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The global market for automotive blockchain is projected to grow with a CAGR of 31.1% during the forecast period from 2020-2030 and is estimated to reach $6.1 billion by 2030. The major drivers of growth for this market are increasing number of connected cars, increasing focus on reducing manipulation of data, the need for faster business transactions, better quality control, and technology advancement along with investment in R&D. The main drivers of development for the automotive blockchain industry are the advantages that blockchain technology offers such as real-time surveillance, auditability, and data scalability. The technology has also become an essential component of the automotive industry’s information technology (IT) budgets with increasing digitization. Blockchain is helpful in different fields such as mobility solutions, connected vehicles, supply chain logistics, retail and leasing, independent driving and IoT.Blockchain can benefit the automotive industry in many ways. Using smart contracts and IOT, dealerships can automate several processes involved in car sales, service, warranty claim processing and much more. Moreover, it helps the buyer and seller to avoid middlemen or third parties to involve in transactions or insurance claims. This decentralised ledger technology can help to build a state of peacefulness in customers, manufacturers and service centers with it’s transparency and immutability. The applications of Blockchain in automobile industry range from crypto tokens to provide loyalty rewards to their customers to supply chain visibility solution which can hold the integrity of provenance of the vehicle. Maintaining a tamper proof log of all records such as service logs, details of wear and tear of spare parts etc can help the manufacturer to estimate the actual resale value of the vehicle.
Leading companies featured in the Automotive Blockchain Market Report 2020-2030 report include IBM, Accenture, Carblock, Carvertical, HCL Technologies, HELBIZ, MICROSOFT, NXM Labs, Tech Mahindra, and Xain among others. Mergers & acquisitions, expansion, and joint ventures constitute some of the industry players’ common strategies for reducing product price overall and maintaining extremely competitive conditions. In order to guarantee continued raw material supplies and ease of installation services, many players in the sector create alliances with raw material providers.
The comprehensive report provides market estimates and forecasts for leading domestic markets across the world for the period from 2019 to 2030. In addition, the report includes dedicated leading companies covering 10 leading automotive Blockchain industry producers.
The report on the Automotive Blockchain Market Report 2020-2030 will appreciate anyone who wants to better understand the market in various segment verticals. It will be useful for companies that want to better understand the part of the market in which they are already involved or those that want to enter or expand into another regional or technical part of the automotive Blockchain industry.