DUBLIN, Oct. 24, 2018 /PRNewswire/ --

The "Automotive Blockchain Market by Application (Financing, Mobility Solutions, Smart Contract, Supply Chain), Provider (Application & Solution, Middleware, Infrastructure & Protocol), Mobility & Region - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The automotive blockchain market is projected to grow at a CAGR of 31.19% from 2020 to 2030, and the market size is projected to grow from USD 0.35 billion in 2020 to USD 5.29 billion by 2030.

The increasing need for transparency and immutability in the complex automotive ecosystem and significant testing of blockchain use cases in automotive applications are expected to play a significant role in the growth of the automotive blockchain market.

The smart contracts segment is projected to be the fastest growing segment in the automotive blockchain market, by application. Smart contracts have a significant number of applications in the automotive industry, such as title transfer, dealership management, and B2B contractual agreements. For example, in May 2017, smart contracts enabled Innogy SE to launch hundreds of blockchain-powered charging stations for electric cars across Germany through its e-mobility startup venture Share&Charge. The significant concept testing and implementations of blockchain-based smart contract in the automotive industry is expected to play a major role in the growth of this market for smart contracts.

In the automotive blockchain market, by provider, the application and solution provider segment is projected to hold the largest market share because of the introduction of technologically advanced blockchain solutions and the significant investments by OEMs and Tier I companies in the automotive blockchain in partnership with solution providers. Additionally, applications and solutions require higher costs to develop and maintain than middleware and platforms. Hence, the revenue generated by the application and solution providers is higher.

Personal mobility is projected to be the largest segment of the automotive blockchain market, by mobility type. Strong economic growth, increasing population, rapid urbanization, and growing purchasing power have triggered the demand for personal mobility across the globe. As passenger car production and sales constitute the largest share of the revenue generated by all industry participants, the applications of blockchain are also projected to generate maximum revenues from the production, sales, and services related to passenger cars or personal mobility. Additionally, leading OEMs and Tier I companies have started implementing blockchain to streamline their operations. For instance, in July 2017, automaker Renault unveiled a new digitized car maintenance log prototype built using blockchain.

The Americas region will be one of the early adopters of the blockchain technology for automotive applications and is estimated to be the major contributor to the automotive blockchain market over the forecast period. The growth will likely be driven by two key factors increasing demand for transparency and immutability in business operations and the significant investments by technology providers in the blockchain platform. In May 2018, SHIFTMobility revealed the world's first blockchain-powered platform for the automotive industry. The platform will help connect, understand, and harness the demand from the myriad of vehicles and supply chain apps, commerce channels, enhanced diagnostics, and transportation logistics for now and in the autonomous future. The major companies such as IBM, AWS, and Microsoft, which have their operating base in the Americas, have a major impact on the regional and global market. Also, the strong financial position of this region allows these countries to invest heavily in leading technologies such as automotive blockchain.

Asia Oceania is projected to be the fastest growing market for automotive blockchain. In the recent years, the region has emerged as a hub for automobile production. Strong economic growth, increasing population, rapid urbanization, and growing purchasing power has triggered the demand for automobiles in the region. The growing automotive industry in Asia Oceania is set to adopt the blockchain technology to increase transparency and combat frauds in the automotive sector. For instance, in 2015, Chinese conglomerate Wanxiang Group, one of the largest auto parts manufacturers, decided to invest USD 50.0 million in blockchain technology. Hence, these developments are expected to drive the growth of automotive blockchain in the region in the near future. Additionally, China and India, being the leading markets for mobility solutions, have the potential to integrate blockchain technology in ridesharing applications.

The key factors restraining the growth of the automotive blockchain market is the uncertainty over government regulations. The blockchain technology in automotive is still is in a nascent stage in the automotive industry, and the regulatory entities have always found it difficult to cope with these advancements in technology. As blockchain is decentralized, no single company or government can control the blockchain, thereby subjecting it to regulations. For example, the EU implemented the General Data Protection Regulation (GDPR) in May 2018. This regulation allows data privacy and EU citizens have the right to be forgotten. This contradicts with the immutability and decentralized nature of blockchain. Hence, there is a lot of ambiguity over regulations on the blockchain.

The automotive blockchain market is dominated by leading technology players such as IBM (US), Microsoft (US), BigchainDB (Germany), Tech Mahindra (India), and carVertical (Estonia).

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Automotive Blockchain - Global Market Trends
4.2 Automotive Blockchain Market, By Application
4.3 Automotive Blockchain Market, By Provider
4.4 Automotive Blockchain Market, By Mobility Type
4.5 Automotive Blockchain Market, By Country
4.6 Automotive Blockchain Market, By Region

5 Market Overview
5.1 Introduction
5.1.1 Types of Blockchain
5.1.1.1 Private Blockchain
5.1.1.2 Public Blockchain
5.1.1.3 Hybrid Blockchain
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Focus on Reducing Data Leaks and Manipulations
5.2.1.2 Faster Transactions
5.2.1.3 Reduced Operational Costs
5.2.2 Restraints
5.2.2.1 Uncertainty Over Regulations
5.2.3 Opportunities
5.2.3.1 Higher Adoption of Automotive Blockchain for Payments, Logistics and Transportation, and Usage-Based Insurance
5.2.3.1.1 Payments and Mobility Services
5.2.3.1.2 Logistics and Transportation
5.2.3.1.3 Usage-Based Insurance
5.2.3.2 Increasing Cryptocurrency Market Capital
5.2.4 Challenges
5.2.4.1 Concerns Over Security, Privacy, and Control
5.2.4.2 Gaining User Acceptance and Lack of Technical Expertise
5.2.4.3 Limited Scalability

6 Automotive Blockchain Market, By Application
6.1 Introduction
6.2 Smart Contracts
6.3 Supply Chain
6.4 Financing
6.5 Mobility Solutions
6.6 Others

7 Automotive Blockchain Market, By Provider
7.1 Introduction
7.2 Middleware Provider
7.3 Infrastructure and Protocols Provider
7.4 Application and Solution Provider

8 Automotive Blockchain Market, By Mobility Type
8.1 Introduction
8.2 Personal Mobility
8.3 Shared Mobility
8.4 Commercial Mobility

9 Automotive Blockchain Market, By Region
9.1 Introduction
9.2 Asia Oceania
9.2.1 Australia
9.2.2 China
9.2.3 India
9.2.4 Japan
9.2.5 Rest of Asia Oceania
9.3 Europe
9.3.1 France
9.3.2 Germany
9.3.3 UK
9.3.4 Spain
9.3.5 The Netherlands
9.3.6 Rest of Europe
9.4 Americas
9.4.1 Brazil
9.4.2 Canada
9.4.3 Mexico
9.4.4 US
9.4.5 Rest of Americas
9.5 Middle East and Africa (MEA)
9.5.1 Middle East
9.5.2 Africa

10 Competitive Landscape
10.1 Introduction
10.2 Automotive Blockchain: Top Players
10.3 Competitive Situation & Trends
10.3.1 Competitive Situation & Trends: New Product Developments Was the Most Widely Adopted Strategy
10.3.2 Supply Contracts/Collaborations/Partnerships/Joint Ventures
10.3.3 New Product Developments
10.3.4 Expansions/ Mergers & Acquisitions

11 Company Profiles
11.1 IBM
11.2 Accenture
11.3 Microsoft
11.4 Carvertical
11.5 Helbiz
11.6 Tech Mahindra
11.7 HCL Technologies
11.8 Xain
11.9 NXM Labs
11.10 Carblock
11.11 Cube
11.12 Context Labs
11.13 Shiftmobility
11.14 Bigchaindb
11.15 Dashride
11.16 Consensys
11.17 Foam
11.18 RSK Labs
11.19 GEM

For more information about this report visit https://www.researchandmarkets.com/research/9j72f6/global_automotive?w=5

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