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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