Automotive Blockchain Market Growth, Demand, Key Drivers: Forecast To 2033

Global automotive blockchain market size is expected to reach $1.28 billion by 2028 at a rate of 22.7%, segmented as by provider, application and solution, middleware, infrastructure and protocol

Aug 22, 2024 - 13:26

Automotive Blockchain Market Growth, Demand, Key Drivers: Forecast To 2033

The automotive blockchain global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.

Automotive Blockchain Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.

Market Size -

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 in the historic period can be attributed to increasing mobility services, increasing use of ride-sharing and car-sharing services, increasing focus on reducing data leaks and manipulations, the need for standardized and safe transactions, and reduced 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%. The growth in the forecast period can be attributed to increasing vehicle production processes, supply chain problems to increase efficiency, helping to cut costs and improve transparency level, the extensive use of blockchain technology, transparent and tamper-proof record. Major trends in the forecast period include integration with existing systems, higher adoption of automotive blockchain for payments, integration and adoption of blockchain solutions, and increasing cryptocurrency market capital.

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Scope Of Automotive Blockchain Market

The Business Research Company's reports encompass a wide range of information, including:

Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
Drivers: Examination of the key factors propelling market growth.
Trends: Identification of emerging trends and patterns shaping the market landscape.
Key Segments: Breakdown of the market into its primary segments and their respective performance.
Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
Macro Economic Factors: Assessment of broader economic elements impacting the market.

Automotive Blockchain Market Overview

Market Drivers -

The increasing vehicle production processes are expected to propel the growth of the automotive blockchain market going forward. The demand for automotive blockchain arises from the need to enhance supply chain transparency, quality assurance, fraud prevention, data security in vehicle production, driving efficiency, and trust across the automotive ecosystem. Vehicle production uses automotive blockchain to improve supply chain transparency, quality control, and fraud prevention while enabling automated processes and secure data sharing among stakeholders, ultimately improving efficiency and trust in vehicle production. For instance, in January 2022, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021 from 3 million in 2020, representing almost 9% of total sales, and increased by 4 percentage points in 2021 as well, bringing the total number of electric vehicles on the road to 16.5 million. Therefore, the increasing vehicle production processes are driving growth in the automotive blockchain market.

Market Trends -

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

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

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Regional Insights -

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.

Key Companies -

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.

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