Increasing efforts to combat counterfeit automotive parts through blockchain-based authentication is a major factor driving Automotive Blockchain market revenue growth
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.
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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
|Market Size in 2022||USD 0.40 Billion|
|Revenue Forecast To 2032||USD 6.48 Billion|
|Base Year For Estimation||2022|
|Quantitative Units||Revenue in USD Billion and CAGR in % from 2023 to 2032|
|Report Coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments Covered||Provider, application, mobility type, and region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Country Scope||U.S., Canada, Mexico, Germany, UK, France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, and Rest of Middle East & Africa|
|Key Companies Profiled||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 and Avalanche|
|Customization Scope||10 hours of free customization and expert consultation|
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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.
- BigchainDB GmbH
- SHIFTMobility Inc.
- Tech Mahindra Limited
- HCL Technologies Limited
- NXM Labs, Inc.
- Vechain Foundation San Marino S.r.l
- IOTA Foundation
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.
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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
- Autonomous vehicles
- Other applications
- Vehicle maintenance and repair
- Data monetization
- Supply chain
- Mobility Type Outlook (Revenue, USD Billion; 2019–2032)
- Personal mobility
- Passenger cars
- Shared mobility
- Car sharing
- Commercial mobility
- Personal mobility
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- North America
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