Automotive Blockchain Market Report 2024

The automotive blockchain market size has grown exponentially in recent years. It will grow from $0.46 billion in 2023 to $0.57 billion in 2024 at a compound annual growth rate (CAGR) of 22.5%. The growth observed in the historical period can be attributed to several factors, the expansion of mobility services, rising adoption of ride-sharing and car-sharing services, heightened focus on mitigating data leaks and manipulations, demand for standardized and secure transactions, and efforts to reduce the total cost of ownership.

The automotive blockchain market size is expected to see exponential growth in the next few years. It will grow to $1.28 billion in 2028 at a compound annual growth rate (CAGR) of 22.7%. In the forecast period, growth is anticipated due to several factors, the adoption of blockchain technology to enhance vehicle production processes, address supply chain inefficiencies to improve efficiency, cost-cutting efforts, and transparency levels. Blockchain technology is expected to play a crucial role in providing transparent and tamper-proof records across the automotive industry. Key trends expected in this period include integration of blockchain solutions with existing systems, increased adoption of automotive blockchain for payment processes, broader integration and implementation of blockchain solutions, and the growing influence of the cryptocurrency market capitalization.

The automotive blockchain market is expected to grow as vehicle production processes increase. The demand for automotive blockchain solutions arises from the need to enhance supply chain transparency, ensure quality, prevent fraud, and secure data in vehicle production. Blockchain technology improves supply chain transparency, quality control, and fraud prevention, while enabling automated processes and secure data sharing among stakeholders, thus boosting efficiency and trust in vehicle production. For example, the International Energy Agency (IEA) reported that sales of electric vehicles nearly doubled to 6.6 million in 2021 from 3 million in 2020, accounting for almost 9% of total sales, and increased by 4 percentage points in 2021, bringing the total number of electric vehicles on the road to 16.5 million. Therefore, the rise in vehicle production processes is driving the growth of the automotive blockchain market.

Key companies in the automotive blockchain market are focusing on adopting blockchain solutions such as blockchain network management platforms to enhance supply chain transparency and streamline operational efficiencies. These platforms are designed to facilitate the deployment, monitoring, and maintenance of blockchain networks. For instance, Blockedge Technologies Inc., a US-based technology company, launched a blockchain-as-a-service (BaaS) for the automotive supply chain in October 2021. This platform leverages Blockedge's extensive cloud expertise to offer a comprehensive solution for deploying multi-cloud and multi-chain networks with minimal coding efforts.

In January 2023, Bayerische Motoren Werke AG (BMW), a Germany-based automobile company, partnered with Coinweb Limited to integrate blockchain technology into BMW's workflow and customer interactions in Thailand. This partnership aims to automate manual processes and streamline vehicle finance operations offered by BMW, as well as develop a blockchain-based customer loyalty program. Coinweb Limited is a UK-based blockchain technology company specializing in cross-chain computation platforms.

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.

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.

The countries covered in the automotive blockchain market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Automotive blockchain refers to a decentralized digital ledger technology utilized in the automotive industry to securely and transparently record vehicle-related transactions and data across a network. It ensures the integrity and immutability of information by tracking vehicle history, maintenance records, and managing supply chains.

The primary providers of automotive blockchain solutions include applications and solutions, middleware, and infrastructure and protocol. Applications and solutions in automotive blockchain involve leveraging blockchain technology to enhance efficiency, transparency, and security in various automotive sectors such as supply chain management, vehicle financing, and customer loyalty programs. Mobility applications encompass personal, shared, and commercial mobility, facilitating functionalities such as supply chains, smart contracts, mobility solutions, and financing. These solutions cater to a range of end users including original equipment manufacturers (OEMs), vehicle owners, mobility service providers, and others.

The automotive blockchain research report is one of a series of new reports that provides automotive blockchain market statistics, including the automotive blockchain industry's global market size, regional shares, competitors with an automotive blockchain market share, detailed automotive blockchain market segments, market trends and opportunities, and any further data you may need to thrive in the automotive blockchain industry. This automotive blockchain market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The automotive blockchain market includes revenues earned by entities by providing services such as blockchain-as-a-service (BaaS), license plans, consulting, and implementation services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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