According to the new market research report “Automotive Blockchain Market by Application (Financing, Mobility Solutions, Smart Contract, Supply Chain), Provider (Application & Solution, Middleware, Infrastructure & Protocol), Mobility (Personal, Shared, Commercial) and Region – Global Forecast to 2030”, published by MarketsandMarkets™, the Automotive Blockchain Market is projected to grow to USD 5.29 billion by 2030 from USD 0.35 billion in 2020, at a CAGR of 31.19% during the forecast period.
The requirement for decentralized business transactions and increasing blockchain applications in the automotive industry are expected to drive the market for automotive blockchain. Additionally, increasing focus toward data transparency and immutability will be critical for the growth of this market in the coming years.
The automotive blockchain has the ability to streamline supply chain processes significantly, especially regulatory, quality control, and compliance approval related processes. In developing countries, such as China and India, where automotive industry still follows the traditional approach for business transactions, blockchain is expected to play an important role in simplifying the supply chain of the automotive industry. Further, the increasing production and sales of automobiles will require monitoring of the supply chain, which will drive the demand for supply chain applications of the blockchain in the automotive industry.