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Automotive Blockchain Market Thrives With Operational Efficacy, Robust Investments, and Reduced Operational Costs

07-01-2022 11:31 AM CET | IT, New Media & Software

Press release from: Fairfield Market Research

Automotive Blockchain Market Thrives With Operational

The automotive blockchain market is projected to demonstrate a tremendous growth by the end of the projection period. Incessant investments in autonomous and connected vehicles and the operational efficacy that blockchain technology provides are steering the demand for automotive blockchain technology across the globe. During the outbreak of COVID-19, the automotive industry has witnessed steep declines in production as well as sales of vehicles. This led to subsequent deceleration in revenue growth rate. However, as the automotive industry swiftly rebounds after undergoing a period of stagnation, the demand for automotive blockchain technology is expected to rise exponentially.

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Revolution of Design and Production Development in Automotive Industry Boosts Automotive Blockchain Market

Recently, blockchain technology has been finding its applications in the car manufacturing space. Improved supply chain management and better maintenance of records and information of vehicle parts and components are key applications of blockchain technology. This eventually serves Original Equipment Manufacturers (OEMs) with vehicle recall and service, identification of counterfeit products, and ensures that customers have superior quality of products & services.

Although the uncertainty over regulations might pose some hurdles for the automotive blockchain industry, increased focus on reducing data manipulation holds a promising future for the automotive blockchain industry. On the whole, calls for brisk business transactions, reduced operational costs, and better-quality control are propelling significant gains across the automotive blockchain market.

Automotive Blockchain Technology Augurs Well for Decentralized P2P Car Rentals

Revolutionizing advancements in technology have left no industry untouched. The automobile sector is set to turn this cutting-edge technology to its account. The blockchain technology application oscillates well around the car leasing and rentals niche and provides remunerative opportunities for potential growth and development. The report suggests that the players in the automotive field are eagerly capitalizing on autonomous and connected vehicles, along with diverse mobility services such as vehicle rental, hailing, pooling, and leasing by the end of the forecasted period. Blockchain technology provides complete control to rental companies over the fleet management, vehicle maintenance, and cleaning, etc. of their vehicles.

Automotive Blockchain Technology is Counting on its Reliability and Security Quotient

The automotive blockchain technology provides a reliable and secured environment that enables healthy peer-to-peer sharing of vehicles. It provides a digital platform to car owners where they can register the end-users and sign contracts online. The contract provides the end-users with clear terms and conditions, rules, and regulations, that are needed to be agreed upon before opting for services. This promotes the safety and transparency of services and their usage. Besides, as vehicle accidents continue to rise, blockchain technology is anticipated to eliminate the redundant steps taken by customers while claiming insurance. Consequently, blockchain technology foresees significant elevation in demand for application across smart finance solutions.

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Asia Pacific Demonstrates Higher Growth Potential & Lucrative Opportunities

The automotive blockchain market is anticipated to flourish across the regions of Asia Pacific. The emerging economies of India and China are booming with the presence of key players and high growth potential. China garners the top position in vehicle production, is a leading producer and exporter of automotive components. Strategic collaboration between OEMs and technology companies are key agenda for the development of the automotive blockchain market in the APAC.

Globally, prominent companies operating in the global automotive blockchain market are
• IBM,
• Microsoft Corporation,
• Tech Mahindra,
• Shift Mobility Inc.,
• BigchainDB GmbH,
• carVertical.
• Other

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Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.

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