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Automotive Blockchain Market to gain 31.82% CAGR, following Evolution in the Automotive Ecosystem

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Automotive Blockchain Market to gain 31.82% CAGR, following Evolution in the Automotive Ecosystem

June 17
17:50 2024
Automotive Blockchain Market to gain 31.82% CAGR, following Evolution in the Automotive Ecosystem
Skyquest Technology
Automotive Blockchain Market Size, Share, Growth Analysis, By Application(Smart Contract, Supply Chain, Financing, Mobility Solutions), By Providers(Middleware Provider, Infrastructure & Protocols Provider, and Application & Solution Provider), By Mobility Type(Personal Mobility, Shared Mobility, and Commercial Mobility), By Region – Industry Forecast 2024-2031

Automotive Blockchain Market size was valued at USD 643 Million in 2022 and is poised to grow from USD 848 Million in 2023 to USD 7727 Million by 2031, at a CAGR of 31.82% during the forecast period (2024-2031).

The global automotive blockchain market is expanding as a result of an increase in cyberattacks using malware and phishing schemes on connected cars. Additionally, the growing trend of people favoring autonomous cars (AVs) due to their many benefits is driving the market expansion. It can also be linked to the rising demand for automation, the speed at which cities are developing, and the inflation of income levels. Furthermore, the adoption of automotive blockchain for safe and automated user transactions is being accelerated by the rise in car sharing services. The need for automotive blockchain to confirm the legitimacy and history of battery components is being driven by the rising sales of electric cars (EVs), which boosts consumer confidence.

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Shaping the Future Landscape of Automotive Security and Operations

The market is characterised by notable progress in several industry sectors, creating a competitive landscape. IBM, Microsoft, and Accenture are some of the prominent entities that have been leading in the incorporation of blockchain technology into the supply chain to increase visibility on the operations within such systems hacking containment and better protection from digital fraud. At the same time BMW, Ford, and General Motors continue to be pioneers in deploying blockchain technology in their operations, for instance managing car history, protecting it from third party access by autonomous vehicle and even in simplifying monetary exchanges. Additionally, startups are bringing innovation to markets like insurance and leasing smart contracts. The automobile industry’s operational efficiency and security paradigms are changing due to this competitive environment, which is fostering quick adoption and ongoing innovation.

IBM, Microsoft, and Accenture Leading the Charge in Market Transformation

Leading companies like IBM, Microsoft, and Accenture are driving the dynamic competitive landscape of the global automotive blockchain market by integrating blockchain technology to promote supply chain transparency, safe data exchange, and fraud prevention. Leading automakers including BMW, Ford and General Motors use Blockchain for financial transactions, data security of autonomous vehicles and storage of car histories.

Global startups are pushing the envelope with insurance and leasing smart contract technologies. The automobile sector is undergoing a global transformation in terms of operational efficiency and security due to the competitive ecosystem that promotes quick adoption and constant innovation.

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Innovative Alliances and Blockchain Integration for Enhanced Vehicle Security and Transparency

IBM demonstrates its leadership in the highly competitive global automotive blockchain market through its partnership with Maersk to provide blockchain-based supply chain solutions. Renault uses blockchain technologies from Microsoft Azure to track the secure maintenance history of its vehicles. In the automotive sector, Accenture pairs up with Faurecia for improved supply chain visibility. Where as, Blockchain technology is being used by BMW’s VerifyCar project to monitor car mileage rates. Ford is leading in the development of autonomous vehicle security systems courtesy of their patent on a blockchain powered car communication network. While General Motors is at the forefront investigating blockchain technology applications into its decentralized ridesharing programs. Blockchain-based vehicle history reports and smart contract leasing solutions are being offered by startups such as carVertical and XAIN, which are setting new standards.

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Powering the Connected Car Revolution

The use of blockchain technology will soon bring forth a revolution in the automotive industry. This sharp increase is driven by two main reasons which are: increased demand towards autonomous vehicles (AVs) and an increasing concern over cyber-attacks against connected cars. The market is also being driven by elements including growing urbanisation, expanding automation, and rising disposable incomes.  Additionally, the growing car-sharing industry is pushing blockchain implementation for automated and safe customer transactions.The industry is expanding as a result of the growing appeal of electric vehicles (EVs), since blockchain technologies provide a safe means of confirming the authenticity and background of battery components, hence enhancing customer confidence.

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