Automotive blockchain is a decentralized digital ledger technology used to secure and transparently record vehicle-related transactions and data across a network in the automotive industry. It ensures the integrity and immutability of information by tracking vehicle history, maintenance records, and supply chain management.
Automotive Blockchain Global Market Report 2024 provides data on the global automotive blockchain market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive blockchain market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
The automotive blockchain market has experienced exponential growth, increasing from $0.46 billion in 2023 to $0.57 billion in 2024 at a CAGR of 22.5%. This expansion is attributed to the rising use of mobility services, ride-sharing, and car-sharing services, coupled with a focus on reducing data leaks and improving transactional safety. The market is anticipated to grow further, reaching $1.28 billion in 2028 at a CAGR of 22.7%. This growth is driven by increased vehicle production processes, solutions for supply chain efficiency, cost optimization, and the widespread adoption of blockchain technology. Key trends include the integration of blockchain into existing systems, adoption for payment solutions, and the growing influence of cryptocurrency markets.
The increasing vehicle production process is expected to contribute to the growth of the automotive blockchain market. The need for automotive blockchain arises from the desire for improved supply chain transparency, enhanced quality control, fraud prevention, and data security in vehicle production. Automotive blockchain supports secure data sharing, improves supply chain management, and helps streamline production processes. For example, according to the International Energy Agency in January 2022, electric vehicle sales nearly doubled to 6.6 million units in 2021, up from 3 million in 2020, representing nearly 9% of total vehicle sales. This increase in vehicle production processes is expected to drive the automotive blockchain market.
Get Your Free Sample of the Global Automotive Blockchain Market Report The automotive blockchain market covered in this report is segmented –
1) By Provider: Application And Solution, Middleware, Infrastructure And Protocol
2) By Mobility: Personal Mobility, Shared Mobility, Commercial Mobility
3) By Application: Supply Chain, Smart Contracts, Mobility Solutions, Financing
4) By End User: Original Equipment Manufacturer (OEMs), Vehicle Owners, Mobility As A Service Provider, Other End Users
Major participants in the automotive blockchain market are adopting blockchain solutions like network management platforms to enhance transparency in supply chains and streamline operational efficiency. Blockchain network management platforms simplify the deployment, monitoring, and maintenance of blockchain networks. In October 2021, Blockedge Technologies Inc., a US-based technology firm, launched a blockchain-as-a-service (BaaS) platform tailored for the automotive supply chain. This solution supports seamless blockchain integration with minimal coding, leveraging cloud expertise for deploying multi-cloud and multi-chain networks efficiently.
North America was the largest region in the automotive blockchain market in 2023. The regions covered in the automotive blockchain market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.