What Fueled The Previous Growth In The Quantum Computing In Automotive Market?
The quantum computing in automotive market has seen considerable growth due to a variety of factors.
• The quantum computing in automotive market has surged in recent years. It is projected to rise from $0.35 billion in 2024 to $0.45 billion in 2025, at a compound annual growth rate (CAGR) of 25.9%.
This growth is due to greater government investments, a focus on improving energy efficiency in automotive systems, increased software usage, and a rise in the adoption of autonomous vehicles.
What Can Be Expected from the Quantum Computing In Automotive Market Size?
The quantum computing in automotive market is expected to maintain its strong growth trajectory in upcoming years.
• The quantum computing in automotive market is expected to grow to $1.11 billion by 2029 at a CAGR of 25.5%.
Growth is attributed to investment in electric and autonomous vehicles, increasing system complexity, and a focus on performance and safety. Trends include vehicle optimization, autonomous driving advancements, and supply chain improvements.
What Are the Critical Driver Fuelling The Quantum Computing In Automotive Market's Growth?
The increase in the sales of electric vehicles (EVs) and hybrid electric vehicles (HEVs) is anticipated to fuel the development of quantum computing within the automotive industry. EVs are vehicles that solely rely on electricity for power, utilizing rechargeable battery packs as their main energy source and electric motors for propulsion. Meanwhile, HEVs merge a traditional internal combustion engine with an electric propulsion system. The surge in sales of these electric and hybrid vehicles springs from the demand for sustainable, efficient transport options, as well as advanced computational capabilities for optimizing vehicle layout, battery management, and autonomous driving systems. Quantum computing, with its superior ability to process complex simulations and algorithms more rapidly than regular computers, is key to improving the performance and efficiency of EVs and HEVs. For example, Zapmap, a UK-based mapping service, reported in April 2024 that there was a sharp increase in electric car sales in 2023 with an additional 3.5 million vehicles sold compared to the previous year – a staggering 35% year-on-year growth. Consequently, the continued surge in electric and hybrid vehicle sales is spurring the expansion of quantum computing within the automotive industry.
How Is The Quantum Computing In Automotive Market segmented?
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
Subsegments:
1) By Hardware: Quantum Processors, Quantum Chips, Cryostats
2) By Services: Consulting Services, Training And Support Services, Cloud-Based Quantum Computing Services
3) By Software: Quantum Algorithms, Simulation Software, Quantum Programming Tools
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What Trends Are Reshaping The Future Of The Quantum Computing In Automotive Market?
Leading businesses involved in quantum computing in the automotive sector are partnering together to accelerate eco-friendly mobility, like a hybrid quantum-classical workflow utilizing state-of-the-art quantum computers. Such a workflow combines quantum computing with traditional computing for efficiently solving intricate issues beyond the scope of either type alone. For example, in August 2023, the BMW Group from Germany, Airbus from the Netherlands, and Quantinuum from the US joined forces to devise a hybrid quantum-classical workflow to expedite research via quantum computers. The main focus of this partnership is to simulate the oxygen reduction reaction (ORR) on platinum-based catalysts used in fuel cells. ORR is a fundamental chemical procedure in fuel cells that changes hydrogen and oxygen into water and electricity, but it's relatively slow and needs significant quantities of pricey platinum catalysts.
Who Are the Key Players In The Quantum Computing In Automotive Market?
Major companies operating in the quantum computing in automotive market are:
• Amazon.com Inc.
• Volkswagen AG
• Google LLC
• Microsoft Corporation
• Ford Motor Company
• General Motors Company
• Bayerische Motoren Werke AG (BMW)
• Robert Bosch GmbH
• Airbus SE
• Accenture Plc
• IBM Corporation
• Denso Corporation
• Honeywell International Inc.
• AISIN Corporation (formerly Aisin Seiki Co.Ltd.)
• Fujitsu Limited
• NEC Corporation
• Rigetti And Co LLC
• Atos SE
• Booz Allen Hamilton
• Quantinuum
• Xanadu Quantum Technologies Inc.
• IonQ Inc.
• QC Ware Corporation
• D-Wave Systems Inc.
• Classiq Technologies Ltd.
What Is The Most Dominant 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.
