Automotive Blockchain Market: More Demand for Ace of Payments, Logistics & Transportation, & Usage-based Insurance

Automotive Blockchain Market

Automotive Blockchain Market

[208 Pages Report] Automotive Blockchain Market by Application, Provider, and Mobility: Global Opportunity Analysis and Industry Forecast, 2020-2030.

PORTLAND, OR, UNITED STATES, September 13, 2021 / -- According to Allied Market Research, the global automotive blockchain market is expected to grow at a significant CAGR from 2020 to 2030. Automotive blockchain can be best utilized to keep a proper trail of data. It also stores the same for relevant processes associated with automobile. This includes a number of different courses including smart conventions, IoT along with other practices involved in car sales, warranty claim management and many more. The automotive related data stowed in a blockchain is veristic and accurate; they cannot be tampered in any possible ways, thus, doling out secured data to its customers. At the same time, it comes to the aid of the buyer and seller to abjure wholesalers or intermediaries to get into any sort of transactions or other practices.

In a nutshell, Automotive blockchain contains applications that make sure that the system operates and functions in a better way. It also takes in a middleware that acts as a veritable bridge between the database and the application, helping in loading and recouping the data. The key players active around the world have made significant improvements and transformations in the field of automotive blockchain; thereby, providing an array of useful services to the vehicle owners. To sum up, it can be stated that the market is growing pretty fast, and in the next few years to come, it would proliferate even more.

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Simultaneously, by taking recourse to distinctive and exclusive radio-frequency identification (RFID) tags, car manufacturers can safeguard and guarantee proof of origin for their standby auto parts, thereby being able to keep a tab on the location of a particular vehicle in their supply chain. Moreover, when a car insurer obtains fake and false information via deceitful claims or any other sources, smart contracts, by authenticating the submission, can come to the best aid of the respective company.

It’s been quite a few years the financial sector is using blockchain technology and making the best out of it. However, automotive businesses have also started following the trail and unearthing new advantages of the technology. Yes, with automotive blockchain technology on board, automobiles will no more remain just as a mere means of transportation; the blockchain would play a substantial role in the impending technology revolution.

Following are the ways how blockchain is almost changing the automotive industry-

When purchasing a second-hand car, customers often tend to face the problem of negotiating on odometer data. You might have taken on board a car that has tooled along many more miles than you barely think. And, this is where blockchain into play and shows its flair.

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As blockchain data is incontrovertible and inversible, the buyer would always be able to compare what the seller professes with the factual and spot-on information stored in the blockchain. Basically, one would be able to explore and probe into any information about the vehicle: be it mileage, repair accounts, accidents or any other relevant data that would help them not to invest on the wrong purchase.

Increase in need for protection against manipulations and data leaks drives the growth of the global automotive blockchain market. Key players: Accenture, Helbiz, CarBlock, IBM, Microsoft, Xain, Tech Mahindra, & more.

According to the report published by Allied Market Research, the global automotive blockchain market generated $428.6 million in 2020, and is estimated to reach $5.6 billion by 2030, registering a CAGR of 29.3% from 2020 to 2030. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.

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Surge in need for protection against manipulations & data leaks and growing demand for faster transactions drive the growth of the global automotive blockchain market. However, uncertainty over government regulations restrain the growth of the market. Furthermore, high adoption of automotive blockchain technology in transportation & logistics and need for better payment services are expected to create new growth opportunities for the market players during the forecast period.

Covid-19 scenario:

• The demand for automotive blockchain technology is likely to affect during the Covid-19 pandemic as several automobile manufacturers across the globe have halted their production amid lockdown.
• The rise in cyberattacks and hacking during the pandemic has enforced companies to employ the best security practices and consolidate the encryption to keep data secure.

The report offers a detailed segmentation of the global automotive blockchain market based on application, provider, mobility, and region.

Based on application, the supply chain segment is estimated to account for the largest share in 2020, holding nearly two-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the financing segment is estimated to portray the highest CAGR of 32.7% during the forecast period.

Based on provider, the application and solution segment is projected to witness for the largest share in 2020, contributing nearly half of the total share, and is expected to maintain the largest share throughout the forecast period. In addition, it is also expected to register the highest CAGR of 30.8% from 2020 to 2030.

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Based on region, North America is expected to hold the highest share, accounting for more than two-fifths of the total market share in 2020, and will maintain its dominance throughout the forecast period. However, Europe is expected to grow at the highest CAGR of 32.3% from 2020 to 2030.

Leading market players analyzed in the automotive blockchain market research include Carvertical, Accenture, Helbiz, CarBlock, IBM, HCL Technologies, NXM Labs, Microsoft, Xain, and Tech Mahindra.

Automotive Blockchain Market to Reach $5.6 Billion by 2030: AMR |

David Correa
Allied Analytics LLP
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