Dublin, Oct. 22, 2018 (GLOBE NEWSWIRE) -- 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% during the forecast period, and the market size is projected to grow from USD 0.35 billion in 2020 to USD 5.29 billion by 2030.

The automotive industry is a complex connected ecosystem with multiple transactions involved. There is a need for an immutable database to record these transactions with shared, secured, and highly restricted access. In response, many OEMs have initiated pilot projects on automotive blockchain to bring the transparency of information in the business network, which are accelerating the growth of the automotive blockchain market. For instance, French automaker Renault unveiled a new digitized car maintenance log prototype built using blockchain in July 2017. At the same time, uncertainty over regulations and low consumer acceptance can be major obstacles to the growth of the automotive blockchain market.

The market for application and solution providers is projected to hold the largest share in the automotive blockchain market

Application and solution providers are the real facets of the automotive blockchain to introduce the technology to the end consumers. The introduction of technologically advanced blockchain solutions has witnessed a certain level of adoption in the automotive applications such as car sharing, ride sharing, electric mobility, automotive title, and the supply chain management, thereby fuelling the overall market growth of the automotive blockchain. However, the front-end applications are costly and require a skilled workforce to create and maintain. With time, the functions/features of these applications/solutions will also increase, in turn, making them even costlier. The abovementioned reasons would result in applications and solution providers constituting the largest share in the automotive blockchain market.

Smart contracts is projected be the fastest growing application in automotive blockchain market

Smart contracts allow computer programs to execute records and store them on the ledger as a part of the transaction. Smart contracts have a significant number of applications in the automotive industry such as title transfer, dealership management, and B2B contractual agreements. For instance, the current process of vehicle ownership transfer from buyer to seller involves multiple middlemen, phases, and reconciliations to execute. Blockchain helps streamline this complex process by digitizing the titles' transfer process and reduce the time needed to authenticate and validate the transaction. According to secondary research and industry experts, more than 42 million used cars were sold in the US last year. With the rise in income levels and changing customer preferences, the market for used cars is increasing in developing countries like India and China. Hence, it would increase the market adoption of blockchain-based smart contracts.

Asia Oceania: The fastest growing region in the automotive blockchain market

Asia Oceania is projected to be the fastest growing region in the automotive blockchain market. The major factors driving the growth of the Asia Oceania market include fast-developing countries such as China and India and increasing expenditure on the development of advanced technologies. For instance, IBM partnered with India-based multinational Mahindra Group for the development of a blockchain solution aimed at the supply chain. In 2015, Chinese conglomerate Wanxiang Group, one of the largest auto parts manufacturers, invested USD 50.0 million in blockchain technology.

In July 2018, Tech Mahindra set up a blockchain center within its R&D arm 'Makers Lab' at its Hyderabad (India) facility to assist co-innovation in the space by developing enterprise-grade solutions for customers across industries globally. Additionally, the growing Asia Oceania automotive industry calls for an immutable database to record the multiple transactions between automotive ecosystems with shared, secured, and highly limited access. Hence, automotive blockchain market in Asia Oceania is expected to witness considerable growth during the forecast period. However, because of the slow pace of technological adoption in the region, the growth of the automotive blockchain market in this region is expected to be slow till 2024-2025.

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/wlcmkf/automotive?w=12

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