Westford, USA, June 04, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Automotive Blockchain Market will attain a value of USD 7727 Million by 2031, with a CAGR of 31.82% over the forecast period (2024-2031). The leading companies in the software sector have made a number of advancements and breakthroughs in the field of blockchain development, which has fuelled the expansion of the automotive blockchain market. Furthermore, growing government initiatives and investment in the automotive blockchain sector support the market expansion. Furthermore, a number of startups have obtained expertise in the field of blockchain for automobiles, including Xian, NXM Labs, Inc., and others, which is contributing to the trend in the automotive blockchain industry.
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Browse in-depth TOC on the "Automotive Blockchain Market "
- Pages - 223
- Tables - 92
- Figures – 76
Automotive Blockchain Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $848 Million |
| Estimated Value by 2031 | $7727 Million |
| Growth Rate | Poised to grow at a CAGR of 31.82% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Automotive Blockchain Type and Vehicle Type |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Enhance Experience in Supply Chain Management |
| Key Market Opportunities | Increasing Crypto Currency Market Capital |
| Key Market Drivers | Expansion of Automobile Industries |
Public Blockchain Automobiles to Dominate Owing to Growing Need for Secure and Tamper-Proof Data Exchange
Transparency, decentralization, and security equally make public blockchains the leader in the Automotive Blockchain Market.Hence nurturing trust and cooperation among people with different interests within the auto industry. While other factors such as the need of secure data exchange without modification, improving supply chain efficiency and enabling traceability; which are important in the complicated automobile world, have greatly contributed to its dominance.
Passenger Cars is Slated to Increase in Demand at a Rapid Pace Due to High Production Volume
The automotive blockchain market is dominated by passenger automobiles due to their large consumer base and high production volume. The demand for improved ownership verification, vehicle tracking, details of which the rising dominance based on blockchain technology is compatible with effectively addressing consumer trust and operational efficiency in the passenger automobile market.
Advanced Technological Infrastructure and Early Adoption of Blockchain Solutions Facilitating North America’s Dominance
One of the reasons why North America is better than any other parts of the world, such as Africa or Europe, is that it has very well-established in car-making industry. Advanced technology equipment that includes all modern gadgets like smartphones and tablets among others, as well as carrying out transactions using cryptocurrencies since long time ago (blockchain). In addition, thanks to big automotive firms, hi-tech companies plus beginners who are involved in this process, North America’s position is even more secure within automobile construction markets than ever before. Meanwhile, APAC has achieved highest pace growth compared to any other regions worldwide as it encompasses majority of automotive blockchain sectors worldwide.
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Drivers:
- Expansion of Automobile Industries
- Increasing Focus on Reducing Data Leaks and Manipulations
- Reduced Total Cost of Ownership
Restraints:
- Limited Scalability will Challenge Growth
- Uncertainty Over Regulations
- Concerns Over Security, Privacy and Control
Prominent Players in Automotive Blockchain Market
- Chronicled Inc. (US)
- Modum.io AG (Switzerland)
- Filament (US)
- VeChain (China)
- CarVertical (Lithuania)
- Blockchain of Things Inc. (US)
- VINchain (Lithuania)
- BitCar (Australia)
- Oaken Innovations (US)
- Fetch.ai (UK)
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Key Questions Answered in Automotive Blockchain Market Report
- By 2031, how much is the automotive blockchain market estimated to be worth, and what is the anticipated compound annual growth rate (CAGR) for this market?
- As result of its early adoption of blockchain solutions and sophisticated technological infrastructure, which region leads the automotive blockchain market?
- What are some of the main factors propelling and impeding the automotive blockchain market's expansion?
This report provides the following insights:
- Analysis of key drivers (Increasing number of vehicle manufacturing, automotive blockchain is widely used to improve supply chain management, extensive assist to original equipment manufacturers and ensuring high-quality products & services), restraints (Uncertainty over regulations, limited scalability & regulatory uncertainty and cost incurred in the implementation of blockchain in the automobile industry is high), opportunities (Growing investment in self-driving vehicles, increase mobility while cutting waste and streamlining processes with a framework for managing intelligent contracts), and challenges (Governing bodies worldwide historically found it challenging to keep up with automotive blockchain developments and regulatory ambiguity is a constraining factor for market expansion) influencing the growth of automotive blockchain market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the automotive blockchain market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the automotive blockchain market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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