Global Automotive Blockchain Market Report and Forecast 2023-2028

Global Automotive Blockchain Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global automotive blockchain market 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 17.28% between 2023 and 2028 to reach a value of USD 1893.5 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.

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.

Market Segmentation

The market can be divided based on application, provider, mobility, and region.

Market Breakup by Application

• Financing
• Mobility Solutions
• Smart Contracts
• Supply Chain

Market Breakup by Provider

• Application and Solutions
• Middleware
• Infrastructure and Protocol

Market Breakup by Mobility

• Personal Mobility
• Shared Mobility
• Commercial Mobility

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

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
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.