28-Sep-2020 | Zion Market Research
According to the report published by Zion Market Research, global demand for automotive blockchain market was valued at approximately USD 394.5 Million in 2019, and is expected to generate revenue of around USD 2,481.3 Million by end of 2026, growing at a CAGR of around 29.2% between 2020 and 2026. The rising requirement for immutability and transparency in the complicated automotive ecosystem and important testing of blockchain scenarios in automotive applications are predicted to have a major role in the development of global automotive blockchain market.
Major players active in the global automotive blockchain market are Tech Mahindra, IBM, BigchainDB, Microsoft, and carVertical.
The Smart Contracts Category By Application Predicted To Be The Quickest Developing Category In The Global Market
The smart contracts category by application is predicted to be the quickest developing category in the global market. Smart contracts have a noteworthy amount of applications in the automotive sector, such as dealership management, title transfer, and B2B contractual deals. For instance, smart contracts enabled Innogy SE in May 2017 to roll out hundreds of blockchain-based charging stations for EVs via Share&Charge (its e-mobility startup venture) all over Germany. The noteworthy implementations and concept testing of blockchain-supported smart contract in the automotive sector is predicted to have a primary role in the development of the global market for smart contracts.
The Solution And Application Provider Segment In The Automotive Blockchain Market Predicted To Have The Biggest Market Share
Based on provider, the solution and application provider segment in the automotive blockchain market is predicted to have the biggest market share due to the launch of technically enhanced blockchain solutions and the noteworthy spending by Tier I companies and OEMs in association with solution providers in the automotive blockchain. In addition to this, solutions and applications need higher price to design and maintain as compared to platforms and middleware. Therefore, the income created by the solution and application providers is more.
Personal Mobility Expected To Be The Biggest Category For Automotive Of The Blockchain Market
Based on mobility, personal mobility is expected to be the biggest category for automotive of the blockchain market. Solid economic development, rapid urbanization, rising population, and increasing purchasing power have powered the requirement for personal mobility all over the world. As passenger car sales and production have the biggest share of the income created by all industry players, the blockchain applications are also expected to create maximum income from the sales, production, and services associated to personal mobility or passenger cars.
America Predicted To Be The Primary Catalyst Over The Forecast Period To The Global Market
The American area will be one of the early acceptors of the blockchain tech for automotive applications and is predicted to be the primary catalyst over the forecast period to this market. The development will expectedly be boosted by two major factors such as rising requirement for immutability and transparency in business processes and the noteworthy investments by tech providers in the blockchain service.
Browse the full “Automotive Blockchain Market Application (Supply Chain, Smart Contracts, Mobility Solutions, Financing, and Others), Mobility Type (Commercial Mobility, Shared Mobility, and Personal Mobility), Provider (Solution Provider, Infrastructure and Protocols Provider, and Middleware Provider): Global Industry Perspective, Comprehensive Analysis and Forecast, 2020 – 2026.” Report at https://www.zionmarketresearch.com/report/automotive-blockchain-market
The global automotive blockchain market is segmented as follows:
By Mobility Type
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