Pune, India, March 09, 2022 (GLOBE NEWSWIRE) — The automotive blockchain market size was valued at USD 0.35 billion in 2020. The market is expected to grow from USD 0.37 billion in 2021 to USD 2.84 billion by 2028 at a CAGR of 33.8%. from 2021 to 2028. Fortune Business Insights™ has taken this insight further in its latest research report titled “Automotive Blockchain Market, 2021-2028”.
According to the analysis, automotive blockchain has fueled the trend with the increasing penetration of autonomous vehicles. OEMs and automakers are likely to show motivation for better quality control as venture capitalists bolster their portfolios. While the footfall of cryptocurrency and blockchain as a service (BaaS) is likely to increase, the emergence of the COVID-19 pandemic could lead to a paradigm shift.
Key Industry Developments
April 2021: UNA Blockchain deployed a blockchain ecosystem to lead the automotive industry.
June 2021: Daymak, an electric vehicle company based in Canada, announced the launch of the crypto-mining vehicle “the Daymak Spiritus”.
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Report scope and segmentation
|Forecast period||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR||33.8%|
|2028 value projection||$2.84 billion|
|Market size in 2021||$0.37 billion|
|Historical data for||2017 to 2019|
|Number of pages||200|
|Segments Covered||Smart contracts, supply chain, financing, mobility solutions, others|
|Growth engines||Industry players expect sophisticated blockchain technology to set the trend in the automotive sector.|
|Stakeholders predict that the United States and Canada will provide lucrative business opportunities. An influx of funds into the technology will drive the growth of the automotive blockchain market in North America.|
|The report sheds light on both quantitative and qualitative assessments to offer a holistic view of the global market.|
The application, provider, type of mobility and region are studied
In terms of application, the market is segmented into supply chain, smart contracts, mobility solutions, finance, and others.
Based on vendor, the market is fragmented into infrastructure and protocols, middleware, and application and solution.
Regarding the type of mobility, the market is divided into shared mobility, personal mobility and commercial mobility.
Based on region, the market is studied North America, Asia-Pacific, Europe, and Rest of the World.
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The report highlights bottom-up and top-down approaches to provide a comprehensive view of product mapping. The report sheds light on both quantitative and qualitative assessments to offer a holistic view of the global market. Additionally, primary sources, such as interviews with opinion leaders and other stakeholders, were also explored. The report also uses secondary sources, including website reports, SEC filings, and press releases.
Impact of COVID-19:
Changing dynamics amid the pandemic to influence growth prospects
The COVID-19 pandemic has had a significant impact on the automotive sector, with manufacturing and demand experiencing major disruption. Industry players have been grappling with declining vehicle production from 2020 to 2021. Meanwhile, stakeholders are optimistic about growth prospects, prompting companies to pour funds into blockchain solutions automobile.
Drivers and Restrictions:
Streamline Records and Data to Drive Blockchain Adoption
Industry players expect sophisticated blockchain technology to set the trend in the automotive sector. The advent of blockchain solutions has played an invaluable role in reducing operational costs. Automakers have increased their investments in shared and personal mobility. Growing demand for smart contracts and mobility solutions will fuel the automotive blockchain market share. A gradual increase in vehicle sales as well as booming urbanization will encourage investment in advanced and emerging economies.
However, ambiguous regulations and potential hesitation from end users may not bode well for the industry outlook.
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North America will remain at the helm with a rising trend for smart products
Stakeholders predict that the United States and Canada will provide lucrative business opportunities. An influx of funds into the technology will drive the growth of the automotive blockchain market in North America. Additionally, the presence of leading companies including IBM, AWS, and Microsoft will leverage the growth of the industry in the coming years.
The Asia-Pacific market forecast will be strong due to investments in electric vehicles in China, Japan and India. The growing penetration of carpooling as part of the growing shared mobility trend will underpin the business outlook in the coming years.
Stakeholders focus on product launches to gain competitiveness
Big companies are expected to inject funds into product launches, mergers and acquisitions, technological advancements and R&D activities. The prevailing trends indicate that major companies are expected to focus on geographic expansion during the forecast period.
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Key Players Profiled in the Market Report:
- Microsoft (Washington, USA)
- BigchainDB GmbH (Berlin, Germany)
- IBM Corporation (New York, USA)
- ShiftMobility Inc. (California, USA)
- Accenture (Dublin, Ireland)
- Tech Mahindra Limited (Pune, India)
- GEM (California, USA)
- HCL Technologies Limited (Noida, India)
- NXM Labs, Inc. (California, USA)
- CONSENSYS (New York, USA)
Main table of contents:
- Search scope
- Market segmentation
- Research Methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- key ideas
- Key Industry Developments – Mergers, Acquisitions and Partnerships
- Distribution analysis
- Porter’s Five Forces Analysis
- SWOT analysis
- Technological development
- Impact of COVID-19
- Global Automotive Blockchain Market Analysis, Outlook and Forecast, 2017-2028
- Main results/summary
- Market Analysis, Outlook and Forecast – By Application
- Smart contracts
- Supply chain
- Mobility solutions
- Market Analysis, Outlook and Forecast – By Vendor
- Infrastructure and protocols
- Application and solution
- Market Analysis, Outlook and Forecast – By Mobility Type
- Personal mobility
- Shared mobility
- Commercial mobility
- Market Analysis, Outlook and Forecast – By Region
- North America
- Asia Pacific
- Rest of the world
- North America Automotive Blockchain Market Analysis, Outlook and Forecast, 2017-2028
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