LONDON, April 16, 2020 /PRNewswire/ — Market Forecasts by Application (Smart Contracts, Supply Chain, Financing, Mobility Solutions and Others), by Provider (Middleware Provider, Infrastructure and Protocols Provider and Application and Solution Provider), by Mobility Type (Personal Mobility, Shared Mobility and Commercial Mobility), by Vehicle Type (Passenger Cars, Light Commercial Vehicles and Heavy Commercial Vehicles), by Technology Type (Open Blockchain, Closed Blockchain, Consortium Blockchain and Hybrid Blockchain), by Propulsion (ICE and Electric) with Regional and National Market Analysis and Financial Analysis of Leading Companies
The global market for automotive blockchain is projected to grow with a CAGR of 31.1% during the forecast period from 2020-2030 and is estimated to reach $6.1 billion by 2030. The major drivers of growth for this market are increasing number of connected cars, increasing focus on reducing manipulation of data, the need for faster business transactions, better quality control, and technology advancement along with investment in R&D. The main drivers of development for the automotive blockchain industry are the advantages that blockchain technology offers such as real-time surveillance, auditability, and data scalability. The technology has also become an essential component of the automotive industry’s information technology (IT) budgets with increasing digitization. Blockchain is helpful in different fields such as mobility solutions, connected vehicles, supply chain logistics, retail and leasing, independent driving and IoT.
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Blockchain can benefit the automotive industry in many ways. Using smart contracts and IOT, dealerships can automate several processes involved in car sales, service, warranty claim processing and much more. Moreover, it helps the buyer and seller to avoid middlemen or third…