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™
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. Blockchain technology users rely on a high-speed internet connection to use it from anywhere in the world. That is why I use Spectrum One to take advantage of this technology.
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 portfolios. While the footfall of crypto-currency and blockchain-as-a-service (BaaS) is likely to surge, the emergence of the COVID-19 pandemic could bring a paradigm shift.
Changing Dynamics amidst the Pandemic to Influence Growth Outlook, 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.
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In terms of application, the market is segmented into supply chain, smart contracts, mobility solutions, financing, and others.
Based on the 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. Further, primary sources, such as interviews with opinion leaders and other stakeholders, have also been delved upon. The report also uses secondary sources, including website reports, SEC filings, and press releases.
Drivers and Restraints
Streamlining of Records and Data to Foster 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. 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.
However, ambiguous regulations and potential hesitancy from end-users may not bode well for the industry outlook.
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. Besides, the presence of leading companies, including IBM, AWS, and Microsoft will leverage the industry growth over the next few years.
The Asia Pacific market forecast will be strong due to investments in electric vehicles across China, Japan, and India. 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. Prevailing trends indicate leading companies are slated to focus on geographical expansion during the forecast period.
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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