Automotive Supply Chain market Rise as Industry Tackles Fraud and Ensures Customer Confidence 2028
According to the current analysis of Reports and Data, the global Automotive Supply Chain market was valued at USD 376.6 Million in 2020 and is projected to grow at a CAGR of 29.70% from 2020 to USD 3,089.9 Million in 2028. Factors affecting the growth of the Automotive Supply Chain market are the rising focus related to the reduction of the data manipulation as well as leaks, and the efficiency Automotive Supply Chain provides with its low operational cost. These factors will propel the growth of the market over the forecasted period. However, the uncertainty of the regulation that are associated with the Supply Chain can affect the market growth through 2026.
The automotive industry has been rapidly adopting new technologies to enhance efficiency, reduce costs, and increase security. One such technology that is gaining significant traction is Supply Chain. Supply Chain technology is a distributed, decentralized ledger that provides a secure and transparent way to record transactions. The implementation of this technology in the automotive industry is called Automotive Supply Chain. Automotive Supply Chain provides a range of benefits, such as reducing the risk of data manipulation and data leaks, enhancing transparency, and enabling faster transactions.
The global Automotive Supply Chain market was valued at USD 376.6 Million in 2020 and is projected to grow at a CAGR of 29.70% from 2020 to USD 3,089.9 Million in 2028. This growth is attributed to several factors, including the increasing focus on reducing data manipulation and leaks, the efficiency of Automotive Supply Chain with low operational costs, and the rise of Supply Chain-based applications in the automotive industry. However, the uncertainty of the regulations related to the Supply Chain may affect the growth of the market through the forecasted period.
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- Supply Chain Management: The automotive industry has a complex supply chain involving multiple parties. Supply Chain technology provides transparency and security, allowing stakeholders to track the movement of goods and verify the authenticity of parts and components. This helps in ensuring a reliable and efficient supply chain.
- Fraud Prevention: Supply Chain's immutable and decentralized nature makes it an ideal platform for recording vehicle ownership, maintenance history, and insurance claims. By leveraging Supply Chain technology, the automobile industry can enhance security and combat fraudulent activities effectively.
- Automobile Aftermarket: The adoption of Supply Chain technology in the automobile aftermarket contributes to revenue growth. Supply Chain enables secure tracing of spare parts, reducing the risk of counterfeit products in the market. Additionally, it facilitates secure and efficient transactions, including payment and settlement processes, between suppliers and customers.
Top Companies Operating in the Global Automotive Supply Chain Market:
IBM (U.S.), Accenture (Ireland), Microsoft (U.S.), CarVertical (Estonia), Helbiz (U.S.), Tech Mahindra (India), HCL Technologies (India), Xain (Germany), NXM Lab (U.S.), Carblock (U.S.), Cube (South Korea), Context Labs (Netherlands), Shiftmobility (India), Bigchaindb (Germany), Dashride (U.S.), and Consensys (U.S.).
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In addition to government organizations, enterprises across various industries are facing growing pressure to handle sensitive consumer data securely. Compliance with stringent regulations, such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA), further emphasizes the need for effective file integrity monitoring services. FIM assists organizations in meeting these regulatory requirements and maintaining data integrity.
The Asia Pacific region is witnessing significant growth in the FIM market. With a projected compound annual growth rate (CAGR) of 14.8% during the forecast period, the region is experiencing an increased demand for security solutions. The growing industries in Asia Pacific require robust security measures, including file integrity monitoring, to protect their assets from evolving cyber threats. Furthermore, the need to safeguard high-value targets within organizations and adhere to regulatory compliances is driving the adoption of FIM services in the region.
The global market is further segmented into type and application:
Application (Revenue, USD Million; 2018–2028)
- Smart Contracts
- Supply Chain
- Financing
- Mobility Solutions
- Others
Provider (Revenue, USD Million; 2018–2028)
- Middleware Provider
- Infrastructure and Protocol Provider
- Application and Solutions Provider
Mobility type (Revenue, USD Million; 2018–2028)
- Personal Mobility
- Shared Mobility
- Commercial Mobility
Application (Revenue, USD Million; 2018–2028)
- Smart Contracts
- Supply Chain
- Financing
- Mobility Solutions
- Others
Provider (Revenue, USD Million; 2018–2028)
- Middleware Provider
- Infrastructure and Protocol Provider
- Application and Solutions Provider
Mobility type (Revenue, USD Million; 2018–2028)
- Personal Mobility
- Shared Mobility
- Commercial Mobility
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Further key findings from the report suggest
· The Global Automotive Supply Chain market is forecast to grow from USD 376.6 Million in 2020 at a rate of 34.95% CAGR to reach a valuation of USD 3,089.9 Million in 2028.
· Increasing focus related to the reduction of the manipulation of the data as well as data leaks is one of the major factor boosting the growth of the market.
· However, the uncertainty of the government regulations related to Supply Chain is one of the major factors that will affect the growth of the market over the forecasted period.
· Mobility Solutions segment is forecasted to witness fastest growth in the coming years on account of rapid growth of shared mobility industry, rise in the consumer demands, and the inclusion of Supply Chain in automotive business models.
· Japan is introduced the Supply Chain technology for car insurance registration, thereby lowering the involvement of the third party and the middleman.
· Applications and Solutions provider segment was the leading segment in 2018. The segment was valued at USD 76.8 million and is forecasted to grow to more than USD 600 million through 2026 on account of rising number of applications.
· Asia Pacific region is forecasted to grow the fastest over the forecast period. Strong economic growth, rising population, rapid urbanization as well as an increasing purchasing power of the people in this region are some of the factors for the growth of the region. Other factors like increasing foreign investments in this region is boosting the growth of the market.
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