Automotive Blockchain Market Size Valued at USD 6.48 Billion in 2032

Increasing efforts to combat counterfeit automotive parts through blockchain-based authentication is a major factor driving revenue growth in automotive blockchain market

Vancouver, Nov. . Increasing adoption of autonomous vehicles and connected car technologies is a key factor driving market revenue growth.

Blockchain technology, with its decentralized ledger and cryptographic features, facilitates faster and more secure data management. This efficient data handling through blockchain empowers self-driving cars to analyze real-time traffic conditions, reduce accidents, identify optimal routes and reduce travel time.

In addition, blockchain technology enables fast and efficient two-way communication between vehicles and other infrastructure within urban and road systems. It has the ability to establish a trusted network and facilitate highly secure peer-to-peer transactions. It is expected that by 2025, approximately 10% to 15% of connected vehicle transactions will be conducted via blockchain. In addition, blockchain improves the security of autonomous and interconnected vehicles by uniting manufacturers within a shared driving and testing database, which stores information related to simulations, experiments and system failures.

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However, in the automotive sector, blockchain technology is still in its infancy, and regulatory bodies around the world have traditionally found it difficult to keep up with these developments. Since this technology is decentralized, no government, organization or person can control the blockchain and impose rules on it.

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Thus, lack of standardized protocols and interoperability between different automotive blockchain solutions and evolving regulatory framework is a key factor that may limit market revenue. For example, India has not enacted specific legislation for the supervision of virtual currencies (VCs). Nevertheless, it revised its income tax regulations to allow for the taxation of virtual digital assets (VDAs), which includes VCs. The proposed bill is currently in the consultation phase, and the government is expected to release a consultation document. This marks the initial move towards the regulation of emerging and rapidly growing blockchain, VDA and Web3 industries.

This report forecasts revenue growth on a global, regional, and country level and provides an analysis of the Automotive Blockchain market trends in each of the sub-segments. The scope of the report can be defined as:

Scope of research

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MAJOR COMPANIES and Market Share Analysis

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 and acquisitions, strategic agreements and contracts, developing, testing and introducing more effective database security.

Strategic Development

On June 8, 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 have worked together to integrate blockchain technology, which has improved the traceability of cobalt used in batteries of their electric vehicles. Volvo Cars’ investment in Circulor enables both entities to expand their efforts beyond cobalt, including exploring ways to improve the traceability of mica, a mineral used as an insulating material in the battery packs of Volvo’s electric vehicles (EVs). to be improved.

Some key highlights from the report

The supply chain segment is expected to account for the largest revenue share in the global automotive block chain market during the forecast period. The supply chain segment is further subdivided into vehicle tracking and provenance, parts and materials management, and counterfeit prevention. This is because the issue of counterfeiting can be effectively solved by restricting all participants within a single supply chain. All automotive supply chains can be linked together through a shared blockchain, allowing manufacturers to identify any shortfalls in their supply chain. The implementation of blockchain in inbound logistics and smart manufacturing can improve the efficiency of the automotive supply chain.

The personal mobility segment is expected to register a constant rapid growth rate in revenue in the global automotive blockchain market over the forecast period. This segment is further subdivided into passenger cars and motorcycles. The primary challenge in developing fleet management applications stems from the absence of a reliable data management system.

The North American market is expected to account for the largest revenue share in the global automotive blockchain market during the forecast period. This is attributed to increasing activities by key market players in countries in this region. For example, on May 18, 2020, prominent international car manufacturers such as General Motors, Ford, BMW, Renault and ZF, in collaboration with leading technology firms including Accenture, IBM and Bosch, among others, joined forces to begin trials aimed at exploring the applications of blockchain for improving transport and mobility.

Direct order can be placed through this link [Exclusive Copy] @ https://www.emergenresearch.com/select-license/2485For the purpose of this report, Emergen Research has segmented the global automotive blockchain market based on vendor, application, mobility type and region:

Supplier Outlook (Revenue, Billion Dollars; 2019–2032)

Application Type Outlook (Revenue, Billion USD; 2019–2032)

Supply chain

Smart contracts

Vehicle financing

Usage-based insurance

Mobility Services

Mobility solutions

Vehicle sharing

Ride-large

Autonomous vehicles

Other applications

Mobility Type Outlook (Revenue, Billion USD; 2019–2032)

Personal mobility

Passenger cars

Motorcycles

Shared mobility

Commercial mobility

Regional Outlook (Revenue, Billion Dollars; 2019–2032)

North America

Europe

Germany

UK

France

Spain

BENELUX

Rest of Europe

Asian Pacific Ocean

China

In the

Japan

South Korea

Rest of APAC

Latin America

Middle East and Africa

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