USD 643 Million
Automotive Blockchain Market Size, Share, Growth Analysis, By Application(Smart Contract, Supply Chain, Financing, Mobility Solutions), By Providers(Middleware Provider, Infrastructure & Protocols Provider, and Application & Solution Provider), By Mobility Type(Personal Mobility, Shared Mobility, and Commercial Mobility), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25C2109 |
Region:
Global |
Published Date: July, 2024
Pages:
223
|Tables:
92
|Figures:
76
Automotive Blockchain Market Insights
Global Automotive Blockchain Market size was valued at USD 643 Million in 2022 and is poised to grow from USD 848 Million in 2023 to USD 7727 Million by 2031, at a CAGR of 31.82% during the forecast period (2024-2031).
The automotive blockchain market globally is experiencing growth and will continue to grow in the future. The primary reason is its application in the automotive industry which has been witnessing growing demand for supply chain management. Thus, the application of blockchain technology is applicable in the automotive industry due to the increased demand for an efficient supply chain, better data protection, as well as increased transparency and trust among the stakeholders involved. Decentralized and tamper-proof system of blockchain technology allows recording and tracking of automotive components, parts, and products in real-time. Auto related firms are continuously exploring blockchain technology to work on their supply chain problems to increase efficiency, cut costs and improve transparency level.
Another reason for the extensive use of blockchain technology in the automotive industry is the need for counterfeit detection and prevention. Counterfeit parts in automobiles present a significant challenge to the automotive industry. Blockchain technology provides a transparent and tamper-proof record of the entire lifecycle of each component, making it easier to verify authenticity and ensure high-quality products for consumers. It also helps in counterfeit detection and hence helps in preventing it. Data security and privacy concerns are also contributing to the market growth. With the proliferation of connected vehicles and the generation of massive amounts of data, the automotive industry faces increasing concerns about data security and privacy. Blockchain technology provides a secure and decentralized platform for storing and sharing sensitive data, protecting it from unauthorized access or manipulation.
Another reason of increasing use of blockchain technology in the automotive industry is the increase in the mobility services and shares economy which is a significant development that influences the usage of blockchain technology in the automotive industries. The increased use of ride-sharing and car-sharing services has led to the emergence of the need for standardized and safe transactions between the service providers, car owners, and the users. Blockchain technology helps in optimizing digital payments, smart contracts and the establishment of decentralized marketplace that enhances trust and security to shared mobility. But the global automotive blockchain market also has several challenges. Another limitation that ought to be mentioned is the issue of scalability, which remains the primary concern of most blockchain networks, especially the public ones. The ability to process many transactions quickly and with low costs is also a factor that determines the popularity of the product. Another challenge is the interoperability between various blockchains and protocols since the exchange of data among stakeholders and integration of different platforms call for the need for the development of standard norms and procedures.
One of the issues with implementing a global platform approach is how it can integrate with existing systems when automotive firms already have them in place. To avoid interfering with the business operations, it is important to have a proper plan and put it into practice. Whereas the growth of the blockchain in automotive industry has faced challenge by the lack of proper regulation, there is still a great space of confusion regarding data privacy, ownership, and legal compliance, which will require clearer guidelines and set rules to promote wider implementation and to avoid legal issues. Other considerations are the cost incurred and the return on investment made in this technology. Blockchain solutions in the automotive industry may prove costly due to the costs incurred in setting up the technology, integrating it with other systems, as well as the regular maintenance costs. This means companies must determine the ROI and ensure they show the benefits of using blockchain solutions to avoid using resources that may not give optimum returns. However, this has not been without its hereditary challenges where the global automotive blockchain market is expected to grow steadily as the adoption of blockchain technology in the automotive context is enhanced by its capability in supply chain, data security, and transactions. The integration and adoption of blockchain solutions across the automotive value chain will require active cooperation between industry players, growth in technology sophistication, and favorable regulatory frameworks.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Supply Chain
Fastest Growth
Mobility Solution
Growth Rate
31.82% CAGR
Global Automotive Blockchain Market ($ Bn)
Country Share for North America Region (%)
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Automotive Blockchain Market Segmental Analysis
The global automotive blockchain market is segmented by application, provider, mobility type, and region. By application, the market is segmented into smart contract, supply chain, financing, mobility solutions, and others. By provider, the market is segmented into middleware provider, infrastructure & protocols provider, and application & solution provider. By mobility type, the market is segmented into personal mobility, shared mobility, and commercial mobility. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis By Application
The application of blockchain in supply chain holds a dominant position in the automotive blockchain market. Blockchain technology is extensively used in supply chain management and to optimize the supply chain in the automotive industry. By providing the facility of real-time tracking, verification of parts and products, blockchain technology ensures the authenticity and traceability of components from their origin to the final product. This also helps in mitigating the risk of counterfeiting and hence helps in enhancing inventory management.
The supply chain segment is also expected to be the fastest growing in the global automotive blockchain market. As the automotive sector grows the use of blockchain in supply chain management also grows, as blockchain technology plays a pivotal role manufacturing and logistics of automotive industry. The ability to collaborate securely and efficiently while maintaining data confidentiality is driving the adoption of blockchain solutions in supply chain management in the automotive industry.
Analysis By Vehicle Type
Among the three segments namely personal mobility, shared mobility, and commercial mobility, the shared mobility segment dominates the market. Shared mobility, which encompasses ride-hailing, car sharing and carpooling services, involve multiple stakeholders who transact securely through an online platform, including service providers, drivers, and consumers. This sector is dominant because many travels and shared trips occur globally, and blockchain provides efficient transactions, identity verification, and hence enhances the trust of the parties using shared mobility systems.
The commercial mobility segment has the highest growth rate. Although its current level of implementation might be slightly lower than the case with the shared mobility, the segment has steadily been receiving more attention and has been implementing more of the blockchain solutions.
Global Automotive Blockchain Market By Application
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Automotive Blockchain Market Regional Insights
North America holds the dominant position in the global automotive blockchain market. The region's well-established automotive industry, advanced technological infrastructure, and early adoption of blockchain solutions contribute to its dominance. Additionally, the presence of major automakers, technology giants, and blockchain startups further strengthens North America's position.
The fastest-growing region in the global automotive blockchain market is Asia Pacific. With its expanding automotive market, government support for blockchain initiatives, and the presence of tech-driven economies, Asia Pacific offers immense growth potential. The region's focus on digitalization, connectivity, and smart mobility solutions is expected to drive the adoption of blockchain technology in automotive applications.
Global Automotive Blockchain Market By Region
- Largest
- Fastest
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Automotive Blockchain Market Dynamics
Drivers
Demand for Transparency and Traceability
- There are increasing number of cases of counterfeiting parts in the automotive industry worldwide. Hence increasing the necessity of having blockchain technology in the automotive industry. Counterfeit automotive parts not only endanger road safety but also inflict substantial financial losses on the industry. In the UAE, fake vehicle parts, with over Dh5 million worth were seized in 2023. In 2022, U.S. Customs and Border Protection officers and Homeland Security Investigations seized nearly 21,000 shipments containing goods violating intellectual property rights, amounting to almost 25 million counterfeit items. The total estimated worth of the seized goods exceeded USD 2.98 billion. This shows the seriousness of counterfeiting problem in the automotive industry. Therefore, adoption of blockchain technology becomes very important. Blockchain provides a transparent and immutable ledger, enabling real-time tracking of parts and products throughout the supply chain. This reduces the risk of counterfeiting and ensures the authenticity of components, enhancing trust among stakeholders.
Rise of Autonomous and Connected Vehicles
- As self-driving cars and internet-connected vehicles become more common, the need for secure data management also grows. It is estimated that around 35 million cars having advanced driver assistance system were sold globally in 2023. These vehicles collect a lot of data every moment significantly increasing the demand for blockchain technology to manage this data securely. Blockchain enables secure exchange of data between the autonomous vehicles and the infrastructure, providing data authenticity and reliability in the connected car ecosystem.
Restraints
Integration Challenges
- Integrating blockchain technology into current automotive systems is quite complex and expensive. It would increase the operational cost of automobiles. This poses a significant challenge for the automotive industry, as the high implementation costs and the need for substantial system overhauls can deter widespread adoption. Balancing the benefits of blockchain with these financial and logistical hurdles will be crucial for the industry as it seeks to roll out this technology effectively.
Regulatory Uncertainty
- One of the major challenges for the automotive blockchain market is the lack of regulatory clarity. Currently, legal systems in governments around the world are struggling to identify the right way to tame the functionality of blockchain technology hence there is little legal governance. This uncertainty can be damaging for businesses in the automotive industry who are considering adopting blockchain technologies, because they are at risk of falling foul of the law and may face sudden changes in regulation. Unless there is clear legal direction, it remains a major concern especially for organizations looking forward to integrating blockchain technology into their operations.
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Automotive Blockchain Market Competitive Landscape
The global automotive blockchain market features a highly competitive landscape with several key players vying for market share. Some prominent companies strive to maintain their competitive edge by continuously investing in research and development to introduce innovative gaming equipment and technologies. They also focus on strategic partnerships, collaborations, and acquisitions to expand their product portfolios and global presence. Moreover, manufacturers in the market are increasingly emphasizing the incorporation of advanced features, such as touch screens, interactive interfaces, and multiplayer capabilities, to enhance the gaming experience. As the demand for high-quality gaming equipment grows, companies are also focusing on providing comprehensive after-sales services and support to gain a competitive advantage. The intense competition in the market has led to an environment of constant innovation and product differentiation, ultimately benefiting both the players and the overall growth of the Automotive Blockchain market.
Top Player’s Company Profile
- IBM Corporation - US
- Microsoft Corporation - US
- Accenture - Ireland
- Xilinx Inc. - US
- R3 Corda- US
- CarBlock - US
- BigchainDB GmbH - Germany
- Factom Inc. - US
- ConsenSys - US
- Chronicled Inc. - US
- Modum.io AG - Switzerland
- Filament - US
- VeChain - China
- CarVertical - Lithuania
- Lime Chain. - Bulgaria
- VINchain - Lithuania
- BitCar - Australia
- Tech Mahindra – India
- Bloq - US
- Fetch.ai - United Kingdom
Recent Developments
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In February 2024, ACO Tech, Malaysia Automotive, Robotics & IoT Institute (MARii), and Geno Group inked a deal to exchange ideas on blockchain to improve Malaysia’s EV sector. The collaboration intends to lay the foundation for a broader industry-wide partnership among key players.
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In October 2023, Infor unveiled a wealth of updates to its industry specific CloudSuites, mixing AI with Blockchain, with new features developed for industries including food & beverage, fashion, automotive and more.
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In August 2023, Mitsubishi Motors Europe announced that it will implement Vinturas’ cloud-based interoperable network solution (INS) for the upcoming launches of its New Generation ASX, and All-New COLT models. Vinturas’ INS uses private blockchain technology to provide a secure vehicle tracking ecosystem and is the first privately owned blockchain technology to be used in the OEM industry and as part of finished vehicle logistics.
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In July 2023, Hyundai Motor Company and Kia Corporation introduced its AI-enabled, blockchain-based Supplier CO2 Emission Monitoring System (SCEMS) to manage the carbon emissions of its cooperative business partners.
Automotive Blockchain Key Market Trends
- Supply Chain Management: Blockchain technology is increasingly implemented for supply chain management in the automotive industry. It offers clarity, audibility, and non-tamper ability, thus the secure tracking of some components, parts, and products at the chain of supply.
- Counterfeit Detection: Automotive industries are now using blockchain technologies to identify and reduce fake products and resources. Through this, there is a capability to capture the life cycle of each part on the blockchain, which can be a proof of its genuineness to provide quality goods and service to the consumers.
Automotive Blockchain Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global automotive blockchain market analysis, the adoption of blockchain technology in the automotive industry is driven by the need for improved supply chain management, data security, transparency, and trust, thereby promoting market growth. Key factors influencing the market include supply chain optimization, data security and privacy, collaboration and consortiums, emerging applications, integration with emerging technologies, evolving regulatory environment, and overcoming scalability and interoperability challenges. The market's potential lies in its ability to optimize supply chains, enhance data security, and facilitate efficient and transparent transactions. As the automotive industry continues to embrace blockchain technology, it is expected to drive innovation, efficiency, and trust within the sector.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 643 Million |
| Market size value in 2031 | USD 7727 Million |
| Growth Rate | 31.82% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Million |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Automotive Blockchain Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Automotive Blockchain Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Automotive Blockchain Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Automotive Blockchain Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Automotive Blockchain Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Automotive Blockchain Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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