Global Automotive Blockchain Market was valued US$ xx Million and expected to reach US$ XX Million by 2027 at a CAGR of xx% during the forecast period.
Global Automotive Blockchain Market Definition:
Automotive Blockchain technology is a decentralized and distributed ledger that stores, monitors the data related to the various processes of automobile manufacturing, channel management, and after-sales. Blockchain technologies in manufacturing are related to supply chain integration, traceability & optimization, and B2B agreements. Channel management blockchain technology includes dealership management, vehicle history tracking, insurance contracts, and financing & payments technologies. After-sales blockchain technology is related to maintenance, ride sharing, connected vehicles, secondary market, auto leasing, etc.
The report covers an in-depth analysis of COVID 19 pandemic impact on Global Automotive Blockchain Market by region and on the key players’ revenue affected till July 2020 and expected short term and long-term impact on the market.
Global Automotive Blockchain Market
To know about the Research Methodology :- Request Free Sample Report
Global Automotive Blockchain Market Dynamics
Blockchain technologies in the automotive domain are in nascent stages however gradually with improvement in awareness, the market is expected to scale up during the forecasted period.
Automotive Blockchain technology is expected to influence the current business models of automotive manufacturers, supply chain participants, insurance companies, maintenance service providers, auto leasing & financing companies, and on-demand mobility service providers. The ability of the automotive blockchain technology to reduce the operating cost incurred to automotive manufacturers by supply chain optimization, data integration, and smart supplier contracts is anticipated to influence the technology adoption on the supply side of the market. Reduction in the time length of the net operating cycle with the blockchain technologies associated with the financing and payments is expected to influence the cash flows and bottom line of the manufacturers, the benefits of which can be passed on to the end-user segment. These are the key driving factors for the global automotive blockchain market growth. For instance, ARXUM is a German start-up working in the field of supply chain management blockchain technologies.
Blockchain technologies in the financing of vehicles, execution of financial transactions, vehicle ownership transfer, and insurance contracts are expected to reduce the vehicle ownership prices benefiting the end-user segment and boosting the demand of block chain technology from global automotive industry participants. The transparency achieved through the block chain technology that is able to communicate the vehicle usage history will profit the secondary market for used vehicles. This is the contributing factor to the growth in demand for automotive blockchain technologies. For instance, VINchain is a start-up providing services to insurance companies to prevent counterfeit insurance claims and provide usage-based insurance to end-users.
Integration of data and real-time tracking of the connected vehicles achieved through the block chain technologies is key development that could potentially eliminate accidents, traffic congestions and make autonomous vehicles more efficient. For example, Cube is the block chain company working on the security concerns of autonomous vehicles. The monetary gains achieved from the innovations in real-time tracking block chain technologies related to fleet optimization is expected to be the driving force for the adoption in commercial mobility and On-demand mobility sectors.
Lack of standardized regulations in the context of block chain technology and limited human resource with technical expertise are acting as a restricting factor for large scale adoption. The potential threats regarding the technology are unknown and therefore, have delayed the block chain regulations.
Global Automotive Blockchain Market Segment Analysis
The smart contract segment is expected to be the largest contributing segment to the Global Automotive Blockchain Market and forecasted to grow with a CAGR of xx% during the forecast period. The wide spectrum of end-user segments that smart contract block chain technologies can address ranging from customer to manufacturers is anticipated to be the factor for the supremacy. Smart contracts between customer & manufacturers on ownership rights transfer, smart contracts between manufacturer & dealer for dealership management are expected to play a vital role on the demand side of the market. The incremental concept testing of the smart contract blockchain technologies and the scalability of the technology facilitates the growth of the segment. Insurance contracts and B2B contractual agreements are expected to contribute to the growth in the smart contract segment.
Global Automotive Blockchain Market Regional Analysis
North America is expected to be the dominating region in the Global Automotive Blockchain Market and forecasted to grow with a CAGR of xx% during the forecast period. Presence of major companies like IBM, Microsoft and the involvement of a consortium named Mobility Open Blockchain Initiative (MOBI) for the development of standards with respect to smart mobility block chain is expected to accelerate the adoption of the technology in the region. Private sector investment in the region for the development of block chain technologies is anticipated to influence the Automotive Blockchain Market in the region.
Asia Pacific is expected to be the fastest-growing region in the Global Automotive Blockchain Market and forecasted to grow with a CAGR of xx% during the forecast period. The economic growth and urbanization have bestowed the region with greater purchasing power making the Asia Pacific a lucrative market for the automotive block chain technologies in the sector of on-demand mobility. The increasing population has supplemented the growth of the mobility sector and blockchain technologies are expected to influence the business models of the automotive industry in the region. For instance, Toyota launched Toyota Blockchain Lab in April 2019.
Global Automotive Blockchain Market1
Global Automotive Blockchain Market Competitive Landscape
The MMR reports cover key developments in the balance shaft market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product approvals product launches, and others. Inorganic growth strategies activities witnessed in the balance shaft market were mergers & acquisitions and collaborations & partnership.
The objective of the report is to present a comprehensive analysis of the Global Blockchain Market to the stakeholders in the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Blockchain Market dynamics, structure by analyzing the market segments and project the Global Blockchain Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Blockchain Market make the report investor’s guide.
For More Information Visit :
Scope of Global Automotive Blockchain Market: Inquire before buying
Global Automotive Blockchain Market, by Applications
• Smart Contracts
• Supply Chain
• Mobility Solutions
Global Automotive Blockchain Market, by Type
• Public Blockchain
• Private Blockchain
• Hybrid Blockchain
Global Automotive Blockchain Market, By Provider
• Middleware Provider
• Infrastructure and Protocols Provider
• Application and Solution Provider
Global Automotive Blockchain Market , by Region
• North America
• South America
• Middle East & Africa
Global Automotive Blockchain Market Major Players
• IBM Corporation
• Accenture PLC
• Microsoft Corporation
• Tech Mahindra Ltd.
• Ripple Labs Inc.
• XAIN AG
• ShiftMobility Inc.
• Helbiz Mobility System PTE Ltd.
• BigchainDB GmbH
This Report Is Submitted By : Maximize Market Research Company
Customization of the report:
Maximize Market Research provides free personalized of reports as per your demand. This report can be personalized to meet your requirements. Get in touch with us and our sales team will guarantee provide you to get a report that suits your necessities.
About Maximize Market Research:
Maximize Market Research provides B2B and B2C research on 20,000 high growth emerging opportunities & technologies as well as threats to the companies across the Healthcare, Pharmaceuticals, Electronics & Communications, Internet of Things, Food and Beverages, Aerospace and Defense and other manufacturing sectors.