Market Size of Automotive Blockchain Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 27.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Automotive Blockchain Market Analysis
The Automotive Blockchain market is valued at USD 0.3 billion in 2020 and is expected to reach USD 2 Billion exhibiting a growth rate of 27.12% during the forecast period 2021-2026
The COVID-19 pandemic had a negative impact on the globally integrated automotive industry. Many automotive technology and service-based companies faced a severe decline in revenue as there was a sharp decline in both production and sales of vehicles. As the situation is coming back to normalcy, it is expected that the market experiences positive growth in the coming years.
Owing to the growth in investments in autonomous and connected vehicles and various types of mobility services, such as vehicle rental, leasing, hailing, sharing, pooling, etc., the automotive blockchain market will see growth during the forecast period. Blockchain would allow car rental companies to manage their fleet by monitoring the maintenance, cleaning, etc. of registered vehicles.
Blockchain technology is also finding application in car manufacturing by enhancing supply chain management. Blockchain technology helps in keeping the complete record and information of the parts and components, which eventually helps the OEMs during vehicle recall and service. This also helps in identifying counterfeit products thus, ensuring the customers gets high-quality products and service.
With the rise in vehicle accidents, primarily in countries such as India, blockchain technology could help in eliminating redundant steps that a customer goes through while claiming insurance. Blockchain technology will see growth owing to the increasing demand for smart finance solutions.
Blockchain offers a lot of benefits to the automotive industry by increasing the efficiency of supply chain and reducing unnecessary costs. However, building a blockchain infrastructure follows a complex development process and requires heavy investment. Nearly 95% of OEMs are willing to do moderate to significant investments and most consider not to invest only for the basic offerings of blockchain technology.
Automotive Blockchain Industry Segmentation
The automotive blockchain market is segmented on the basis of type, application, end-users, and geography.
Based on type, the market is segmented as Public Blockchain, Private Blockchain, Hybrid Blockchain.
By Application, the market is segmented as Manufacturing, Supply Chain, Insurance, Financial Transaction, And Others.
By End-users, the market is segmented as OEMs, Vehicle Owners, Mobility as a Service Providers, and Others)
and by Geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle-East.
| Application | |
| Manufacturing | |
| Supplychain | |
| Insurance | |
| Financial Transactions | |
| Others |
| End Users | |
| OEMs | |
| Vehicle Owners | |
| Mobility as a Service Provider | |
| Others |
| Type | |
| Public Blockchain | |
| Private Blockchain | |
| Hybrid Blockchain |
| Geography | ||||||
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Automotive Blockchain Market Size Summary
The automotive blockchain market is poised for significant growth, driven by the increasing integration of blockchain technology in various automotive applications. This growth is fueled by the rising investments in autonomous and connected vehicles, as well as diverse mobility services such as vehicle rental and sharing. Blockchain technology is enhancing supply chain management in car manufacturing by maintaining comprehensive records of parts and components, aiding OEMs in vehicle recalls, and ensuring the quality of products by identifying counterfeit items. Additionally, blockchain is streamlining insurance claims processes, particularly in regions with high vehicle accident rates, by eliminating redundant steps and offering smart finance solutions. Despite the complexities and costs associated with building blockchain infrastructure, a majority of OEMs are willing to invest significantly in these technologies to reap their benefits.
The market landscape is characterized by collaborations between major OEMs, technology companies, and innovative startups, particularly in regions like Asia Pacific, where countries such as China and India are major automotive markets. These collaborations aim to develop and implement blockchain solutions across various automotive sectors, including manufacturing, supply chain, and vehicle identity tracking. Key players like Microsoft, IBM, and GEM are leading the market, while initiatives such as the Mobility Open Blockchain Initiative (MOBI) are exploring blockchain applications in transportation and mobility. The market's consolidation is evident through strategic partnerships and joint ventures, such as those between Concordium and Geely, which aim to establish blockchain-based business models in China. These developments underscore the growing importance of blockchain technology in enhancing the efficiency, security, and transparency of the automotive industry.
Automotive Blockchain Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porters 5 Force Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Application
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2.1.1 Manufacturing
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2.1.2 Supplychain
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2.1.3 Insurance
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2.1.4 Financial Transactions
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2.1.5 Others
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2.2 End Users
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2.2.1 OEMs
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2.2.2 Vehicle Owners
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2.2.3 Mobility as a Service Provider
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2.2.4 Others
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2.3 Type
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2.3.1 Public Blockchain
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2.3.2 Private Blockchain
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2.3.3 Hybrid Blockchain
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Rest of North America
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 India
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2.4.3.2 China
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2.4.3.3 Japan
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2.4.3.4 Rest of Asia-Pacific
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2.4.4 South America
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2.4.4.1 Brazil
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2.4.4.2 Argentina
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2.4.4.3 Rest of South America
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2.4.5 Middle-East and Africa
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2.4.5.1 UAE
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2.4.5.2 Saudi Arabia
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2.4.5.3 Rest of Middle-East and Africa
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Automotive Blockchain Market Size FAQs
What is the current Automotive Blockchain Market size?
The Automotive Blockchain Market is projected to register a CAGR of greater than 27% during the forecast period (2024-2029)
Who are the key players in Automotive Blockchain Market?
Microsoft Corporation , BigchainDB GmbH, IBM Corporation, SHIFTMobility Inc. and GEM are the major companies operating in the Automotive Blockchain Market.
