What Is The Overview Of The Global Quantum Computing In Automotive Market?
Quantum computing in the automotive industry refers to applying quantum computing technologies and principles to solve complex problems and optimize processes within the automotive sector. Quantum computing leverages the principles of quantum mechanics to process information in fundamentally different ways compared to classical computers, allowing for potentially exponential increases in computational power.
Quantum Computing In Automotive Global Market Report 2024 provides data on the global quantum computing in automotive market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The quantum computing in automotive market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Quantum Computing In Automotive Market Expected To Grow In Size And Annual Rates?
The quantum computing market within the automotive sector has grown exponentially, with its value rising from $0.28 billion in 2023 to $0.35 billion in 2024, representing a CAGR of 25.4%. This growth has been driven by increased government investments, a focus on optimizing automotive energy efficiency, the proliferation of software in vehicles, and rising adoption of autonomous and electric vehicles. The market is expected to grow further, reaching $0.88 billion by 2028 at a CAGR of 25.6%. Factors driving future growth include investments by automakers, increasing sales of electric and hybrid vehicles, and the rising complexity of automotive systems. Emerging trends include innovations in vehicle design, advancements in autonomous driving, optimized supply chain solutions, and the development of sensitive automotive sensors.
What Main Forces Are Fueling Expansion In The Quantum Computing In Automotive Market?
The growing sales of electric and hybrid electric vehicles are expected to accelerate the growth of quantum computing in the automotive industry. Electric vehicles (EVs), which rely on electric motors and rechargeable batteries, and hybrid electric vehicles (HEVs), which combine internal combustion engines with electric propulsion, are gaining popularity. The demand for advanced computational power to optimize vehicle design, battery management, and autonomous systems is driving quantum computing's role in the automotive sector. Quantum computing enables faster processing of complex simulations and algorithms that enhance the performance and efficiency of these vehicles. For example, Zapmap reported in April 2024 that electric car sales in 2023 surged by 35% compared to the previous year. Therefore, the rise in electric and hybrid vehicle sales is propelling quantum computing in the automotive market.
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What Are The Primary Segments In The Global Quantum Computing In Automotive Market?
The quantum computing in automotive market covered in this report is segmented –
1) By Component: Hardware, Services, Software
2) By Technology: Quantum Annealing, Superconducting Qubits, Topological And Photonic, Trapped Ions
3) By Deployment Type: On-Cloud, On-Premise
4) By Application: Autonomous And Connected Vehicle, Battery Optimization, Material Research, Production Planning And Scheduling, Route Planning And Traffic Management
5) By End-User: Original Equipment Manufacturer (OEM), Warehousing And Distribution
Which Key Trends Are Driving Changes In The Quantum Computing In Automotive Market?
Key players in the quantum computing automotive sector are forming collaborations to expedite sustainable mobility solutions using hybrid quantum-classical workflows. These workflows integrate quantum and classical computing for greater efficiency. For example, in August 2023, BMW Group, Airbus, and Quantinuum partnered to develop a hybrid quantum-classical workflow to enhance research on the oxygen reduction reaction (ORR) in platinum-based catalysts used in fuel cells. The initiative aims to advance fuel cell technology by making the ORR process more efficient and reducing dependency on expensive platinum.
What Is The Leading Region In The Quantum Computing In Automotive Market?
Asia-Pacific was the largest region in the quantum computing in automotive market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the quantum computing in automotive market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
