Automotive Blockchain Market size was valued at US$ 472.5 Mn. in 2021 and the total Automotive Blockchain revenue is expected to grow at 31.25% from 2022 to 2029, reaching nearly US$ 4160.99 Mn.
Automotive Blockchain Market worth USD 4160.99 Mn. by 2029: Industry Trends, Demand, Share, Analysis & Forecast Report by Facts & Factors
Pune, 5, Dec 2022: The Automotive Blockchain market is expected to reach USD 4160.99 million by 2029, growing at a CAGR of 31.25%, according to Maximize Market Research. The growing number of government mandates to reduce vehicle emissions, as well as the demand for passenger comfort, are boosting the Automotive Blockchain market forward.
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Automotive Blockchain Market Scope and Research Methodology
The primary and secondary data sources are extensively used in the research report. Government policy, market environment, competitive landscape, historical data, current market trends, technological innovation, upcoming technologies, and the technical progress in related industries are all investigated during the research process, as are market risks, opportunities, market barriers, and challenges. In order to provide the final quantitative and qualitative data, all conceivable factors influencing the markets included in this research study were considered, thoroughly examined, validated through primary research, and evaluated. Market size is normalized for top-level markets and sub-segments, and the impact of inflation, economic downturns, regulatory and policy changes, and other variables is factored into the market forecast. This information is included in the report, along with detailed inputs and analysis.
To estimate market size and analyze global market trends, bottom-up approaches were used. To obtain accurate inferences, data was collected from a large sample using both primary and secondary research methods. Surveys, questionnaire distribution, and phone interviews with industry experts, market leaders, entrepreneurs, and marketing professionals were the primary methods used. Secondary data was meticulously gathered from a carefully selected set of sources to ensure the accuracy of the conclusions. There are paid databases, industry journals, white papers, annual reports, product manufacturer and supplier releases, official databases of numerous organizations, and government websites with addition to white papers and annual reports. PESTLE analysis was used to understand various market factors, whereas SWOT analysis was used to understand the strengths and weaknesses of major corporations. As a result, the report goes into great detail about the Automotive Blockchain Market.
Automotive Blockchain Market Overview
Manufacturing, commerce, finance, healthcare, automotive, and supply chain management are just a few of the industries that have benefited from Blockchain (BC) technology. BC’s unique approach, which is focused on trust and value, is one of the most appealing aspects of this revolution that provides new ways of doing business. Even though the automotive industry only recently became acquainted with complete digitization, it has and continues to hold enormous promise for the future of personal mobility. With the advancement of technology, the automotive industry has evolved from automobiles powered by internal combustion engines to hybrid and electric vehicles.
Automotive Blockchain Market Dynamics
The benefits that blockchain could provide to the automotive ecosystem, both in terms of simplifying participant engagement and enabling new mobility business models, have piqued the interest of automotive professionals. In addition to providing a single source of data, blockchain can support device-to-device transactions, smart contracts, and real-time processing and settlement. This results in gains and operational efficiency in areas such as supply chain transparency, financial transactions among ecosystem members, verifying access to automobiles, and customer experience and loyalty in the automotive industry.
The development of new industrial business models, such as those involving alternative ownership, car usage, rewards programs, and other mobility services that boost brand appeal and loyalty, can also be aided by blockchain technology. Porsche, for instance, is testing blockchain applications for use in cars, including the ability to lock and unlock the car using an app, grant temporary access permissions, and look into new business models based on encrypted data logging. Blockchain features, such as consumer authentication and usage tracking across numerous mobility services, allow businesses to design customized customer experiences that result in lifelong customers.
Automotive Blockchain Market Regional Insights
The North American market was one of the first to adopt blockchain technology in the automotive industry, and it is expected to be the largest contributor to this market during the forecast period. The growth would be driven by two major factors: the increasing need for transparency and immutability in business processes, and significant investments in the blockchain platform by software providers. In May 2018, SHIFT Mobility launched the world’s first blockchain-powered platform for the automotive industry. For the time being and in the future, the platform would allow for the connection, comprehension, and harnessing of demand from a wide range of automobiles and supply chain apps, commerce channels, improved diagnostics, and transportation logistics.
Automotive Blockchain Market Segmentation
- Public Blockchain
- Private Blockchain
- Hybrid Blockchain
- Smart Contracts
- Supply Chain
- Mobility Solutions
- Middleware Provider
- Infrastructure and Protocols Provider
- Application and Solution Provider
Automotive Blockchain Market Key Competitors:
- IBM Corporation
- Accenture PLC
- Microsoft Corporation
- BigchainDB GmbH
- Ripple Labs Inc.
- Context Labs BV
- Helbiz Mobility System PTE Ltd.
- RSK Labs
- Tech Mahindra
- HCL Technologies
- Mesosphere Inc.
- Oaken Innovations
- Productive Edge LLC.
- Factom Inc.
- Project Provenance Ltd.
Key questions answered in the Automotive Blockchain Market are:
- What is an Automotive Blockchain?
- What is the growth rate of the Automotive Blockchain Market over the forecast period?
- What is the nature of competition in the Automotive Blockchain industry in developed economies and developing economies?
- Who are the key players in the Automotive Blockchain Market?
- Who are the market leaders in Automotive Blockchain in Europe?
- Who are the market leaders in Automotive Blockchain in USA and Canada?
- Who are the market leaders in Automotive Blockchain in India, China, Japan, and South Korea?
- What are the factors affecting growth in the Automotive Blockchain Market?
- Who held the largest market share in the Automotive Blockchain Market?
- What are the factors for the growth of the Asia-Pacific region in the Automotive Blockchain Market?
- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Type, Application, Provider and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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