The global automotive blockchain market size is expected to reach USD 4.41 billion by 2030, registering a CAGR of 30.8% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is growing as automotive blockchain offers a transparent record of each transaction, blockchain ensures that all parties have access to reliable data, streamlines operations, and improves accountability.

The automotive industry witnesses many financial transactions, from raw material purchases to vehicle manufacturing. Blockchain's decentralized nature reduces the risk of fraud and errors in financial transactions by creating a secure, immutable ledger. Smart contracts automate payment processes, ensuring timely and accurate transaction execution without the need for intermediaries. This reduces costs and accelerates transaction times, providing a robust financial ecosystem for the automotive industry.

Gather more insights about the market drivers, restrains and growth of the Automotive Blockchain Market

On the other hand, the automotive industry faces a significant challenge in ensuring the accuracy of vehicle history reports. As a result, blockchain technology helps store an immutable vehicle lifecycle record, including manufacturing details, ownership history, and maintenance records. This transparency empowers consumers to make informed decisions when buying used cars and helps manufacturers maintain a reliable database of their products. Similarly, it reduces the incidence of fraud and misrepresentation, and blockchain fosters greater trust and integrity in the vehicle resale market, thereby contributing to market growth

Automotive Blockchain Market Report Highlights:

• Based on type, the public cloud segment dominated the market and accounted for a share of over 61% of the global revenue in 2023, owing to its scalability and cost-effectiveness.
• Based on component, the infrastructure & protocols segment accounted for the largest market revenue share in 2023. The segment growth is attributed to rapid advancements in scalable blockchain frameworks such as distributed ledger technology (DLT) platforms.
• Based on mobility, the personal mobility segment accounted for the largest market revenue share in 2023, the segment growth attributed to preferences shift towards shared and connected vehicles.
• Based on application, the supply chain segment accounted for the largest market revenue share in 2023. Blockchain technology is revolutionizing supply chain management by providing immutable records of transactions, improving traceability of parts and components, and reducing counterfeiting risks.
• Based on end use, the Original Equipment Manufacturers (OEMs) segment accounted for a significant market revenue share in 2023, owing to the integration of blockchain technology to streamline procurement processes, track components through the manufacturing lifecycle, and authenticate parts authenticity.
• The North American automotive blockchain market dominated the global market and accounted for a share of nearly 35% in 2023. The market is driven by a strong focus on technological innovation and regulatory compliance.

Browse more reports published by Grand View Research.

• Smart Shelves Market Size, Share & Trends Analysis Report By Component (Hardware, Software), By Application (Planogram Management, Inventory Management), By End-use, By Region, And Segment Forecasts, 2024 - 2030

• Secure Multiparty Computation Market Size, Share & Trends Analysis Report By Offering (Solution, Services), By Vertical (Healthcare, Government), By Deployment, By Region, And Segment Forecasts, 2024 - 2030

List of Key Players in the Automotive Blockchain Market

• Microsoft
• IBM
• Accenture
• BigchainDB GmbH
• R3
• CarBlock Corp.
• Vechain Foundation San Marino S.r.l.
• SHIFTMobility Inc.
• Amazon Web Services, Inc.
• ConsenSys

About Grand View Research

Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.

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