Global Automotive Blockchain Market to Exhibit 33.8% CAGR from 2021 to 2028; Uptake of Smart Products to Underpin Investments in North America Automotive Blockchain Market to Reach USD 2.84 Billion by 2028; Daymak launches Crypto Mining Vehicle: Fortune Business Insights™
The automotive blockchain-based solution executes monetary transactions and agreements and records to enable automobile owners to monetize trips. This blockchain-based automotive solution would interconnect the end-users, car-sharing providers, and smart and autonomous vehicles reliably and securely. The need for faster business transactions, better quality control, and an increasing focus on reducing the manipulation of data have triggered the adoption of blockchain in the automotive industry.
Pune, India, 3rd February 2022: The automotive blockchain market size was valued at USD 0.35 billion in 2020. The market is forecast to rise from USD 0.37 billion in 2021 to USD 2.84 billion by 2028 at 33.8% CAGR from 2021 to 2028. Fortune Business Insights™ has deep-dived into these insights in its latest research report titled, “Automotive Blockchain Market, 2021-2028.”
According to the analysis, automotive blockchain has fueled the trend with the rising penetration of autonomous vehicles. OEMs and automakers are likely to exhibit traction for better quality control as venture capitalists boost their portfolio.
The COVID-19 pandemic had a significant impact on the automotive sector, with manufacturing and demand witnessing a major disruption. Industry players grappled with a dip in the production of vehicles from 2020 through 2021. Meanwhile, stakeholders are optimistic about the growth prospect, prompting companies to inject funds into automotive blockchain solutions.
In 2020, the coronavirus crisis had a negative impact on the worldwide integrated automotive industries. Many service-based and automotive technology companies faced a slowdown in income as there was a sharp drop in both sales and production of vehicles.
In terms of application, the market is segmented into supply chain, smart contracts, mobility solutions, financing, and others.
Based on provider, the market is fragmented into infrastructure and protocols, middleware, and application & solution.
With respect to mobility type, the market is segregated into shared mobility, personal mobility, and commercial mobility.
On the basis of region, the market is studied across North America, Asia Pacific, Europe, and the rest of the world.
The report highlights bottom-up and top-down approaches to provide a comprehensive view of product mapping. The report sheds light on quantitative and qualitative assessments to offer a holistic view of the global market.
Drivers and Restraints
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. The automakers have upped investments in shared and personal mobility. Soaring demand for smart contracts and mobility solutions will fuel the automotive blockchain market share. A gradual rise in vehicle sales along with burgeoning urbanization will encourage investments across advanced and emerging economies.
North America to Remain at Helm with Rising Trend for Smart Products. Stakeholders project the U.S. and Canada to provide lucrative opportunities for companies. An influx of funds into the technology will foster the North American automotive blockchain market growth. Expanding penetration of ridesharing amidst the growing trend for shared mobility will underpin the business outlook over the next few years.
Leading companies are slated to infuse funds into product launches, mergers & acquisitions, technological advancements, and R&D activities.
Key Industry Developments
- UNA Blockchain rolled out a blockchain ecosystem to lead the automotive industry.
- Daymak, a Canada-based EV company, announced the launch of the crypto mining vehicle the Daymak Spiritus.
Major Players Profiled in the Market Report:
- Microsoft (Washington, U.S.)
- BigchainDB GmbH (Berlin, Germany)
- IBM Corporation (New York, U.S.)
- ShiftMobility Inc. (California, U.S.)
- Accenture (Dublin, Ireland)
- Tech Mahindra Limited (Pune, India)
- GEM (California, U.S.)
- HCL Technologies Limited (Noida, India)
- NXM Labs, Inc. (California, U.S.)
- CONSENSYS (New York, U.S.)
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