Automotive Blockchain Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (public blockchain, private blockchain, hybrid blockchain), By Application (manufacturing, supply chain, insurance, financial transaction, and others), By End-Users (OEMs, Vehicle Owners, Mobility as a Service Providers and others), By Regional, By Competition 2018-2028
Published Date: April - 2025 | Publisher: MIR | No of Pages: 320 | Industry: Automotive | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request Customization| Forecast Period | 2024-2028 |
| Market Size (2022) | USD 0.4 Billion |
| CAGR (2023-2028) | 26.7% |
| Fastest Growing Segment | Supply Chain |
| Largest Market | Asia-Pacific |
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Market Overview
The size of the Global Automotive Blockchain Market is expected to grow to USD 3.8 Billion in 2028 from USD 0.4 Billion in 2022 at a CAGR of 26.7%
These autonomous contracts, programmed into the blockchain, enforce and automate contractual obligations, minimizing intermediaries and increasing operational efficiency. Moreover, blockchain technology allows for the development of decentralized mobility services, whereby vehicles can independently transact and communicate with one another, creating an efficient and seamless transportation system. Moreover, blockchain is also important in determining vehicle identity and history. By keeping vehicle data on the blockchain, including maintenance history, accident history, and change of ownership, it becomes simpler to confirm the authenticity and provenance of a vehicle. This not only assists in fraud prevention but also increases trust and transparency within the market for used cars. As promising as its prospects are, the use of blockchain in the car industry is encumbered by a number of challenges. Scalability is an issue since blockchain networks must support a high number of transactions in real-time.
Compatibility with existing systems and regulatory compliance also present issues since the industry has to integrate itself into the already existing legal system and conform to regulations. Furthermore, the absence of standard protocols and interconnection among various blockchain platforms complicates adoption at scale. Yet, growth in the market within the automotive blockchain segment has been spurred by partnerships between automobile firms, tech companies, and startups. Such collaborations seek to utilize blockchain's potential for better operations, cost savings, and increased customer satisfaction. Through the utilization of blockchain, automotive businesses can automate processes, eliminate fraud, facilitate secure information sharing, and develop new business models. In order to keep abreast with the most current information in the global automotive blockchain market, one should consult more recent sources with the latest news on the latest developments in this fast-changing sector.
The automobile sector processes an enormous volume of financial transactions, from raw material procurement to consumer lending for car purchases. Blockchain's decentralized nature decreases the likelihood of fraud and mistakes in financial transactions by developing a secure, immutable record. Smart contracts enable automatic payment processes, ensuring timely and accurate execution of transactions without intermediaries. This not only saves money but also speeds up transactions, offering a more effective financial system in the automotive sector.
One of the big issues in the automobile market is the verification of the history of cars. Blockchain technology can maintain an unchangeable history of a car's life, from the manufacturing process, owner history, to service history. Such transparency enables consumers to make sound choices while purchasing used vehicles and enables manufacturers to have a consistent database of their products. Through the prevention of fraud and misrepresentation, blockchain leads to higher trust and integrity within the used vehicle resale market and hence contributes to the expansion of the market.
The development of autonomous and connected vehicles requires a safe and effective means of processing enormous volumes of data produced by such technologies. Blockchain can store and handle securely data from vehicle sensors, navigation, and communication networks. This provides data integrity and security essential for autonomous driving and real-time tracking of vehicles. Blockchain also supports safe vehicle-infrastructure interactions, improving the safety and efficiency of autonomous transportation systems as a whole.
Environmental and ethical considerations are becoming increasingly important in the automotive industry. Blockchain technology can track the sourcing of raw materials, ensuring they meet environmental standards and are ethically produced. By providing an immutable record of the supply chain, blockchain helps manufacturers adhere to regulatory requirements and consumer expectations for sustainability. This not only improves the reputation of manufacturers as a brand but also augments the worldwide drive to encourage environmentally sound and socially responsible production practices.
Type Insights
Based on type, the public cloud segment led the market and accounted for 61.8% of the global revenue in 2023. The segment is driven by its scalability and cost-effectiveness. Automotive manufacturers are increasingly adopting public cloud solutions for blockchain to leverage shared infrastructure and reduce capital expenditures. This trend is fueled by the need for enhanced collaboration across geographically dispersed supply chains and the desire to streamline operations through centralized data management. Furthermore, public cloud solutions offer flexibility and agility, allowing manufacturers to quickly deploy and scale blockchain applications to meet evolving business needs.
The private cloud segment is expected to register significant growth from 2024 to 2030. The private cloud segment is witnessing steady adoption due to its focus on data security and compliance. Automotive companies opt for private cloud solutions to maintain greater control over sensitive data and ensure regulatory adherence within their supply chains. This segment emphasizes customizable infrastructure and dedicated resources, catering specifically to the stringent requirements of automotive OEMs and suppliers.
Component Insights
The infrastructure & protocols segment accounted for the largest market revenue share in 2023. The infrastructure & protocols segment of the automotive blockchain market is witnessing rapid advancements driven by the need for robust and scalable blockchain frameworks. Automotive manufacturers and suppliers are increasingly investing in foundational infrastructure such as distributed ledger technology (DLT) platforms and consensus mechanisms to establish secure and transparent transaction networks. This segment focuses on enhancing the efficiency of supply chain operations by providing reliable data storage and transaction processing capabilities.
The middleware segment is expected to grow significantly from 2024 to 2030. The middleware segment is evolving to address the complexities of integrating blockchain technology with existing IT infrastructures. Middleware solutions act as intermediaries between applications and infrastructure components, facilitating data exchange and communication across diverse platforms. Automotive OEMs are increasingly adopting middleware solutions to streamline blockchain implementations and enhance interoperability between disparate systems. This segment emphasizes the development of application programming interfaces (APIs) and integration frameworks that simplify the deployment and management of blockchain-based applications.
Mobility Insights
The personal mobility segment accounted for the largest market revenue share in 2023. The personal mobility segment is experiencing significant growth as consumer preferences shift towards shared and connected vehicles. Blockchain technology is increasingly integrated into personal mobility solutions to enhance security, transparency, and efficiency in services such as ride-sharing and vehicle rentals. Consumers are drawn to blockchain-enabled platforms that offer immutable records of vehicle usage, transparent pricing models, and enhanced trust between users and service providers.
The commercial mobility segment is expected to grow significantly from 2024 to 2030. The commercial mobility segment of the automotive blockchain market is evolving to meet the unique challenges and opportunities within the logistics and fleet management sectors. Businesses are increasingly adopting blockchain to optimize supply chain transparency, track vehicle maintenance records, and streamline cross-border logistics operations. Blockchain technology facilitates real-time data sharing among stakeholders, enabling greater efficiency in fleet management, route optimization, and compliance monitoring. Moreover, commercial mobility providers are exploring blockchain-based solutions to mitigate fraud, enhance asset utilization, and improve overall operational resilience.
Application Insights
The supply chain segment accounted for the largest market revenue share in 2023. Blockchain technology is revolutionizing supply chain management by providing immutable records of transactions, improving traceability of parts and components, and reducing counterfeiting risks. Automotive manufacturers and suppliers are increasingly leveraging blockchain to streamline procurement processes, ensure compliance with regulatory standards, and optimize inventory management. Furthermore, blockchain enables real-time tracking of goods, facilitating proactive decision-making and minimizing supply chain disruptions.
The mobility solutions segment is expected to grow significantly from 2024 to 2030. Blockchain technology is being integrated into mobility platforms to enable secure and efficient peer-to-peer transactions, vehicle sharing, and autonomous vehicle coordination. Consumers and businesses are increasingly adopting blockchain-enabled mobility solutions for enhanced data privacy, seamless integration across transportation modes, and improved user experience. Moreover, blockchain facilitates the development of smart contracts and decentralized applications (DApps) that automate payments, enforce service agreements, and optimize resource allocation in shared mobility scenarios.
End Use Insights
The OEMs segment accounted for a significant market revenue share in 2023. Original Equipment Manufacturers (OEMs) are integrating blockchain technology to streamline procurement processes, track components through the manufacturing lifecycle, and authenticate parts authenticity. Blockchain's decentralized ledger ensures immutable records, reducing fraud risks and enhancing data integrity across the production and distribution chain. Furthermore, OEMs are exploring blockchain for warranty management, enabling seamless tracking and validation of warranty claims to improve customer service and satisfaction. As OEMs continue to digitize and optimize their operations, blockchain is poised to play a pivotal role in fostering innovation and competitiveness in the automotive industry.
The mobility as a service provider segment is expected to register significant growth from 2024 to 2030. The mobility as a service provider solutions segment is expanding rapidly, driven by the rise of shared mobility models and the demand for integrated, efficient transportation solutions. Mobility as a service providers are leveraging blockchain to create seamless, secure platforms for booking rides, managing payments, and ensuring data privacy. Blockchain enhances trust among users and service providers by enabling transparent transaction records and secure identity management.
Regional Insights
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North America automotive blockchain market dominated the global market and accounted for 34.85% in 2023. In North America, the automotive blockchain market is driven by a strong focus on technological innovation and regulatory compliance. The region's advanced automotive industry is leveraging blockchain to enhance supply chain transparency, improve vehicle history tracking, and ensure the ethical sourcing of materials. The adoption of electric and autonomous vehicles is also propelling the need for secure and efficient data management solutions, which blockchain technology provides. Additionally, the robust financial services sector in North America is utilizing blockchain to streamline automotive financing and insurance processes.
U.S. Automotive Blockchain Market Trends
The automotive blockchain market in the U.S. is anticipated to register significant growth from 2024 to 2030. The U.S. stands out as a key player in the automotive blockchain market, driven by its leadership in both the automotive and technology sectors. Blockchain is being used to tackle issues like counterfeit parts, vehicle identity verification, and secure financial transactions. The adoption of autonomous vehicles and the push towards electric mobility is further accelerating the need for blockchain solutions to manage data integrity and supply chain transparency.
Europe Automotive Blockchain Market Trends
The automotive blockchain market Europe is poised for significant growth from 2024 to 2030. Europe's automotive blockchain market is experiencing growth due to the region's stringent regulatory environment and commitment to sustainability. European automakers are adopting blockchain to comply with regulations on emissions and to ensure the ethical sourcing of raw materials. The region's emphasis on green technology and electric vehicles drives the need for blockchain solutions to manage charging infrastructure and track CO2 emissions. Furthermore, the integration of blockchain with existing supply chain systems is enhancing operational efficiency and fostering trust among stakeholders across the automotive ecosystem.
Asia Pacific Automotive Blockchain Market Trends
The automotive blockchain market in Asia Pacific is poised for significant growth from 2024 to 2030. In the Asia Pacific region, the automotive blockchain market is fueled by rapid technological advancements and the expansion of the automotive sector. Countries like China, Japan, and South Korea are at the forefront of adopting blockchain for supply chain management, vehicle tracking, and autonomous driving technologies. The region's booming electric vehicle market also benefits from blockchain solutions that streamline the charging process and ensure the authenticity of vehicle components. Additionally, the increasing focus on smart city initiatives and connected vehicle technologies is driving the adoption of blockchain to enhance data security and interoperability.
Key Automotive Blockchain Company Insights
The market is highly competitive, with both established industry players and newer entrants vying for dominance by offering a mix of cutting-edge technology, innovative solutions, and customer-centric services. This intense competition drives continuous advancements and improvements in the market, benefiting automakers and consumers alike.
Recent Developments
- In April 2021, Tech Mahindra Ltd hasentered into an agreement with the Netherlands-based Blockchain technologyapplication incubator Quantoz to launch ‘Stablecoin-As-A-Service’ blockchainsolutions.
- In October 2020, Skoda Auto DigiLab haspartnered with innovation management firm Lumos Labs and Microsoft to identifyblockchain solutions in manufacturing.
Key Market Players
- BigchainDB GmbH
- Microsoft Corporation
- Tech Mahindra Limited
- Accenture plc
- IBM Corporation
- carVertical
- Autoblock
- GEM
- Axt
- SHIFTMobility Inc.
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