How Big is the Automotive Blockchain Market ? :
IMARC Group’s latest report, titled “Automotive Blockchain Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global automotive blockchain market size reached US$ 588.5 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,904.3 Million by 2028, exhibiting a growth rate (CAGR) of 28.98% during 2023-2028.
What is Automotive Blockchain ? :
Automotive blockchain refers to a decentralized ledger system that serves as a repository for storing, tracking, and monitoring automobile-related data. Utilizing cryptography, which converts information into unrecognizable formats for unauthorized users, this technique provides immediate, shared, and transparent communication. The advantages of automotive blockchain are various, including swift warranty claim processing, easily traceable operations, improved smart contracts and car sales, tamper-proof transaction records, enhanced transparency, instant traceability, and reduced payment exchange fees. In addition to this, this system streamlines procedures, stores unique data, verifies and secures vehicle mileages, and combats fraudulent activities.
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Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players being
Automotive Blockchain Market Growth and New Technology and Development:
The increasing number of vehicle manufacturing processes across the globe is among the primary factors fueling the automotive blockchain market. Besides this, the extensive utilization of this technique to enhance supply chain management, allowing original equipment manufacturers (OEMs) to track automobile parts and components, ensuring the identification of counterfeit products, and delivering high-quality goods and services to consumers, is further augmenting the market growth. Moreover, the automotive blockchain enables car rental companies to monitor maintenance, cleaning, rental, and user data for registered vehicles, which is also catalyzing the global market.
Apart from this, inflating investments in autonomous cars and mobility services, including auto leasing, rental, sharing, hailing, and pooling, are acting as significant growth-inducing factors. Additionally, the incorporation of the internet of things (IoT) and artificial intelligence (AI) with connected devices to track, process, authenticate, and exchange transaction systems is also stimulating the market growth. Furthermore, the elevating focus on reducing data leaks and manipulations, the increasing need for faster transactions, and the growing research and development (R&D) activities are anticipated to propel the automotive blockchain market over the forecasted period.
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