CHICAGO, October 12, 2018 /PRNewswire/ --
According to the new market research report "Automotive Blockchain Market by Application (Financing, Mobility Solutions, Smart Contract, Supply Chain), Provider (Application & Solution, Middleware, Infrastructure & Protocol), Mobility (Personal, Shared, Commercial) and Region - Global Forecast to 2030", published by MarketsandMarkets, the Automotive Blockchain Market is projected to grow to USD 5.29 billion by 2030 from USD 0.35 billion in 2020, at a CAGR of 31.19% during the forecast period.
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The requirement for decentralized business transactions and increasing blockchain applications in the automotive industry are expected to drive the market for automotive blockchain. Additionally, increasing focus toward data transparency and immutability will be critical for the growth of this market in the coming years.
Supply chain to be the largest market, by application, in the Automotive Blockchain Market
The automotive blockchain has the ability to streamline supply chain processes significantly, especially regulatory, quality control, and compliance approval related processes. In developing countries, such as China and India, where automotive industry still follows the traditional approach for business transactions, blockchain is expected to play an important role in simplifying the supply chain of the automotive industry. Further, the increasing production and sales of automobiles will require monitoring of the supply chain, which will drive the demand for supply chain applications of the blockchain in the automotive industry.
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Shared mobility to be the fastest growing market for automotive blockchain, by mobility type
Shared mobility is projected to be the fastest growing segment in the Automotive Blockchain Market, by mobility type, during the projected period. To manage significant migration in urban areas and to reduce emissions, many countries such as the US, China, India, France, and Germany are focusing on shared mobility. Shared mobility requires a decentralized integrated digital platform used for end-to-end trip planning, renting, booking, e-ticketing, and payment services. The blockchain helps execute fast and secure transactions related to every aspect of the shared mobility. OEMs and automotive industry-related companies have announced blockchain-based pilot projects for a diverse set of use cases in shared mobility. In September 2017, German supplier ZF and IBM announced Car eWallet a payment technology targeting future mobility services. With the rise in popularity of ride hailing and other related mobility-on-demand services, the requirement for driver and passenger authentication, security management, and payments will increase. These are some of the best applications where blockchain technology can ensure transparency and data integrity. Hence, the growing demand for ride hailing services is projected to drive the market for the automotive blockchain.
Americas is estimated to be the leading market for automotive blockchain
The automotive and transportation industry forms the backbone of the Americas' economy. The automotive industry in the Americas region is the second largest in the world for premium vehicle sales and production. The market is dominated by domestic OEMs such as the Ford Motor Company (US) and General Motors (US) along with established European and Japanese OEMs. Many companies are testing the use cases of blockchain in various automotive applications to manage such an advanced automotive industry and its connected ecosystem. For instance, the United States' fourth largest mobile network operator Sprint and a blockchain start-up NXM Labs have decided to launch a 5G connected car platform powered by blockchain technology. 54 million US customers of Sprint will use this platform to provide passengers with mobile Wi-Fi and vehicle health monitoring. In May 2018, SHIFTMobility revealed the world's first blockchain-powered platform for the automotive industry. The US also happens to be one of the largest used-vehicles markets in the world, and blockchain applications such as title transfer, insurance, and smart contracts are in demand. Such potential use cases are expected to drive the market for automotive blockchain. The above-mentioned factors, coupled with an increasing demand for transparency and immutability in business operations and the presence of technology players, will drive the growth of the Automotive Blockchain Market in the Americas.
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The companies profiled in the report include IBM (US), Microsoft (US), carVertical (Estonia), Tech Mahindra (India), SHIFTMobility (US), BigchainDB (Germany), RSK Labs (Argentina), NXM Labs (US), XAIN (Germany), and others.
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