Automotive Blockchain Market Size, Share, Growth Analysis, By Application(Smart Contract, Supply Chain, Financing, Mobility Solutions), Providers(Middleware, Infrastructure & Protocols, Application & Solution), Mobility Type(Personal, Shared, Commercial), and Region - Industry Forecast 2024-2031

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 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.  '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'

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. 

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. 

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.