New York, NY, Feb. 22, 2021 (GLOBE NEWSWIRE) — Facts and Factors have published a new research report titled “Automotive Blockchain Market By Application (Smart Contracts, Supply Chain, Financing, Mobility Solutions, and Others), by Provider (Middleware Provider, Infrastructure and Protocols Provider, and Application and Solution Provider), and by Mobility Type (Personal Mobility, Shared Mobility, and Commercial Mobility): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026”.
“According to the research study, the global Automotive Blockchain Market was estimated at USD 300 Million in 2019 and is expected to reach USD 2,000 Million by 2026. The global Automotive Blockchain Market is expected to grow at a compound annual growth rate (CAGR) of 30% from 2020 to 2026”.
Digitization has played a key role in the development of new technologies across various industry verticals, which has led to the development of smart ecosystems. The emergence of new technologies has led to the development of blockchain technology. A blockchain is a centralized registry for keeping permanent records and complex transaction data without the need for a central authority. There is a number of blockchain arrangements that are available such as private blockchains, public open-source networks, etc. Owing to its decentralized structure, the possibility of data breaches reduces significantly. Blockchain technology in the automotive sector can be used to store and update information related to vehicle spare parts. This helps the car manufacturer, service providers, and customers to track the origin of the part avoiding the selection of counterfeited products.
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Our Free Sample Report Includes:
- 2020 Updated Report Introduction, Overview, and In-depth industry analysis
- COVID-19 Pandemic Outbreak Impact Analysis Included
- 190+ Pages Research Report (Inclusion of Updated Research)
- Provide Chapter-wise guidance on Request
- 2020 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of table & figures
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis
- Facts and Factors research methodology
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Key Questions Answered in this Report
1) What was the impact of COVID-19 on the Automotive Blockchain Market?
2) What is the market size, share of the Automotive Blockchain Market?
3) Who are the top market players in Automotive Blockchain Market?
4) What will be the future market of the Automotive Blockchain Market?
- Market Size & Forecast by Revenue | 2020−2026
- Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
- Market Segmentation – A detailed analysis by product, by types, end-user, applications, segments, and geography
- Competitive Landscape – Top key vendors and other prominent vendors
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Impact Analysis of COVID-19 Pandemic on Businesses: Know Short Term and Long Term Impact
Most of the businesses are facing a growing litany of business-critical concerns related to the coronavirus outbreak, including supply chain disruptions, a risk of a recession, and a potential drop in consumer spending. All these scenarios will play out differently across various regions and industries, making accurate and timely market research more essential than ever.
We at Facts and Factors (http://www.fnfresearch.com) understand how difficult it is for you to plan, strategize, or make business decisions, and as such, we have your back to support you in these uncertain times with our research insights. Our team of consultants, analysts, and experts has developed an analytical model tool for markets that helps us to assess the impact of the virus more effectively on the industrial markets. We are further implementing these insights into our reports for a better understanding of our clients.
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The automotive sector has entered the era of digitization, which has resulted in OEMs influencing themselves to be at the forefront of the digital transformation. The rising number of OEMs is investing in the development and implementation of disruptive technologies, which has resulted in the development of autonomous cars, electric cars, etc. Due to the development of digital ecosystems, the way in which vehicles interact with the surrounding environment needs to evolve. This has been a key growth driving factor for the global automotive blockchain market. Further, the use of blockchain technology for supply chain management has also been a key growth driving factor for the global automotive blockchain market. As blockchain helps OEMs to develop secured product memory records, OEM’s are implementing blockchain into their supply chain management. This has boosted the adoption of blockchain in the automotive sector. In addition, various vehicle-related services and their existing business operations can help revolutionize the automotive aftermarket business. Verifiable transactions and automated record keeping can change the way in which car insurers and vehicle rental services operate in the foreseeable future, in turn, creating new avenues for the automotive blockchain market.
Top Market Players:
- Context Labs
- Factom Inc.
- HCL Technologies
- Mesosphere Inc.
- NXM Labs
- Oaken Innovations
- Productive Edge LLC
- Project Provenance Ltd.
- Ripple Labs Inc.
- RSK Labs
- Tech Mahindra
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On the basis of applications, the supply chain segment is expected to dominate the global automotive blockchain market in 2019. Blockchain technology can help OEMs to track the complete movement of spare parts and it also can help the manufacturer to implement blockchain for secure transactions. Based on the provider, the application and solution providers segment dominated the global automotive blockchain market. The popularity of blockchain has increased significantly in the last few years. To cope up with the changing digital ecosystem, automotive companies are focused on opting for blockchain consulting firms that have a keen understanding of blockchain technology, which has driven the demand for blockchain application and solution providers in the automotive sector. Based on the mobility type, the commercial mobility segment dominated the global automotive blockchain market. The growing demand for eMobility and on-demand services has been a key growth driving factor for the global commercial automotive blockchain mobility market.
The report study further includes an in-depth analysis of industry players’ market shares and provides an overview of leading players’ market position in the automotive blockchain sector. Key strategic developments in the Automotive Blockchain Market competitive landscape such as acquisitions & mergers, inaugurations of different products and services, partnerships & joint ventures, MoU agreements, VC & funding activities, R&D activities, and geographic expansion among other noteworthy activities by key players of the Automotive Blockchain Market are appropriately highlighted in the report.
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The Automotive Blockchain Market research report delivers an acute valuation and taxonomy of the automotive blockchain industry by practically splitting the market on the basis of different types, applications, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026. The regional segmentation of the automotive blockchain industry includes the complete classification of all the major continents including North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa. Further, country-wise data for the automotive blockchain industry is provided for the leading economies of the world.
Blockchain refers to passing to transferring information from one point to another by using an automated platform in a safe manner. Blockchain is a database that has blocks connected to each other. Blockchain is utilized in automotive applications such as data exchange, supply chain management, vehicle safety, and data security, smart insurance, etc. One of the key applications of blockchain is in the identification and tracking of vehicles. Blockchain can be used for uniquely identifying every single vehicle part while maintaining data privacy.
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The automotive sector has always been keen on developing or adopting new technologies that streamline operations, enhancing operational efficiency, generate revenue, etc. which has led to the development of smart vehicles. A growing number of smart vehicles are being integrated with and connected to roadside infrastructure, e.g. traffic management systems and the internet. With the emergence of such technologies, the demand for effective connectivity solutions has increased among OEMs for a higher degree of connectivity, which has fueled the development of blockchain technology in the automotive sector. Further, the integration of blockchain technology into applications such as Vehicle Insurance, Identification & Tracking, etc. is likely to create new avenues for the global Automotive Blockchain Market.
Based on the region, North America dominated the global automotive blockchain market. North America accounted for a market share of 40% in the global automotive blockchain market in 2019. The growth in the North America market is attributable to the presence of major blockchain vendors in the market and the soaring adoption of blockchain technology by major players operating in the automotive sector.
Browse the full “Automotive Blockchain Market By Application (Smart Contracts, Supply Chain, Financing, Mobility Solutions, and Others), by Provider (Middleware Provider, Infrastructure and Protocols Provider, and Application and Solution Provider), and by Mobility Type (Personal Mobility, Shared Mobility, and Commercial Mobility): Global Industry Outlook, Market Size, Business Intelligence, Consumer Preferences, Statistical Surveys, Comprehensive Analysis, Historical Developments, Current Trends, and Forecasts, 2020–2026” report at https://www.fnfresearch.com/automotive-blockchain-market-by-application-smart-contracts-supply-1130
This report segments the automotive blockchain market as follows:
Global Automotive Blockchain Market: By Application Segmentation Analysis
- Smart Contracts
- Supply Chain
- Mobility Solutions
Global Automotive Blockchain Market: By Provider Segmentation Analysis
- Middleware Provider
- Infrastructure and Protocols Provider
- Application and Solution Provider
Global Automotive Blockchain Market: By Mobility Type Segmentation Analysis
- Personal Mobility
- Shared Mobility
- Commercial Mobility
Key Insights from Primary Research
- According to the primary research conducted with industry experts of the global automotive blockchain market, the market is predicted to foresee a substantial growth of nearly 30% over the projected period.
- As per primary respondents, the global automotive blockchain market is estimated to reach a market value of nearly USD 2,000 million from a market value of USD 300 million in 2019.
- The growing implementation of blockchain technology in supply chain management by OEMs has been a key growth driving factor for the global automotive blockchain market.
- On the basis of the application, the supply chain segment held a share of nearly 40% in the global automotive blockchain market in 2019.
- On the basis of region, the North America segment is expected to hold a major share in the global automotive blockchain market. Technological developments in the automotive sector have been a key growth driving factor for the North America region.
- According to our primary respondents, the implementation of blockchain technology for identification and tracking is expected to create new avenues for the global automotive blockchain market.
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