Market Size of Automotive Blockchain Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 27.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Blockchain Market Analysis
The Automotive Blockchain market is valued at USD 0.3 billion in 2020 and is expected to reach USD 2 Billion exhibiting a growth rate of 27.12% during the forecast period 2021-2026
The COVID-19 pandemic had a negative impact on the globally integrated automotive industry. Many automotive technology and service-based companies faced a severe decline in revenue as there was a sharp decline in both production and sales of vehicles. As the situation is coming back to normalcy, it is expected that the market experiences positive growth in the coming years.
Owing to the growth in investments in autonomous and connected vehicles and various types of mobility services, such as vehicle rental, leasing, hailing, sharing, pooling, etc., the automotive blockchain market will see growth during the forecast period. Blockchain would allow car rental companies to manage their fleet by monitoring the maintenance, cleaning, etc. of registered vehicles.
Blockchain technology is also finding application in car manufacturing by enhancing supply chain management. Blockchain technology helps in keeping the complete record and information of the parts and components, which eventually helps the OEMs during vehicle recall and service. This also helps in identifying counterfeit products thus, ensuring the customers gets high-quality products and service.
With the rise in vehicle accidents, primarily in countries such as India, blockchain technology could help in eliminating redundant steps that a customer goes through while claiming insurance. Blockchain technology will see growth owing to the increasing demand for smart finance solutions.
Blockchain offers a lot of benefits to the automotive industry by increasing the efficiency of supply chain and reducing unnecessary costs. However, building a blockchain infrastructure follows a complex development process and requires heavy investment. Nearly 95% of OEMs are willing to do moderate to significant investments and most consider not to invest only for the basic offerings of blockchain technology.
