Quantum Computing In Automotive Global Market Report 2024

The quantum computing in automotive market size has grown exponentially in recent years. It will grow from $0.28 billion in 2023 to $0.35 billion in 2024 at a compound annual growth rate (CAGR) of 25.4%. The growth in the historic period can be attributed to increased focus on optimizing the energy efficiency of automotive systems, increased government investments, increased usage of software, increased adoption of personal autonomous vehicles, rise in automotive industry.

The quantum computing in automotive market size is expected to see exponential growth in the next few years. It will grow to $0.88 billion in 2028 at a compound annual growth rate (CAGR) of 25.6%. The expansion anticipated in the forecast period is driven by heightened investment from automotive firms, surging sales of electric and hybrid electric vehicles, the escalating complexity of automotive systems, heightened emphasis on enhancing the performance and safety of autonomous vehicles, and the growing adoption of shared autonomous vehicles. Key trends projected in the forecast period encompass improved vehicle design and optimization, advancements in autonomous driving technology, optimization of supply chains and manufacturing processes, the emergence of highly sensitive sensors, and the demand for innovative solutions.

The surge in sales of electric and hybrid electric vehicles (EVs and HEVs) is anticipated to drive the expansion of quantum computing in the automotive sector in the future. Electric vehicles run solely on electricity, powered by electric motors and rechargeable battery packs, while hybrid electric vehicles combine an internal combustion engine with an electric propulsion system. This surge in EV and HEV sales stems from the demand for eco-friendly and efficient transportation alternatives, as well as the need for advanced computational capabilities to optimize vehicle design, battery management, and autonomous driving systems. Quantum computing offers unprecedented processing power, enabling faster simulations and algorithmic computations crucial for enhancing the performance and efficiency of electric and hybrid vehicles. For example, recent data from Zapmap, a UK-based mapping service, reveals a significant surge in electric car sales in 2023, totaling 3.5 million vehicles, marking a remarkable 35% year-on-year increase. Hence, the rise in sales of electric and hybrid electric vehicles is fueling the expansion of quantum computing applications in the automotive market.

Leading companies within the quantum computing in automotive market are joining forces to expedite the advancement of sustainable mobility, employing innovative approaches such as a hybrid quantum-classical workflow that harnesses state-of-the-art quantum computers. This hybrid workflow integrates quantum and classical computing methodologies to tackle intricate problems more effectively than either approach alone. For instance, in August 2023, BMW Group, a prominent automotive manufacturer based in Germany, collaborated with Airbus, a Dutch aerospace corporation, and Quantinuum, a US-based quantum computing firm, to pioneer a hybrid quantum-classical workflow aimed at accelerating research leveraging quantum computing. This strategic partnership focuses on simulating the oxygen reduction reaction (ORR) on platinum-based catalysts utilized in fuel cells. The ORR, pivotal to fuel cell operation, involves the conversion of hydrogen and oxygen into water and electricity. However, this reaction is inherently slow and relies heavily on costly platinum catalysts.

In December 2022, IonQ, a quantum computing enterprise headquartered in the United States, formed a strategic alliance with Hyundai Motors, with the specific terms remaining undisclosed. This collaboration seeks to utilize IonQ's quantum computing capabilities to simulate electrochemical reactions involving different metal catalysts, with a primary emphasis on enhancing fuel cell efficiency for forthcoming vehicles. Hyundai Motors, headquartered in South Korea, is renowned for its production and distribution of automobiles.

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.

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.

The countries covered in the quantum computing in automotive market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Quantum computing in the automotive industry entails the utilization of quantum computing technologies and principles to address intricate issues and refine processes. Quantum computing harnesses the tenets of quantum mechanics to handle information in fundamentally distinct manners from classical computers, potentially leading to exponential enhancements in computational capabilities.

The primary elements of quantum computing in automotive encompass hardware, services, and software. Hardware denotes essential equipment or its constituent parts utilized for specific functions. Various technologies, including quantum annealing, superconducting qubits, topological and photonic, and trapped ions, are employed through on-cloud and on-premise setups. These technologies find application in various areas such as autonomous and connected vehicles, battery optimization, material research, production planning and scheduling, route planning, and traffic management, catering to diverse end-users such as original equipment manufacturers (OEMs), warehousing, and distribution.

The quantum computing in automotive market research report is one of a series of new reports that provides quantum computing in automotive market statistics, including quantum computing in automotive industry global market size, regional shares, competitors with a quantum computing in automotive market share, detailed quantum computing in automotive market segments, market trends, and opportunities, and any further data you may need to thrive in the quantum computing in automotive industry. This quantum computing in automotive market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The quantum computing in the automotive market consists of revenues earned by entities by providing supply chain optimization, enhanced product development, connected mobility, innovative traffic management, and advancements in autonomous driving. The market value includes the value of related goods sold by the service provider or included within the service offering. The quantum computing in the automotive market also includes sales of autonomous vehicle optimization applications, quantum battery optimization applications, route planning and traffic management applications, and autonomous driving applications. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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