The Blockchain in Automotive market, valued at USD 592.1 Million in 2023, is projected to surpass USD 6,880.8 Million by 2032, indicating a robust CAGR of 31.8%

Blockchain in automotive refers to the use of blockchain technology in the auto sector to improve transparency, security, and operational efficiency. Blockchain generates an immutable, decentralized record that connects parties including manufacturers, suppliers, dealers, and customers. It is used for vehicle identification management, giving each vehicle a distinct digital identity to assure authenticity and trace ownership history. Blockchain in supply chain management helps to avoid counterfeit parts, improve traceability, and optimize inventory flow. Blockchain helps autonomous vehicles secure connections with infrastructure and ensure data integrity.

Furthermore, blockchain enables smart contracts, which streamline procedures such as leasing and insurance claims by eliminating intermediaries. Blockchain's capacity to streamline transactions and foster trust has positioned it as a major facilitator of the automotive industry's digital transformation.

Blockchain in Automotive Market Statistics

• The global blockchain in automotive Market, generating USD 592.1 million in 2023, is projected to experience a strong CAGR of over 31.8% from 2024 to 2032
• North America leads the market with a revenue of USD 207.23 million in 2023
• The Asia-Pacific region is expected to see significant growth, with a projected CAGR of 33.2%
• Public cloud dominated the blockchain in automotive market, accounting for 61% of the market share in 2023, based on type
• In terms of end-use, OEMs contributed 46% of the market share in 2023
• A discernible trend in the blockchain in automotive market is integration of blockchain in vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication for enhanced safety and efficiency

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Blockchain in Automotive Market Dynamics

Increased Adoption of Blockchain for Vehicle Identity Management and History Tracking Fuels the Blockchain in Automotive Market Value

The growing adoption of blockchain technology for vehicle identity management and history tracking is driving the value of the automotive blockchain market. Blockchain provides a secure, tamper-proof ledger that enhances transparency and reduces fraud in vehicle transactions, including ownership transfers and maintenance records. By enabling real-time access to accurate vehicle histories, it fosters trust among buyers, sellers, and service providers. Manufacturers are also leveraging blockchain for supply chain optimization and counterfeit parts detection. As connected and autonomous vehicles proliferate, blockchain’s role in data security and traceability becomes even more critical. 

Expansion of Blockchain Applications in Electric Vehicle (EV) Charging and Payments Offer Significant Blockchain in Automotive Market Opportunity

The proliferation of blockchain applications in electric vehicle (EV) charging and payments represents a big opportunity for automotive blockchain market. Blockchain allows safe, decentralized payment systems, which simplify transactions between EV owners, charging station operators, and energy providers. Furthermore, blockchain enables peer-to-peer energy trading, allowing EV owners to purchase and sell surplus renewable energy. Additionally, according to the IEA, in order to meet the Paris Agreement's net-zero targets, electric vehicles (EVs) must account for more than 60% of all automobiles sold worldwide by 2030. As more EVs enter the market, there will be a greater demand for efficient, secure, and decentralized systems for managing charging infrastructure and energy transactions, which blockchain can offer. As the use of electric vehicles grows, so does the demand for efficient, blockchain-powered charging infrastructure and payment systems. 

Blockchain in Automotive Market Segmentation

The global market for blockchain in automotive has been segmented into type, provider, mobility, application, and end use, and region.

• Type is bifurcated into hybrid cloud, public cloud, and private cloud
• Provider are divided application & solution, middleware, and infrastructure & protocol
• Mobility are classified into personal, shared, and commercial
• Application is sub-segmented into financing, mobility solutions, smart contract, and supply chain
• End use categorized into mobility as a service provider, oems, vehicle owners, and others
• The blockchain in automotive market is geographically split into Europe, North America, Latin America, APAC, and the Middle East and Africa

Blockchain in Automotive Market Regional Outlook

In terms of blockchain in automotive market analysis, North America leads the business due to its sophisticated technological infrastructure and early adoption of blockchain technologies. Leading automotive manufacturers and blockchain firms in the region are accelerating innovation in supply chain management, vehicle identity monitoring, and autonomous vehicle data security. The region's emphasis on electric vehicles and linked autos fuels demand for blockchain applications.

Asia-Pacific is seeing significant growth in automotive blockchain market, driven by increasing EV adoption and smart city projects in countries such as China, Japan, and India. Government attempts to promote blockchain adoption, as well as increased innovations by regional automakers, help to expand the market. For instance, in March 2024, NXP launched the S32 CoreRide platform to accelerate the development of Software-Defined Vehicles. This platform intends to relieve the issues that automakers have when migrating functions from traditional multi-ECU configurations to zoned or centralized processing, which frequently confront software and architectural discrepancies. The growing demand for linked vehicles and digital transformation has accelerated blockchain adoption across Asia-Pacific.

Blockchain in Automotive Market Players

Blockchain in automotive companies profiled in the report include Helbiz Mobility System PTE Ltd., Ripple Labs Inc., ShiftMobility Inc., Accenture PLC, Ethereum, Context Labs BV, IBM Corporation, BigchainDB GmbH, Factom Inc., Microsoft Corporation, carVertical, Tech Mahindra Ltd., Mesosphere Inc., and ConsenSys.

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