Press release
Automotive Blockchain Market Size to Boost USD 6.48 Billion By 2032 | CAGR 32.0% - Published by Emergen Research
Automotive Blockchain Market
Blockchain technology enables rapid and efficient bidirectional communication between vehicles and other infrastructure within urban and roadway systems. It has the capacity to establish a trustworthy network and facilitate highly secure peer-to-peer transactions. It is expected that by 2025, approximately 10% to 15% of connected vehicle transactions will be conducted via blockchain. Moreover, blockchain enhances the security of autonomous and interconnected vehicles by uniting manufacturers within a shared drive and test database, which stores information related to simulations, experiments, and system faults.
The report is attuned with the latest market changes and economic landscape with regard to the currently unfolding COVID-19 pandemic. The crisis has affected the demand and supply pattern, as well as the trends of the industry. It has also brought an economic slowdown that has affected the business of the key manufacturers of the industry. The report estimates the impact of this crisis on the current scenario and future prospects and provides a post-COVID market scenario.
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Drivers of the Automotive Blockchain Market :
Several factors drive the growth of the automotive blockchain market. One of the primary drivers is the need for enhanced transparency and traceability in the automotive supply chain. By leveraging blockchain technology, automotive manufacturers can track the origin and movement of components, ensure authenticity, and mitigate the risk of counterfeit parts entering the supply chain. Additionally, blockchain enables secure and decentralized data sharing among stakeholders, facilitating real-time collaboration and improving operational efficiency. Moreover, the rise of electric vehicles (EVs) and the growing demand for sustainable mobility solutions create opportunities for blockchain applications in areas such as battery traceability, energy trading, and vehicle-to-grid (V2G) integration.
Restraints Impacting the Automotive Blockchain Market :
Despite the potential benefits, the automotive blockchain market faces certain challenges. One of the significant restraints is the complexity of integrating blockchain into existing automotive systems and processes. Implementing blockchain solutions requires collaboration among multiple stakeholders, including automakers, suppliers, regulators, and technology providers, which can pose interoperability challenges and require significant investment. Moreover, concerns related to data privacy, security, and regulatory compliance may hinder the adoption of blockchain technology in highly regulated industries like automotive. Additionally, the scalability and performance limitations of existing blockchain platforms may impact their suitability for large-scale automotive applications.
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The report also discusses the key players involved in the market such as:
Microsoft, BigchainDB GmbH, IBM, SHIFTMobility Inc., Tech Mahindra Limited, Gem, HCL Technologies Limited, NXM Labs, Inc., Consensys, Helbiz, Vechain Foundation San Marino S.r.l, OriginTrail, IOTA Foundation and Avalanche
The report provides a thorough estimation of the overall impact of the pandemic on the Automotive Blockchain Market and its vital segments. The report also discusses the impact of the pandemic across different regions of the market. It also offers a current and future assessment of the impact of the pandemic on the Automotive Blockchain Market
Automotive Blockchain Latest Industry News
On 8 June 2022, Volvo Cars made a financial investment in Circulor, a blockchain technology company, via its venture capital investment arm, the Volvo Cars Tech Fund. Over the past few years, Volvo Cars and Circulor collaborated to integrate blockchain technology, enhancing the traceability of cobalt utilized in batteries of their electric vehicles. Volvo Cars' investment in Circulor enables both entities to extend their efforts beyond cobalt, including exploring ways to enhance the traceability of mica, a mineral employed as insulation material in the battery packs of Volvo's Electric Vehicles (EVs).
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Automotive Blockchain Market Segment Analysis :
For the purpose of this report, Emergen Research has segmented the global automotive blockchain market based on provider, application, mobility type, and region:
Provider Outlook (Revenue, USD Billion; 2019-2032)
Application & solution providers
Infrastructure & protocol providers
Middleware providers
Application Type Outlook (Revenue, USD Billion; 2019-2032)
Supply chain
Vehicle tracking and provenance.
Parts and materials management
Counterfeit prevention
Smart contracts
Vehicle financing
Usage-based insurance
Mobility services
Mobility solutions
Vehicle sharing
Ride-hailing
Autonomous vehicles
Other applications
Vehicle maintenance and repair
Data monetization
Cybersecurity
Mobility Type Outlook (Revenue, USD Billion; 2019-2032)
Personal mobility
Passenger cars
Motorcycles
Shared mobility
Car sharing
Ride-hailing
Commercial mobility
Trucks
Buses
Fleets
Regional Outlook (Revenue, USD Billion; 2019-2032)
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Spain
BENELUX
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
Israel
Rest of Middle East & Africa
Browse Full Report Description + Research Methodology + Table of Content + Infographics @ https://www.emergenresearch.com/industry-report/automotive-blockchain-market
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