Automotive Blockchain Market: Application and Solution to Grow at 30.8% CAGR During 2020 – 2030
The global automotive blockchain market is estimated to reach $5.61 billion by 2030. This study presents market size analysis, trends and opportunities for the market.
PORTLAND, ORAGON, USA, Sept. 13, 2022 /EINPresswire.com/ — Allied Market Research recently published a report titled “Automotive Blockchain Market by Application (Financing, Mobility Solutions, Smart Contracts, and Supply Chain), Provider ( Application and solution, middleware and infrastructure and protocol), and mobility (personal mobility, shared mobility and commercial mobility): Global Opportunity Analysis and Industry Forecast, 2020-2030”. According to the report, the global automotive blockchain market is expected to earn USD 428.6 million in 2020 and is expected to reach USD 5.6 billion by 2030, growing at a CAGR of 29.3% from 2020 to 2030.
Incentives for market growth
Reduced operating costs and security against data leaks and manipulations have boosted the growth of the global automotive blockchain market. Uncertainty around the regulations is, however, inhibiting market growth. On the contrary, higher usage for better payments, logistics and transportation and usage-based insurance are expected to create lucrative opportunities in the near future.
The Supply Chain segment dominated the market
The supply chain segment is expected to contribute the largest share in 2020, accounting for nearly two-fifths of the global automotive blockchain market. The rise in the use of blockchain in automobiles and increased demand for efficient means of tracking supply chain data is driving the segment. However, the financing segment is estimated to register the fastest CAGR of 32.7% during the forecast period, owing to the implementation of blockchain in automobiles coupled with the financing application and rise in the trend of automation.
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Applications and solutions segment to manifest the fastest CAGR through 2030
The applications and solutions segment is expected to hold the largest share in 2020, accounting for nearly half of the global automotive blockchain market. The segment is expected to dominate the market throughout the forecast period. Furthermore, the segment is expected to show the fastest CAGR of 30.8% from 2020 to 2030. The application and solution providers provide a better and efficient system, which supports the growth of automotive blockchain.
North America ruled the market
The global automotive blockchain market across North America is estimated to hold the largest share in 2020, contributing to more than two-fifths of the market. Adoption of advanced technology along with the constant development of the automotive industry is creating a demand for key players to invest in the automotive blockchain market. However, the market across the Europe region is estimated to manifest the fastest CAGR of 32.3% during the forecast period. This is due to an increase in the production and sale of the vehicles and the demand for advanced functions in vehicles.
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Major market players
Carvertical
Car block
Accenture
Xain
HCL technologies
Helbiz
IBM
Microsoft
Tech Mahindra
NXM Labs
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