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Surge In Electric And Hybrid Vehicle Sales Drives Quantum Computing In Automotive Market : The Driving Engine Behind Quantum Computing In Automotive Market Evolution in 2025
Quantum Computing In Automotive
What Will the Quantum Computing In Automotive Industry Market Size Be by 2025?
The scale of the quantum computing market within the automotive sector has witnessed an exponential surge in recent times. The market value, which sits at $0.35 billion in 2024, is predicted to ascend to $0.44 billion by 2025, projecting a compound annual growth rate (CAGR) of 25.0%. Factors contributing to this historic expansion include heightened government funding, an intensified emphasis on enhancing the energy efficiency of automotive systems, software usage increments, the increase in the procurement of personal autonomous vehicles, and the overall growth of the automotive industry.
What's the Long-Term Growth Forecast for the Quantum Computing In Automotive Market Size Through 2029?
The automotive quantum computing market size is projected to witness substantial expansion in the coming years, expected to rise to $1.04 billion by 2029 at a compound annual growth rate (CAGR) of 23.9%. The growth for the projected term will be spurred by factors such as increased venture by automotive firms, escalating sales of electric and hybrid electric vehicles, the rising complexity in automotive systems, the focus on improving the performance and safety standards of self-driven vehicles, and greater acceptance of shared autonomous vehicles. The anticipated period will see significant trends like the enhancement of vehicle design and optimization, progress in autonomous driving technologies, optimization of supply chain and manufacturing, the birth of highly sensitive sensors, and the demand for pioneering solutions.
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What Are the Key Growth Drivers Fueling the Quantum Computing In Automotive Market Expansion?
The upward trend in electric and hybrid electric car sales is touted to fuel quantum computing advancement in the automotive sector. Electric cars, solely powered by electricity, rely on electric motors for thrust and rechargeable battery packs as their primary energy supply. Hybrid electric cars fuse a conventional internal combustion engine, generally reliant on gasoline, with an electric propulsion system. They use a blend of an internal combustion engine and an electric propulsion system. The increase in electric and hybrid vehicle sales can be ascribed to the demand for sustainable, efficient transportation methods and enhanced computational power for optimizing vehicle design, battery management, and autonomous driving systems. Quantum computing provides unmatched abilities in handling intricate simulations and algorithms quicker than standard computers, essential for improving electric and hybrid vehicles' efficiency and performance. For example, Zapmap, a UK-based mapping service, reported in April 2024 that electric car sales shot up by 3.5 million vehicles in 2023 compared to the previous year, indicating an astounding 35% year-on-year growth. As a result, the growth in electric and hybrid electric vehicle sales is propelling the advancement of quantum computing in the automotive sector.
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What Are the Key Trends Driving Quantum Computing In Automotive Market Growth?
Major corporations involved in the auto industry's quantum computing sector are joining forces to expedite sustainable mobility innovations, such as the hybrid quantum-classical workflow, leveraging advanced quantum computers. This computational method blends quantum and classical computing to solve intricate problems more efficiently than they could individually. For example, in August 2023, BMW Group, a car company based in Germany, the Netherlands' aircraft firm, Airbus, and Quantinuum, an American quantum computing business, combined resources to create a hybrid quantum-classical workflow for accelerating research via quantum computers. The partnership's focus is on simulating the oxygen reduction reaction (ORR) on platinum-based catalysts in fuel cells. The ORR, a pivotal chemical process that transforms hydrogen and oxygen into water and electricity in fuel cells, is notoriously slow and demands substantial amounts of costly platinum catalysts.
How Is the Quantum Computing In Automotive Market Segmented?
The quantum computing in automotivemarket 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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Which Companies Are Leading the Charge in Quantum Computing In Automotive Market Innovation?
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.
Which Regions Are Leading the Global Quantum Computing In Automotive Market in Revenue?
Asia-Pacific was the largest region in the quantum computing in automotive market in 2024. 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.
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