India Automotive Blockchain Market to be dominated by Personal Mobility solutions through FY2027
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.
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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.
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“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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