Automotive Blockchain Market Overview

The global automotive blockchain market was valued at USD 686.7 million in 2023 and is expected to reach USD 4.41 billion by 2030, growing at a CAGR of 30.8% between 2024 and 2030. The growing complexity of the automotive supply chain—which includes multiple tiers of suppliers and manufacturers—has created a strong demand for a reliable and transparent tracking system.

Blockchain technology offers a solution by providing an immutable and transparent ledger, enabling stakeholders to trace parts and components from their origin to installation. This capability reduces the risks associated with counterfeit parts and enhances trust among all parties involved, including suppliers, manufacturers, and consumers. The availability of transparent records improves accountability and streamlines operations throughout the supply chain.

In addition to supply chain benefits, blockchain plays a crucial role in managing the extensive number of financial transactions in the automotive industry, from raw material procurement to vehicle financing. Its decentralized framework reduces the likelihood of fraud and transactional errors. Smart contracts automate payments, ensuring fast and accurate execution without intermediaries, which helps lower costs and speed up transaction processing.

Blockchain also addresses longstanding issues in verifying vehicle history, offering a secure and tamper-proof record of a vehicle’s lifecycle. This includes data such as manufacturing origin, ownership changes, and service history. Such transparency empowers consumers purchasing used vehicles and supports manufacturers in maintaining accurate records, reducing fraudulent claims and enhancing confidence in the secondary vehicle market.

Order a free sample PDF of the Automotive Blockchain Market Intelligence Study, published by Grand View Research

With the expansion of autonomous and connected vehicles, the need for secure data handling systems is rising. Blockchain can securely store and manage the vast data generated by vehicle sensors, navigation tools, and connectivity features. This ensures the integrity of critical data for autonomous driving and facilitates safe vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication.

Furthermore, environmental and ethical sourcing has become a top priority in automotive manufacturing. Blockchain enables manufacturers to verify the origin of raw materials, ensuring they comply with environmental regulations and ethical standards. This transparency aligns with sustainability goals and strengthens automakers’ reputations among environmentally conscious consumers.

Key Market Trends & Insights

• North America dominated the global market in 2023, accounting for 34.85% of the total automotive blockchain revenue.
• The U.S. market is projected to witness substantial growth from 2024 to 2030, driven by increased adoption of blockchain solutions across the automotive sector.
• By type, the public cloud segment led the market in 2023, contributing to 61.8% of the global revenue, thanks to its scalability and accessibility.
• In terms of components, the infrastructure & protocols segment recorded the highest market share in 2023.
• Regarding mobility, the personal mobility segment held the largest share of the market revenue in 2023.

Market Size & Forecast Summary

• 2023 Market Size: USD 686.7 Million
• 2030 Forecasted Market Size: USD 4.41 Billion
• CAGR (2024–2030): 30.8%
• Leading Region (2023): North America

Key Automotive Blockchain Companies

The market features intense competition among both established tech giants and emerging innovators, leading to rapid advancements and improved offerings for the automotive sector. The following companies are recognized as key players in shaping the current and future landscape of 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

Explore Horizon Databook – The world's most expansive market intelligence platform developed by Grand View Research.

Conclusion

The automotive blockchain market is experiencing rapid growth, driven by the industry's need for transparent, secure, and efficient systems to manage complex supply chains, financial transactions, and vehicle lifecycle data. As connected and autonomous vehicles generate increasing volumes of data, blockchain's role in ensuring data integrity and security becomes even more critical. Moreover, growing environmental and ethical concerns push manufacturers to adopt blockchain for greater supply chain visibility. With a CAGR of 30.8%, the market is set to expand significantly by 2030, and ongoing innovation from major players is expected to further accelerate its adoption across global automotive sectors.