The global Blockchain technology market by Market Research Future (MRFR) provides extensive coverage by analyzing niches, trends, and opportunities for the period of 2018 to 2025 (forecast period). The COVID-19 pandemic and its effects on the economic environment and its implications on the automotive industry are explored in full detail. The use of block-chain for decentralizing legacy silos in processes and expediting the entire production is of pivotal use in times of high consumer demand. Various operations in the automotive sector can be rapidly accelerated and eliminate third parties in the process.
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Competitive Outlook
ShiftMobility, Tech Mahindra, IBM Corporation, Microsoft Corporation, RSK Labs, HCL Technologies, Helbiz, carVertical, XAIN, and BigchainDB GmbH are key players of the global Blockchain market.
Market Scope
The global Blockchain market is projected to exhibit a CAGR of 21% over the forecast period. This is attributed to rise of ride hailing apps, increase in e-mobility and on-demand services, sales of automobiles, and faster and secure transaction methods. Adoption of blockchain technology for transportation and logistics sectors and development of new business models for the automotive aftermarket sector can be opportune for the market to expand its growth.
Focus on reducing the amount of data leaks and lowering production costs can drive the demand for blockchain in the automotive sector. The need for transparency and trust for maintaining supply chains during the COVID-19 pandemic can bode well for the market. The World Economic Forum had released a blockchain deployment toolkit for helping companies to prepare in case of uncertain events.
The lack of technical personnel, uncertainty over GDPR regulation in Europe, and limited scalability are factors that can restrain market growth.
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Segmentation
Based on technology type, the market has been segmented into open blockchain, closed blockchain, consortium blockchain, and hybrid blockchain.
Based on application, the market has been segmented into mobility solutions, contracts, supply chain, financing, and others. Mobility solutions are deemed to capture a significant market share due to its ability to ensure secure transactions between owners of cars and renters. The EY Tesseract is a platform offered by Ernst Young that enables peer-to-peer interactions between owners and car users.
Based on provider, the market has been segmented into application solution provider, middleware provider, and infrastructure protocols provider.
Based on propulsion, the market has been segmented into ICE and electric vehicle. The latter is further sub-segmented into plug-in hybrid electric vehicles (PHEV), hybrid electric vehicles (HEV), and battery electric vehicle (BEV).
Based on vehicle type, the market has been segmented into passenger car and commercial vehicle.
Regional Analysis
Asia Pacific is expected to hold the largest market share during the forecast period owing to the growing adoption of blockchain technology in the automotive industry to build trust and transparency between users and enterprises. Moreover, increased production and sales of electric vehicles are expected to boost the demand for automotive blockchain in this region. Furthermore, the growing implementation of blockchain technology in ridesharing applications in China and India, will lead to the market growth.
North America is expected to grow at significant rate during forecast period due to the high instances of deployment of blockchain technology in electric vehicles and commercial vehicles in the U.S. and Canada. Deployment of blockchain for monitoring energy systems can lead to its implementation in charging infrastructure for EVs. Cryptocurrencies and rise of mobility as a service (MaaS) are likely to push for the use of blockchain for its immutability of data and rapid handling of transactions.
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