According to the report by Expert Market Research (EMR), the global Automotive Blockchain Market Growth reached a value of approximately USD 648.5 million in 2022. Aided by the increasing need for transparency and security in automotive transactions and the rising application of blockchain in connected vehicles, the market is projected to further grow at a CAGR of 31.40% between 2023 and 2028 to reach a value of USD 3338 million by 2028.
Blockchain, a decentralised and distributed digital ledger technology, offers significant potential in the automotive industry, particularly in areas such as supply chain transparency, secure transactions, and data privacy. Its ability to facilitate transparent and tamper-proof transactions makes it a highly valuable tool in various automotive applications, including vehicle tracking, finance, insurance, and autonomous driving.
The increasing need for transparency and security in automotive transactions is a major factor driving the global automotive blockchain market growth. Blockchain technology can enhance the trustworthiness of information pertaining to vehicle history, ownership, insurance, and other key details. By providing a transparent and tamper-proof digital record, blockchain helps mitigate issues related to fraud and data manipulation in automotive transactions, thus driving its market demand.
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Another key driver bolstering the automotive blockchain market demand is the rise in the adoption of connected vehicles. As vehicles become more connected, the volume of data being generated and exchanged increases, creating a need for secure data management solutions. Blockchain technology offers a secure platform for storing and sharing vehicular data, ensuring data integrity and preventing unauthorised access or tampering.
Furthermore, the application of blockchain in automotive supply chain management is also boosting the automotive blockchain market expansion. By providing a transparent record of the entire supply chain, blockchain can help track the origin of parts, verify compliance with safety standards, and monitor the performance of suppliers. This ability to ensure supply chain transparency and accountability is significantly contributing to the increasing adoption of blockchain in the automotive industry.
In addition, the advent of autonomous vehicles presents significant growth opportunities for the automotive blockchain market. Autonomous vehicles require secure data exchange and trusted transactions for functions such as real-time traffic data sharing, toll payments, and vehicle-to-vehicle communication. Blockchain, with its decentralised and tamper-proof nature, can provide the necessary security and trust for these transactions, thus fostering the automotive blockchain market demand.
Automotive Blockchain Market Segmentation
The market can be divided based on application, provider, mobility, and region.
Market Breakup by Application
- Mobility Solutions
- Smart Contracts
- Supply Chain
Market Breakup by Provider
- Application and Solutions
- Infrastructure and Protocol
Market Breakup by Mobility
- Personal Mobility
- Shared Mobility
- Commercial Mobility
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Automotive Blockchain Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global automotive blockchain companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Accenture Plc
- IBM Corporation
- Microsoft Corporation
- carVertical, LLC
- Helbiz (micromobility.com Inc.)
- Tech Mahindra Ltd
- HCL Technologies Limited
- Marelli Holdings Co., Ltd.
- NXM Labs, Inc.
- BMW AG
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