Press release
Quantum Computing In Automotive Market Size Projected To Reach $1.11 Billion By 2034 With A Cagr Of 25.5%
Quantum Computing In Automotive Market Size
What Is the Projected Growth of the Quantum Computing In Automotive Market?
The quantum computing in automotive market has grown significantly in recent years. It will rise from $0.35 billion in 2024 to $0.45 billion in 2025, reflecting a CAGR of 25.9%. The growth is attributed to increased government investments, a stronger emphasis on optimizing energy efficiency in automotive systems, rising software usage, greater adoption of personal autonomous vehicles, and growth in the automotive industry.
The quantum computing in automotive market is projected to grow rapidly, reaching $1.11 billion in 2029 at a CAGR of 25.5%. Growth factors include rising investments from automotive companies, the increasing sales of electric and hybrid electric vehicles, the growing complexity of automotive systems, a stronger focus on improving autonomous vehicle performance and safety, and the growing adoption of shared autonomous vehicles. Major trends include enhanced vehicle design, advancements in autonomous driving, supply chain optimization, and the emergence of highly sensitive sensors.
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What Are the Different Quantum Computing In Automotive Market Segments?
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 Are the Primary Drivers Shaping the Quantum Computing In Automotive Market?
The increase in electric and hybrid electric vehicle sales is expected to drive the growth of quantum computing in the automotive market. The demand for electric and hybrid vehicles is rising due to their sustainability and advanced features like battery management and autonomous driving. Quantum computing helps optimize vehicle design and improve efficiency. For instance, in April 2024, Zapmap reported a 35% increase in electric car sales in 2023. The rise in electric vehicle sales is boosting the quantum computing market in automotive applications.
Which Companies Are Leading 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, 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 Are the Major Trends Shaping the Quantum Computing In Automotive Market?
Companies in the quantum computing in the automotive market are collaborating to develop sustainable mobility solutions, such as hybrid quantum-classical workflows. These workflows integrate quantum and classical computing to solve complex problems more efficiently. For example, in August 2023, BMW Group, Airbus, and Quantinuum partnered to develop a hybrid quantum-classical workflow to enhance fuel cell research. The collaboration focuses on simulating the oxygen reduction reaction in platinum-based catalysts to improve fuel cell efficiency and reduce platinum use.
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What Are the Top Revenue-Generating Geographies 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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Quantum Computing In Automotive Market?
2. What is the CAGR expected in the Quantum Computing In Automotive Market?
3. What Are the Key Innovations Transforming the Quantum Computing In Automotive Industry?
4. Which Region Is Leading the Quantum Computing In Automotive Market?
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