Automotive Blockchain is considered as a continuously expanding list of records, which are linked together using cryptography. It is used to record & stores data for further processes related to automobile. It includes various processes for instance smart contracts, Internet-of-Things (IoT) along with other processes involved in car sales, warranty claim processing, service and other related processes. The automotive related data stored in a Blockchain is reliable and cannot be hampered by the users of the system therefore providing safer or securer data to its customers. Moreover, it helps the seller and buyer to avoid middlemen or third parties to involve in transactions or other processes.
According to study, “Automotive Blockchain Market by Application (Financing, Mobility Solutions, Smart Contracts, and Supply Chain), Provider (Application & Solution, Middleware, and Infrastructure & Protocol), and Mobility (Personal Mobility, Shared Mobility, and Commercial Mobility): Global Opportunity Analysis and Industry Forecast, 2020-2030”. Some of the key companies operating in the global Automotive Blockchain market are Accenture, Car Block, Helbiz, Carvertical, HCL Technologies, Microsoft, NXM Labs, IBM, Tech Mahindra, and Xain. The key players operating have made innovations & developments in the field of Automotive Blockchain thus offering variety of services to the vehicle users globally.
Based on mobility, Automotive Blockchain market is segmented into shared mobility, personal mobility and commercial mobility. Personal mobility segment dominates the market owing to growth in population & increase in purchasing power, strong economic growth and rapid urbanization. Based on provider, market is segmented into infrastructure & protocol, middleware and application & solution. In addition, based on application, market is segmented into mobility solutions, financing, supply chain and smart contractors. Smart contracts have a substantial number of applications in the automotive industry, such as management, title transfer, dealership and Business-to-Business (B2B) contractual agreements.
The automotive Blockchain market is driven by increase in e-mobility and on-demand services, followed by growth in sales of automobiles globally, increase in popularity of car/ride sharing among young urban consumers, rise in need for faster transaction and reduced operational cost. However, uncertainty over regulations may impact the market. Moreover, growth in development of new business models for automotive aftermarket, rise in adoption of Blockchain for logistics & transportation, and increase in vehicle recall optimization are key opportunities for market.
Based on geography, the Automotive Blockchain market is segmented into North America, Asia-Pacific, Europe, and the rest of the world. Asia-Pacific region is a leading region in global market owing to rise in adoption of Blockchain technology in automotive to increase build trust & transparency between users and enterprises. Moreover, growth in production and sales of electric vehicles, are anticipated to boost the demand for Automotive Blockchain in this region. Whereas, the North-America region is likely to grow at significant rate due to high instances of deployment of Blockchain technology in commercial vehicles over the forecast period. In near future, it is estimated that the market will be reached at rapid pace because of rise in demand for better & efficient medium to store data and rise in awareness among consumers during the forecast period.
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Ankur Gupta, Head Marketing & Communications