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Automotive Blockchain Market Report 2024 - Automotive Blockchain Market Growth And Share
Automotive Blockchain Market
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According to The Business Research Company's, The automotive blockchain market size has grown exponentially in recent years. It will grow from $0.46 billion in 2023 to $0.57 billion in 2024 at a compound annual growth rate (CAGR) of 22.5%. The growth in the historic period can be attributed to increasing mobility services, increasing use of ride-sharing and car-sharing services, increasing focus on reducing data leaks and manipulations, the need for standardized and safe transactions, and reduced total cost of ownership.
The automotive blockchain market size is expected to see exponential growth in the next few years. It will grow to $1.28 billion in 2028 at a compound annual growth rate (CAGR) of 22.7%. The growth in the forecast period can be attributed to increasing vehicle production processes, supply chain problems to increase efficiency, helping to cut costs and improve transparency level, the extensive use of blockchain technology, transparent and tamper-proof record. Major trends in the forecast period include integration with existing systems, higher adoption of automotive blockchain for payments, integration and adoption of blockchain solutions, and increasing cryptocurrency market capital.
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Market Drivers and Trends:
The increasing vehicle production processes are expected to propel the growth of the automotive blockchain market going forward. The demand for automotive blockchain arises from the need to enhance supply chain transparency, quality assurance, fraud prevention, data security in vehicle production, driving efficiency, and trust across the automotive ecosystem. Vehicle production uses automotive blockchain to improve supply chain transparency, quality control, and fraud prevention while enabling automated processes and secure data sharing among stakeholders, ultimately improving efficiency and trust in vehicle production. For instance, in January 2022, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, sales of electric vehicles nearly doubled to 6.6 million in 2021 from 3 million in 2020, representing almost 9% of total sales, and increased by 4 percentage points in 2021 as well, bringing the total number of electric vehicles on the road to 16.5 million. Therefore, the increasing vehicle production processes are driving growth in the automotive blockchain market.
Major companies operating in the automotive blockchain market are focusing on the adoption of blockchain solutions, such as blockchain network management platforms, to enhance supply chain transparency and streamline operational efficiencies. Blockchain network management platforms are tools and services designed to facilitate the deployment, monitoring, and maintenance of blockchain networks. For instance, in October 2021, Blockedge Technologies Inc., a US-based technology company, launched a blockchain-as-a-service (BaaS) for the automotive supply chain. The platform, designed to facilitate seamless blockchain adoption with minimal coding efforts, leverages Blockedge's extensive cloud expertise to offer a comprehensive solution for deploying multi-cloud and multi-chain networks.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Amazon.com Inc., Microsoft Corporation, Dell Inc., Accenture* plc, International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, Hewlett Packard Enterprise Development LP, Salesforce Inc., NEC Corporation, VMware Inc., Red Hat Inc., OpenText Corporation, Rackspace Technology Inc., Lumen Technologies Inc., Zoho Corporation, Epicor Software Corporation, carVertical, BigchainDB GmbH, NXM Labs Inc., ShiftMobility Inc.
Automotive Blockchain Market 2024 Key Insights:
• The automotive blockchain market size is expected to see exponential growth in the next few years. It will grow to $1.28 billion in 2028 at a compound annual growth rate (CAGR) of 22.7%.
• Rising Vehicle Production Drives Automotive Blockchain Market Growth
• Revolutionizing Automotive Supply Chains With Innovative Platforms
• North America was the largest region in the automotive blockchain market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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