Ongoing digitization in automotive industry and rise in investments in automotive blockchain technology are driving the demand for India automotive blockchain market in the forecast period, 2023-2027.
According to TechSci Research report, “India Automotive Blockchain Market By Region, Competition Forecast & Opportunities, FY2027”, the India automotive blockchain market is anticipated to witness impressive growth during the forecast period, FY2023-FY2027.
Road accidents occur around the year due to growing sales of vehicles, high traffic conditions, and several other reasons. The high number of road accidents makes the insurance claiming process easier for consumers. Availability of smart financing solutions in the market and growing demand for the easy and secure process from consumers is expected to accelerate the need for India automotive blockchain market in the forecast period.
Automotive blockchain technology stores the quality inspection data, vehicle leading information, work in process for every vehicle present in the assembly line. Vehicles are prone to encounter cyber-attacks due to the growing availability of connected vehicles. A high level of encryption in blockchain technology provides enhanced vehicle security by protecting vehicle telematics data.
Automotive blockchain aids in storing the data useful for different automobile processes, including vehicles services and maintenance, warranty claims, and insurance. The data stored in blockchain technology can be changed or hampered, which aids in securing the information. Market players are investing in the development of automotive blockchain technology and finding innovative solutions to increase the comfort and convenience of consumers.
However, growing concerns about data security, privacy, and control in automobiles and the limited scalability of blockchain technology may restrain the market growth in the forecast period.
Browse over XX market data Figures spread through 70 Pages and an in-depth TOC on "India Automotive Blockchain Market"
The India automotive blockchain market is segmented into application, mobility, provider, end user, regional distribution, and company.
Based on application, the market is divided into manufacturing, supply chain, mobility solutions, financial services, others. The supply chain is expected to hold the highest market share in the forecast period as it improves and optimizes the overall experience for automobile manufacturers.
Based on mobility, the market is divided into personal mobility, shared mobility, and commercial mobility. Personal mobility is expected to hold the largest market share in the forecast period. Increasing urbanization, the growing purchasing power of consumers, and continuous population growth are accelerating the demand for personal mobility among consumers. High production and sales of passenger cars and commercial vehicles in the country and adoption of blockchain technology to efficiently optimize the production, sales, and maintenance of vehicles are creating lucrative opportunities for the India automotive blockchain market.
Based on the provider, the market is divided into application & solution, middleware, and infrastructure & protocol. Application & solution provider is dominating the market and is expected to maintain their dominance throughout the forecast period. High-end investments by OEMs and major market players and efforts to enter a partnership with blockchain solution providers are influencing the market demand. The launch of advanced blockchain solutions and the adoption of cutting-edge technologies by automobile manufacturers is expected to further fuel India's automotive blockchain market demand.
Based on end user, the market is divided into OEMs, vehicle owners, mobility as a service provider, and others. OEMs are expected to account for the largest market share in the forecast period due to the growing adoption of automotive blockchain technology in the manufacturing process, which aids in improving the supply chain. It helps to keep complete information about records and parts and components integrated into automobiles which helps OEMs for targeted recall. It also allows manufacturers to quickly identify faulty products and ensure customers receive quality parts in automobiles.
Major market players operating in the India automotive blockchain market are :
- Microsoft Corporation
- BigchainDB GmbH
- IBM Corporation
- SHIFTMobility Inc.
- HCL Technologies
- NXM Labs Inc.
- Accenture plc
- Helbiz, Inc.
- cV Group UAB
- CarBlock Corp.
“The rise in investments in connected and autonomous vehicles and the availability of various mobility services in the country such as vehicle rental, sharing, hailing, and ongoing technological advancements in the automotive industry are expected to bolster the Indian automotive blockchain market for the next five years. The adoption of blockchain technology by car rental companies to manage the fleet and record data with high accuracy is expected to garner a lot of consumer attraction. The increased demand for vehicle rental services in developing countries is expected to propel the global automotive blockchain market growth till FY2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Automotive Blockchain Market – India Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027, Segmented By Application (Manufacturing, Supply Chain, Mobility Solutions, Financial Services, Others), By Mobility (Personal Mobility, Shared Mobility, and Commercial Mobility), By Provider (Application & Solution, Middleware, and Infrastructure & Protocol), By End User (OEMs, Vehicle Owners, Mobility as a Service Provider, Others), By Region”, has evaluated the future growth potential of India automotive blockchain market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India automotive blockchain market.
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