab a Copy at Discounted Price Now) @ https://www.emergenresearch.com/request-discount/2485

MAJOR COMPANIES and Market Share Analysis

The global automotive blockchain market is fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective database security.

•  Microsoft
• BigchainDB GmbH
• IBM
• SHIFTMobility Inc.
• Accenture
• Tech Mahindra Limited
• Gem
• HCL Technologies Limited
• NXM Labs, Inc.
• Consensys
• Helbiz
• Vechain Foundation San Marino S.r.l
• OriginTrail
• IOTA Foundation
• Avalanche

Strategic Development

On 8 June 2022, Volvo Cars made a financial investment in Circulor, a blockchain technology company, via its venture capital investment arm, the Volvo Cars Tech Fund. Over the past few years, Volvo Cars and Circulor collaborated to integrate blockchain technology, enhancing the traceability of cobalt utilized in batteries of their electric vehicles. Volvo Cars' investment in Circulor enables both entities to extend their efforts beyond cobalt, including exploring ways to enhance the traceability of mica, a mineral employed as insulation material in the battery packs of Volvo's Electric Vehicles (EVs).

Some Key Highlights from the Report

• The supply chain segment is expected to account for largest revenue share in the global automotive blockchain market during the forecast period. The supply chain segment is further sub segmented into vehicle tracking and provenance, parts and materials management, and counterfeit prevention. This is because issue of counterfeiting can be effectively resolved by confining all participants within a single supply chain. All automotive supply chains can be interconnected through a shared blockchain, enabling manufacturers to identify any deficiencies in their supply chain. Implementing blockchain in inbound logistics and smart manufacturing can enhance the efficiency of automotive supply chain.
• The personal mobility segment is expected to register steadily fast revenue growth rate in the global automotive blockchain market over the forecast period. This segment is further sub-segmented into passenger cars and motorcycles. The primary challenge in developing fleet management applications stems from the absence of a dependable data management system.
• The North America market is expected to account for largest revenue share in the global automotive blockchain market during the forecast period. This is attributed to increasing activities by key market players in countries in this region. For instance, on 18 May 2020, Prominent international automobile manufacturers, such as General Motors, Ford, BMW, Renault, and ZF, in collaboration with leading technology firms including Accenture, IBM, and Bosch, among others, have joined forces to commence trials aimed at exploring the applications of blockchain for enhancing transportation and mobility.

Direct Order Can Be Placed Through This Link [Exclusive Copy] @ https://www.emergenresearch.com/select-license/2485
For the purpose of this report, Emergen Research has segmented the global automotive blockchain market based on provider, application, mobility type, and region:

• Provider Outlook (Revenue, USD Billion; 2019–2032)
  • Application & solution providers
  • Infrastructure & protocol providers
  • Middleware providers
• Application Type Outlook (Revenue, USD Billion; 2019–2032)
  • Supply chain
    • Vehicle tracking and provenance.
    • Parts and materials management
    • Counterfeit prevention
  • Smart contracts
    • Vehicle financing
    • Usage-based insurance
    • Mobility services
  • Mobility solutions
    • Vehicle sharing
    • Ride-hailing
    • Autonomous vehicles
  • Other applications
    • Vehicle maintenance and repair
    • Data monetization
    • Cybersecurity
• Mobility Type Outlook (Revenue, USD Billion; 2019–2032)
  • Personal mobility
    • Passenger cars
    • Motorcycles
  • Shared mobility
    • Car sharing
    • Ride-hailing
  • Commercial mobility
    • Trucks
    • Buses
    • Fleets
• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • BENELUX
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Rest of LATAM
  • Middle East & Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Rest of Middle East & Africa

Browse Full Report Description + Research Methodology + Table of Content + Infographics@ https://www.emergenresearch.com/amp/industry-report/automotive-blockchain-market

Curated Reports You Shouldn't Miss: Dive In Now!

Electric Vehicle Charging Infrastructure Market By Provider (Charging Point Operator, E-Mobility Service Provider, Charging Hubs), By Charging Infrastructure (CCS, Chademo, Normal Charge, and Others), By Charging Level, By Vehicle Type, By Installation Type, By Application, and By Region Forecast to 2030

Automotive Adaptive Lighting Market By Product (Halogen Headlight, Xenon Headlight, LED Headlight, Others), By Application (Exterior Lighting, Interior Lighting), By Vehicle Type (Passenger Vehicles, Light Commercial vehicles, Trucks and Buses, Two-wheelers), and By Regions Forecasts to 2027

Mobility as a Service Market, By Vehicle Type (Bikes, Buses, Passenger Cars), By Propulsion Type, By Service, By Solution, By Application Platform, By Transportation, By Business Model, By Application, and By Region Forecast to 2030

Unmanned Ground Vehicle Market, By Mobility (Wheeled, and Others), By Operation Mode (Autonomous and Others), By System (Navigation Systems and Others), By Application (Military and Others) and By Region Forecast to 2030

Automotive Data Monetization Market Size, Share, Trends, By Type (Direct, Indirect), By Deployment Type (On-Premises, Cloud), By End-use (Insurance, Government, Predictive Maintenance, Mobility as a Service (MaaS)), and By Region Forecast to 2028

About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy.

Contact Us:

Eric Lee

Corporate Sales Specialist

Emergen Research | Web: https://www.emergenresearch.com/

Direct Line: +1 (604) 757-9756

E-mail: sales@emergenresearch.com

Explore Our Blogs and Insights Section: https://www.emergenresearch.com/insights

Read our Press Release @ https://www.emergenresearch.com/amp/press-release/global-automotive-blockchain-market