Automotive Blockchain Market Industry Size, Scope, Competitive Landscape and Growth by Forecast to 2032
automotive blockchain market is revving its engine for significant growth, projected to reach USD 6.48 Billion by 2032
VANCOUVER, BRITISH COLUMBIA, CANADA, July 1, 2024 /EINPresswire.com/ -- The global automotive blockchain market is revving its engine for significant growth, projected to reach USD 6.48 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 32.0% during 2022-2032 Emergen Research. This surge is fueled by a confluence of factors, including:
Rising demand for transparency and immutability: Complex supply chains and concerns over counterfeit parts necessitate a secure and transparent system for tracking parts and materials. Blockchain's inherent tamper-proof nature offers an ideal solution.
Securing connected vehicles: The growing number of cyberattacks targeting connected vehicles necessitates robust security measures. Blockchain can play a vital role in safeguarding sensitive data and preventing unauthorized access.
Autonomous vehicles and car sharing: As autonomous vehicles and car-sharing services gain traction, secure and efficient data management becomes paramount. Blockchain can facilitate secure communication between vehicles and infrastructure, enabling seamless autonomous operation and car-sharing experiences
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Market Landscape: Trends and Opportunities
The automotive blockchain market is witnessing a surge in collaborations between major Original Equipment Manufacturers (OEMs), technology companies, and innovative startups. This collaborative approach is accelerating the development and adoption of blockchain solutions across the automotive ecosystem.
Key Market Insights:
By application, the smart contracts segment is anticipated to witness the fastest growth due to its ability to automate complex transactions and streamline processes.
Geographically, North America is expected to dominate the market initially due to the presence of major automotive players and a high concentration of early adopters of blockchain technology.
SWOT Analysis: Understanding the Competitive Landscape
Strengths:
Enhanced security and transparency
Improved efficiency and traceability
Streamlined data management
Potential for innovative business models
Weaknesses:
Scalability challenges for large-scale deployments
Regulatory uncertainties
Integration complexity with existing systems
Lack of industry-wide standards
Opportunities:
Growing adoption of connected and autonomous vehicles
Rise of car-sharing and ride-hailing services
Increasing focus on data security and privacy
Development of new blockchain applications for the automotive industry
Threats:
Fluctuations in cryptocurrency prices
Potential security vulnerabilities in blockchain platforms
Resistance to change from established industry players
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Strategic Developments and M&A Activity
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).
Automotive Blockchain Top Companies and Competitive Landscape
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.
Some major players included in the global automotive blockchain market report are:
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
Automotive Blockchain Market Segment Analysis
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
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