The use of blockchain for decentralizing legacy silos in processes and expediting the entire production is of pivotal use in times of high consumer demand. Various operations in the automotive sector can be rapidly accelerated and eliminate third-parties in the process. The global automotive blockchain market report by Market Research Future (MRFR) provides extensive coverage by analyzing niches, trends, and opportunities for the period of 2018 to 2025 (forecast period). The COVID-19 pandemic and its effects on the economic environment and its implications on the automotive industry are explored in full detail.
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The global automotive blockchain market is projected to exhibit a CAGR of 21% over the forecast period. This is attributed to rise of ride hailing apps, increase in e-mobility and on-demand services, sales of automobiles, and faster and secure transaction methods. Adoption of blockchain technology for transportation and logistics sectors and development of new business models for the automotive aftermarket sector can be opportune for the market to expand its growth.