Automotive Blockchain Market The automotive blockchain market has seen exponential growth, expanding from $0.46 billion in 2023 to $0.57 billion in 2024, with a remarkable CAGR of 22.5%. This growth is driven by the rise of mobility services, ride-sharing, and car-sharing, as well as the need to reduce data leaks and ensure secure transactions. The market is projected to continue its rapid expansion, reaching $1.28 billion by 2028, with a CAGR of 22.7%. This growth is supported by the growing integration of blockchain technology in vehicle production processes, improving supply chain efficiency, reducing costs, and enhancing transparency. Key trends include higher adoption of blockchain for payments, integration with existing systems, and the growing cryptocurrency market.
Major Driver In The Automotive Blockchain Market
The increasing vehicle production processes are expected to drive the growth of the automotive blockchain market. Automotive blockchain technology is utilized to enhance supply chain transparency, quality assurance, fraud prevention, and data security, improving efficiency and trust across the automotive ecosystem. This technology is integral to improving supply chain transparency, quality control, fraud prevention, and facilitating automated processes and secure data sharing. For instance, the International Energy Agency reported in January 2022 that electric vehicle sales nearly doubled to 6.6 million in 2021 from 3 million in 2020, representing almost 9% of total sales and an increase of 4 percentage points from 2020. Consequently, the growing vehicle production processes are propelling growth in the automotive blockchain market.
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Automotive Blockchain Market Competitive Landscape
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.
Key Automotive Blockchain Market Trend
The automotive blockchain market is witnessing growth as companies adopt blockchain network management platforms to enhance supply chain transparency and 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 company, launched a blockchain-as-a-service (BaaS) platform specifically designed for the automotive supply chain. This platform facilitates seamless blockchain adoption with minimal coding, enabling multi-cloud and multi-chain network deployment and enhancing transparency and efficiency in the automotive supply chain.
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Automotive Blockchain Market Segmentation
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
By Geography:The regions covered in the automotive blockchain market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the automotive blockchain market in 2023.
The Automotive Blockchain Global Market Report 2024 furnishes information about the global automotive blockchain market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
