(MENAFN- IMARC Group) IMARC Group's latest report, titled“ Automotive Blockchain Market : Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032 ”, the global automotive blockchain market size reached US$ 759.1 Million in 2023. Looking forward, IMARC Group expects the market to reach US$ 6,111.8 Million by 2032, exhibiting a growth rate (CAGR) of 25.6% during 2024-2032.

Automotive Blockchain Trends:

Automotive blockchain refers to the application of blockchain technology in the automotive sector. Blockchain is a digital, decentralized ledger that records every transaction made over a network of computers in an open, safe manner, doing away with the requirement for a central authority or third-party verification. The technology offers enhanced transparency, traceability, and security, which makes it highly suitable for numerous applications within the automotive industry. These applications range from supply chain management and financing to data security, autonomous vehicle development, and more.
Through blockchain, the automotive industry can maintain a secure and tamper-proof log of comprehensive information ranging from vehicle history, and origin of spare parts, to service history and much more. The shift towards digitization, coupled with the increasing complexity of automotive supply chains, has necessitated the use of advanced technologies like blockchain in the global automotive industry.

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Competitive Landscape with Key Players:

The competitive landscape of the industry has also been examined along with the profiles of the key players being

• Accenture plc
• BigchainDB GmbH
• carVertical
• ConsenSys
• GemOS
• HCL Technologies Limited (HCL Enterprise)
• International Business Machines Corporation
• Microsoft Corporation
• NXM Labs Inc
• ShiftMobility Inc
• Tech Mahindra Limited

Automotive Blockchain Market Growth and New Technology and Development:

The escalating need for efficient supply chain logistics majorly drives the global market. This can be supported by the rising demand for transparency and reduced fraud in automotive transactions. Blockchain's capability to provide accurate provenance tracking and reduce the risk of counterfeit components is a significant factor driving its adoption in automotive supply chain management. Additionally, the increasing prominence of autonomous vehicles and connected cars necessitates robust data security measures, making blockchain an essential technology for these evolving segments.
The market is also being fueled by trends such as the emergence of Mobility as a Service (MaaS) and ride-sharing services that require secure and efficient transaction systems, which blockchain can provide. In addition, the growing inclination towards green manufacturing and the use of electric vehicles has led to the need for secure energy and infrastructure management, further strengthening the demand for blockchain solutions in the automotive sector. Furthermore, continuous technological advancements and growing partnerships between automotive players and blockchain providers are creating a positive market outlook.

Key Market Segmentation:

Breakup by
Type:

• Public Blockchain
• Private Blockchain
• Hybrid Blockchain
  

Breakup by Provider:

• Application and Solution
• Middleware
• Infrastructure and Protocol
  

Breakup by Mobility Type:

• Personal Mobility
• Shared Mobility
• Commercial Mobility
  

Breakup by Application:

• Financing
• Mobility Solutions
• Smart Contract
• Supply Chain
  

Breakup by End User:

• OEMs
• Vehicle Owners
• Mobility as a Service Provider
• Others

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key Highlights of the Report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

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