What are the Historical Developments and Current Growth Metrics of the Automotive Blockchain Market?
The automotive blockchain market has seen considerable growth due to a variety of factors.
• The automotive blockchain market has grown rapidly in recent years. It will increase from $0.57 billion in 2024 to $0.7 billion in 2025, at a compound annual growth rate (CAGR) of 22.8%.
The growth is attributed to the increasing adoption of mobility services, the rise of ride-sharing and car-sharing, the focus on reducing data leaks, the need for secure and standardized transactions, and the reduction of the total cost of ownership.
What Does Future Hold for The Automotive Blockchain Market By 2029?
The automotive blockchain market is expected to maintain its strong growth trajectory in upcoming years.
• The automotive blockchain market is forecast to reach $1.57 billion by 2029, growing at a CAGR of 22.6%.
Growth is attributed to rising vehicle production, supply chain efficiency, and the adoption of blockchain for transparent, tamper-proof records. Trends include integration with existing systems, increased adoption for payments, and greater use of blockchain in cryptocurrency markets.
What Are The Primary Growth Drivers In The Automotive Blockchain Market?
The growing vehicle production processes are expected to propel the growth of the automotive blockchain market. The need for greater transparency, quality assurance, fraud prevention, and data security in vehicle production is driving the adoption of automotive blockchain. Blockchain enhances supply chain transparency, quality control, and fraud prevention while enabling secure data sharing among stakeholders. In May 2023, the European Automobile Manufacturers Association reported a 5.7% increase in global motor vehicle production in 2022, which is contributing to the growth of the automotive blockchain market.
What Is The Segmentation Of The Global Automotive Blockchain Market?
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
Subsegments:
1) By Application And Solution: Supply Chain And Logistics Solutions, Vehicle Identity And Ownership Tracking, In-Vehicle Payments And Microtransactions, Autonomous Vehicle Data Sharing And Management, Warranty And Insurance Management Solutions, Blockchain-Based Mobility As A Service Platforms
2) By Middleware: Blockchain Apis For Automotive Applications, Smart Contract Development And Management, Blockchain Integration Tools For Vehicle Ecosystems, Data Privacy And Security Middleware Solutions, Blockchain Oracles For External Data Integration
3) By Infrastructure And Protocol: Distributed Ledger Technology Platforms, Peer-To-Peer Network Protocols For Automotive Data, Blockchain Infrastructure For Autonomous Vehicle Communication, Consensus Mechanisms For Automotive Blockchain, Blockchain-As-A-Service For Automotive Industry
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What New Trends Are Influencing The Automotive Blockchain Market?
In the automotive blockchain market, companies are integrating artificial intelligence with blockchain technology to monitor and track carbon emissions throughout the supply chain. Hyundai Motor Company and Kia Corporation launched a Supplier CO2 Emission Monitoring System in July 2023, which integrates AI and blockchain to enhance data transparency and ensure the integrity of emissions data.
Who Are the Key Players In The Automotive Blockchain Market?
Major companies operating in the automotive blockchain market are:
• Amazon.com Inc.
• Microsoft Corporation
• Dell Inc.
• Accenture plc
• International Business Machines Corporation
• Cisco Systems Inc.
• Oracle Corporation
• Hewlett Packard Enterprise Development LP
• Salesforce Inc.
• NEC Corporation
• VMware Inc.
• Red Hat Inc.
• OpenText Corporation
• Rackspace Technology Inc.
• Lumen Technologies Inc.
• Zoho Corporation
• Epicor Software Corporation
• carVertical
• BigchainDB GmbH
• NXM Labs Inc.
• ShiftMobility Inc.
What Are The Regional Insights Into The Automotive Blockchain Market?
North America was the largest region in the automotive blockchain market in 2024. The regions covered in the automotive blockchain market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
