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Global Quantum Computing in Automotive Market

Global Quantum Computing in Automotive Market

Dublin, March 27, 2023 (GLOBE NEWSWIRE) -- The "Quantum Computing in Automotive Market by Application (Route Planning & Traffic Management, Battery Optimization, Material Research, Production Planning & Scheduling), Deployment, Component, Stakeholder & Region - Global Forecast to 2035" report has been added to ResearchAndMarkets.com's offering.

The automotive quantum computing market is projected to grow from USD 143 million in 2026 to USD 5,203 million by 2035, at a CAGR of 35.0% from 2031 to 2035.

Autonomous & connected vehicles to become the fastest-growing segment during the forecast period

Developments in autonomous vehicles will be significant in the near years. The future adoption of Level 3, 4, and 5 autonomous vehicles could result in passengers spending more time in cars and less time physically driving them. Few surveys suggest that about 90% of these autonomous vehicles will be shared, and 10% will be used for personal commuting.

Owing to these advantages, quantum computing can act as a breakthrough advancement to make autonomous vehicles a reality soon with lower error margins. For instance, quantum computing algorithms can rapidly process and calculate huge amounts of data generated from LIDAR, RADAR, & image sensors, and other advanced systems.

This would be helpful in training & developing intelligence within the vehicle to operate with little manual intervention. With the help of quantum optimization and simulation algorithms, it is possible to optimize this data in a fraction of the time against traditional computers, which may require years to process.

Quantum computing would be useful to provide faster computation and develop meaningful insights for critical areas necessary for proper vehicle functioning. Likewise, Quantum machine algorithms can also detect objects and recognize patterns. They can potentially provide faster and more accurate results, improving the overall performance and safety of the vehicle.

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Rising applications of quantum computing in autonomous vehicles for different applications, such as route optimization of the autonomous vehicle, integration of data produced by various sensors, 3D object recognition, and cybersecurity, would fuel the growth of quantum computing technology for developing autonomous vehicles.

Software segment to lead the quantum computing market in the automotive industry

The software segment is projected to lead the quantum computing market in the automotive industry by component. With the rising efforts and investments by private and public entities to develop a commercially viable and fault-free physical quantum computer, the advancement in the software environment is also necessary to improve quantum computer performance.

As clients from multiple industry industries continue to grow, technology providers would focus on developing sustainable quantum computing software to cater to the upcoming requirements of various industries.

According to the "State of Quantum 2022 Report", 66% of companies consider software development a main priority for quantum computing technology. Established companies and multiple start-ups are expected to develop different versions of software platforms that can fill gaps in existing software and enhance the performance of quantum computers.

Associated complexity, huge capital investments, and scarcity of qualified professionals required to develop physical quantum computers are expected to limit fewer new entrants in hardware development in the future. Alternatively, this will bring immense growth opportunities for software developers to integrate themselves into the existing stack to develop disruptive software and reap tremendous business revenues in the coming years

Asia Pacific is projected to be the fastest-growing market for quantum computing in the Automotive market by 2035

During the forecast period, Asia Pacific will be the fastest-growing market for quantum computing in the automotive industry. Asia Pacific has emerged as a hub for automotive production in recent years, due to which most automotive OEMs and component manufacturers are based out of Asian countries.

China, India, Japan, and South Korea are major vehicle production hubs in the region and have planned some promising considerable to be invested in quantum computing technology.

Further few regional players, such as Hyundai Motors and AISIN Group, have started exploring quantum computing capabilities in electric vehicle batteries, autonomous vehicles, and material research.

Improving per capita income, changing consumer preferences, and tightening emission norms have further increased competition among the regional players to sustain their market hold. This quantum computing technology can help them remain competitive in the coming years.

Key Attributes:

Report Attribute

Details

No. of Pages

199

Forecast Period

2026 - 2035

Estimated Market Value (USD) in 2026

$143 Million

Forecasted Market Value (USD) by 2035

$5203 Million

Compound Annual Growth Rate

49.0%

Regions Covered

Global

Market Dynamics

Drivers

Restraints

Opportunities

Challenges

Case Studies

Accenture Labs and Biogen Applied Quantum Computing to Accelerate Drug Discovery

Bbva and Zapata Computing Demonstrated Potential to Speedup for Monte Carlo Simulations for Credit Valuation Adjustments (Cva) and Derivative Pricing

Ionq and Airbus Developed Quantum Computing Solutions for Aircraft Loading

Daimler AG and IBM Corporation Working on Quantum Computing to Understand Simulation of Li-Sulfur Batteries

Bmw Group and Pasqal Computing Developed Quantum Computing System to Improve Auto Design and Manufacturing

Hyundai Motor Company and Ionq Working on Quantum Computing for 3D Object Detection for Autonomous Vehicles

Volkswagen and Google to Develop Quantum Computers for Material Research and Traffic Management

Companies Mentioned

For more information about this report visit https://www.researchandmarkets.com/r/o9d37l

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Global Quantum Computing in Automotive Market Report to 2035: Increased Government Investments and Strategic Partnerships and Collaborations Drives...