Automotive Blockchain Market Analysis, Size, and Share by 2031

The automotive blockchain market is expected to register a CAGR of 29.58% during 2023–2031. The evolution of connected vehicles and rising trend of autonomous driving are likely to remain a key trend in the market.

Automotive Blockchain Market Analysis

The growing number of cyberattacks such as phishing and malware on connected vehicles is driving the use of automotive blockchain around the world for better security. In addition, the acceptance of AVs (autonomous vehicles) among people due to its numerous benefits is driving the automotive blockchain market. This can be attributed to the increasing demand for automation, surging urbanization and rising income level. Furthermore, the increasing number of car sharing service is also fuelling the demand for automotive blockchain for secure and automated transaction among users.

Automotive Blockchain Market Overview

Automotive blockchain is a technology that leverages the organisational characteristics of the blockchain and combines them with the automotive sector to increase efficiency and transparency of its supply chain. It uses distributed ledger technology to provide secure and transparent transaction tracking for the automotive industry, such as supply chain management, vehicle data recording, and transactions. Automotive blockchain is uniquely suitable to record details and verify the authenticity of transactions and processes including automotive part manufacturing and shipping, history of used automobiles and warranty claims.

Technology has a great effect on the automotive industry, particularly in terms of what customers prefer in the vehicles. In light with the technological revolution in the automotive market, the needs of customers in cars are changing. Customers are more into technological integrated cars in terms of the structure, connectivity and personalization. The demand for blockchain in the automotive is one step towards the technological world. Making mobility more sustainable and efficient has also contributed to the growth of the market The speed of reaching the audit process of data has been made easier by technology without any errors.
The blockchain technology will reduce waste in automotive production, shorten the supply chain, and support new-age technology advancements overall.

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Automotive Blockchain Market: Strategic Insights

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Automotive Blockchain Market Drivers and Opportunities

Rising in demand for data security and transparency in the connected vehicles

Automotive blockchain holds promising demand owing to increase in the demand for data security and transparency tool. Several manufacturers have accelerated their development of vehicle connectivity and autonomous mobility. Relatedly, vehicles are expected to collect more sensitive information such as vehicle performance data and linked passenger data, which will be stored in the vehicles or in the cloud. Automotive blockchain data is stored in a decentralised and encrypted format, it helps to protect sensitive information from cybersecurity attacks and data hacking. This helps manufacturers, to safeguards the data of their vehicles, which further helps with safety and compliance.

Rise in demand for the ride-sharing, ride hailing, and connected cars technology

Automobile blockchain in consumers uses ride-sharing and autonomous vehicle fleet management services for the helping the vehicle connectivity. Ride-sharing apps provide new mobility services, controlled by smart contracts. The strongest case for blockchain is autonomous vehicles, the technology used for a platform enabling to talk to and send data to autonomous vehicles. Increasing adoption and sale of the connected cars across the globe is driving the market growth during the forecast period.

Automotive Blockchain Market News and Recent Developments

The automotive blockchain market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies

Automotive Blockchain Market Report Segmentation Analysis

Key segments that contributed to the derivation of the automotive blockchain market analysis are type, provider, mobility type, application, and end-user.

• Based on type, the global automotive blockchain market is divided into public blockchain, private blockchain and hybrid blockchain.
• Depending upon the provider, the market is application and solution provider, middleware provider, and infrastructure and protocol provider.
• Based on mobility type, the market is divided into personal mobility, shared mobility, commercial mobility.
• Depending upon the application, the market is divided into financing, mobility solutions, smart contract, supply chain.
• Based on end user, the market is divided into OEMs, vehicle owners, mobility as a service provider, and others.

Automotive Blockchain Market Share Analysis by Geography

• Automotive blockchain market report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
• Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering automotive blockchain market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
• Also, the report covers PEST analysis, which involves the study of major factors that influence the automotive blockchain market in these regions.

Automotive Blockchain Market Regional Insights

The regional trends and factors influencing the Automotive Blockchain Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Automotive Blockchain Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Automotive Blockchain Market Report Scope

Automotive Blockchain Market Players Density: Understanding Its Impact on Business Dynamics

The Automotive Blockchain Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Automotive Blockchain Market are:

1. IBM Corporation
2. Microsoft Corporation
3. Accenture
4. carVertical
5. Helbiz
6. Tech Mahindra

Disclaimer: The companies listed above are not ranked in any particular order.

Automotive Blockchain Market News and Recent Developments

The automotive blockchain market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Automotive Blockchain market are listed below:

• Helbiz, Inc. (NASDAQ: HLBZ), a leading provider of micro-mobility solutions, has announced that in connection with its acquisition of Wheels Labs, Inc. Building on the success of the Helbiz and Wheels apps, micromobility.com Inc. proudly unveils its newest innovation the micromobility.com App- “The Micromobility Hub”. This platform is a groundbreaking step towards sustainable urban living, combining vehicle purchases, retail interaction, and community engagement. (Source: Helbiz, Press Releases, February, 2023)

Automotive Blockchain Market Report Coverage and Deliverables

The “Automotive Blockchain Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Automotive Blockchain market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Automotive Blockchain market trends as well as market dynamics such as drivers, restraints, and key opportunities
• Detailed PEST Five Forces and SWOT analysis
• Automotive Blockchain market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Automotive Blockchain market
• Detailed company profiles