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 market growth is primarily driven by factors such as the increasing immutability and the reduction in operating cost made possible by the automotive blockchain technology. Other factors driving the growth of the automotive blockchain market are the increasing implementation and testing of potential use cases of blockchain in various automotive applications.
The key strategies adopted by the major players in the automotive blockchain market from 2017 to 2018 are supply contracts/collaborations/partnerships/joint ventures. Platform providers and OEMs have joined hands in the field of automotive blockchain to gain a competitive advantage. For instance, in June 2018, Volkswagen chose carVertical to partner in the development of blockchain-based applications. carVertical began work in Die Gläserne Manufaktur, Volkswagen’s innovation hub in Dresden, in September 2018. Additionally, in May 2018, BMW, GM, IBM, and Accenture launched the Mobility Open Blockchain Initiative (MOBI) focused on automotive applications. The new product development strategy is ranked 2nd among all strategies adopted by companies in the automotive blockchain market. Blockchain platform and service providers are focusing on the development of blockchain platforms compatible with automotive applications. For instance, in December 2017, Tech Mahindra announced that it is developing a solution using blockchain technology for vehicle registration and related activities, and two states in India have expressed interest in using the technology.
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The automotive blockchain market is dominated by a few global players and comprises several regional players. IBM (US) is identified as the leading player among platform providers in the automotive blockchain market. The company is one of the established players and a globally renowned vendor for providing dedicated software, hardware, and related services. IBM blockchain ecosystem provides companies building on the IBM blockchain platform a range of opportunities to access valuable new channels, exclusive strategic partnerships, and innovative technology and resources to accelerate growth. The company follows the strategy of partnerships/collaborations/joint ventures/agreements / supply contracts to gain a competitive edge in the automotive blockchain market. In July 2018, Netherlands-based firm Koopman Logistics implemented IBM’s blockchain technology, making it one of the first automotive transportation companies to do so. Koopman Logistics provides trucking transportation and logistics services. IBM also partnered with India-based multinational Mahindra Group (India) for the development of a blockchain solution aimed at the supply chain financing.
Microsoft (US) is also one of the leading players in the automotive blockchain market. The company deals with major OEMs and Tier I suppliers across the globe. In addition, the company is recognized for providing platforms for enterprise solutions such as mobile and cloud-based environment to the automotive blockchain industry. The company has also made substantial investments in its R&D division. It has adopted the strategy of partnerships/collaborations/joint ventures/agreements/supply contracts to increase its presence in the automotive blockchain market. In July 2017, Groupe Renault (France) teamed with Microsoft and VISEO to create the first-ever digital car maintenance book prototype. Microsoft's cloud-based Azure platform which has become the focal point for the tech firm's blockchain strategy was used to host it.
Automotive Blockchain Market by Application (Financing, Mobility Solutions, Smart Contract, Supply Chain), Provider (Application & Solution, Middleware, Infrastructure & Protocol), Mobility (Personal, Shared, Commercial) and Region - Global Forecast to 2030
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