August 01, 2022 12:52 ET | Source: Facts & Factors Facts & Factors
NEW YORK, United States, Aug. 01, 2022 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Automotive Blockchain Market Size, Share, Growth Analysis Report By Application (Smart Contracts, Supply Chain, Financing, Mobility Solutions, Others), By Provider (Middleware Provider, Infrastructure and Protocols Provider, Application and Solution Provider), By Mobility Type (Personal Mobility, Shared Mobility, Commercial Mobility), Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Automotive Blockchain Market size & share in terms of revenue was worth of USD 369.50 million in 2021 and it is expected to surpass around USD 1,825.06 million mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 30.50% during the forecast period 2022 to 2028.”
The study examines the market in terms of revenue in each of the major regions, which are classified into countries. The report analyses the global automotive blockchain market’s drivers and restraints, as well as the impact they have on-demand throughout the projection period.
What is Automotive Blockchain? How big is the Automotive Blockchain Industry?
Blockchain technology is a relatively new technology that has the ability to completely alter the automotive industry by moving away from a centralized to a decentralized system. Third-party middlemen, whose services are currently required in the automotive industry, will no longer be required with the introduction of blockchain in the industry. Through blockchain technology, the automotive industry operations, such as design, production, distribution, marketing, selling, finance and servicing of vehicles, will become more flexible and can also effectively contribute to the growth of the automotive industry.
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Global Automotive Blockchain Market: Growth Factors
The factors that are responsible for the growth of this market are an increase in e-mobility and on-demand services, the popularity of car/ride sharing among young urban consumers, increasing sales of automobiles globally, reduced operational costs, and the need for faster transactions. The rise in adoption of blockchain for logistics and transportation, the development of new business models for the automotive aftermarket, and the increasing vehicle recall optimization in the US, are opportunities for the market. Global blockchain operators are facing the challenge of integrating blockchain interface with existing systems for applications, such as peer-to-peer trading, smart contract generation and other potential blockchain applications in the automotive sector.
Browse the full “Automotive Blockchain Market Size, Share, Growth Analysis Report By Application (Smart Contracts, Supply Chain, Financing, Mobility Solutions, Others), By Provider (Middleware Provider, Infrastructure and Protocols Provider, Application and Solution Provider), By Mobility Type (Personal Mobility, Shared Mobility, Commercial Mobility), Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” Report at https://www.fnfresearch.com/automotive-blockchain-market
Automotive Blockchain Market: COVID-19 Impact Analysis
The global automotive industry has been utterly decimated as a direct result of the epidemic caused by COVID-19. As a result of the enormous disruption in manufacturing and demand from 2020 to 2021, several automotive technology and service-based companies witnessed a significant reduction in revenue. This was due to the fact that both car production and sales declined significantly during this time period. In the meantime, businesses are increasing their investments in automotive blockchain solutions because to the excitement among stakeholders about the possible opportunities. It seems conceivable that the market will go up over the course of the next few years as the situation returns to normal.
The comprehensive research report investigates the automotive blockchain market by looking at both the qualitative and quantitative components of the market. Research has been done looking into the market from both the demand and supply perspectives. The study on the demand side looks at the revenue of the market in a number of different regions before comparing it to the major countries. The research on the supply side looks at the leading competitors in the sector, as well as their presence in regional and worldwide markets and their strategy. We do in-depth research across the globe, including in every significant nation in North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America.
Automotive Blockchain Market: Segmentation Analysis
The market is divided into smart contracts, supply chain, financing, mobility solutions, and others, based on application. In 2021, the supply chain segment accounts for a substantial slice of the market. This is mainly to an expansion in hybrid car sales and production, which is anticipated to bolster the global supply chain industry. Additionally, from 2022 to 2028, smart contracts are anticipated to witness the fastest market. Smart contracts' applications in the automobile industry, including as B2B contractual agreements, dealership management, and title transfer, are responsible for the segment's quickest development.
The market is classified into three categories based on the provider: application & solution, infrastructure & protocols, and middleware. In 2021, the application and solution segment account for a large proportion of the market. Investments by Tier-I businesses and OEMs, as well as the launch of scientifically superior blockchain solutions, are credited with the increase. However, application and solution operational and integration expenses are higher than middleware. As a result, application and solution vendors generate more income.
Personal mobility, shared mobility, and business mobility are the three types of mobility available on the market. In 2021, the personal mobility category accounted for the maximum of the global market. The development of the personal mobility region is due to rising purchasing power, growing urbanization, rising population, and robust economic growth, all of which are contributing directly to market expansion. Similarly, from 2021 to 2028, the commercial mobility market is predicted to grow at the quickest rate.
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The report contains qualitative and quantitative research on the global automotive blockchain Market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts. The study examines, among other things, each company's global presence, competitors, service offers, and standards.
Some of the major companies operating in the global automotive blockchain market are:
Key Insights from Primary Research:
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The global automotive blockchain market is segmented into five primary regions: North America, Europe, Asia-Pacific, the Middle East and Africa, and Latin America. Owing to the overwhelming usage of blockchain technology in automotive to promote trust and transparency between consumers and businesses, Asia-Pacific is forecasted to hold the maximum market share over the projected timeframe. In addition, the region's growing production and sales of electric vehicles are projected to drive up demand for automotive blockchain. Furthermore, the increasing adoption of blockchain technology in ridesharing applications in China and India will boost the market growth. North America is expected to grow rapidly due to the high frequency of blockchain technology installation in commercial vehicles in the United States and Canada.
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The global Automotive Blockchain market is segmented as follows:
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