Chicago, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Quantum Computing in Automotive Market is projected to grow from USD 143 million in 2026 to USD 5,203 million by 2035, at a CAGR of 49.0% from 2026 to 2035, as per the recent study by MarketsandMarkets™. Increasing government investments in developing quantum computing infrastructure and growing strategic collaborations between OEMs, auto component manufacturers & technology providers to carry out the advancements in quantum computing technology focused on complex automotive applications are the key growth factors of this market.
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List of Key Players in Quantum Computing in Automotive Market:
- IBM Corporation (US)
- Microsoft Corporation (US)
- D-wave systems Inc. (US)
- Amzon (US)
- Rigetti & Co, LLC (US)
- Alphabet Inc. (US)
- Accenture Plc (Ireland)
- Terra Quantum (Switzerland)
- PASQAL (France)
Drivers, Opportunities and Challenges in Quantum Computing in Automotive Market:
- Driver: Increase in government investment
- Restraint: Stability and quantum error correction issues
- Opportunity: Rise in sales of electric and hybrid electric vehicle
- Challenge: Lack of Skilled Professionals and Infrastructure
Key Findings of the Study:
- Cloud-based quantum computing is estimated to be the largest market by deployment
- Automotive tier 1 and 2 segments are expected to grow at the fastest CAGR during the forecast period.
- Americas is projected to be the largest market during the forecast period
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Route planning & traffic management are expected to dominate the quantum computing in automotive market
Route planning and traffic management are one of the initial focus areas among automotive players for quantum computing applications. Using real-time data, smart simulation, and optimization techniques, quantum computing can bring effective route and traffic management, such as traffic pattern and flow, shortest path selection, tracking weather conditions, etc. A few automotive OEMs have collaborated with Quantum computing technology providers to develop an efficient roadmap for route optimization and traffic flow management. In 2019, Volkswagen Group launched the world's first pilot project for traffic optimization with a quantum computer by D-wave Systems Inc. in Lisbon, Portugal. Optimized route planning and traffic management are expected to reduce freight transportation costs in last-mile delivery while reducing delivery time. Additionally, route optimization using quantum computing algorithms can change ridesharing and mobility as a service (MaaS) markets with the faster movement of vehicle fleets in high-demand locations, and drivers would earn more bonuses by gaining more rides.
OEMs to dominate the quantum computing in automotive market during the forecast period
Automotive OEMs will dominate the quantum computing market as some auto giants such as Volkswagen AG, Daimler AG, BMW Group, Hyundai Motors, Ford Motors, and General Motors are early adopters of using quantum computing technology for various industrial applications. Technology leaders such as IBM Corporation, Microsoft Corporation, Alphabet Inc., etc., are extending their industry coverage to increase its practical use cases. In May 2022, PASQAL and BMW Group entered a technical collaboration agreement to analyze the applicability of quantum computing algorithms to metal forming application modeling. Additionally, OEMs are focusing on using quantum computing for applications such as product design, vehicle engineering, material research, production planning & optimization, demand forecasting, workforce management, and supply chain optimization. Further, upcoming revised emission regulations (e.g., Euro 7 in Europe) and regional stakeholder efforts to reduce fleet-level carbon emissions have boosted electric vehicle sales in recent years. Quantum computing can further fasten the battery innovation process to investigate new material compositions by examining precise chemical reactions using quantum computing simulation techniques inside the battery. Moreover, quantum computing will also be helpful for autonomous vehicles covering various aspects such as optimization of routes, object recognition, and sensor fusion. Of all possible automotive applications, quantum computing is utilized for some of them. More such advancements are expected to be seen in the year from global OEMs to cut down the new product launch time and cost reduction.
"Europe is anticipated to be the second largest quantum computing in automotive market by 2035."
According to MarketsandMarkets analysis, Europe is projected to be the second-largest market for automotive quantum computing. The market growth is mainly attributed to the factors such as increasing investments from government bodies and increasing interest of local OEMs to develop a ground base for quantum computing in automotive applications. For instance, Union European High-Performance Computing Joint Undertaking (EuroHPC JU) has planned an investment of nearly USD 7.2 billion for developing quantum computing infrastructure in the coming years. Further, the European automotive industry is most impacted by stringency regulation on vehicular emissions, safety & comfort standards. Vehicles are installed with ADAS and comfort features; due to this, many OEMs prefer advanced lightweight materials in vehicles to reduce the vehicle's weight to achieve better fuel economy. In addition to this, European customers are rapidly shifting toward electric vehicles to curb the NoX and PM emissions.
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Recent Developments:
- In September 2023, Rigetti & Co, LLC launched its QCS on Microsoft's Azure Quantum platform with a public preview. The Aspen-M-2 80-qubit and Aspen-11 40-qubit superconducting quantum processors from Rigetti are available to all Azure Quantum users for the development and execution of quantum applications.
- In January 2023, PASQAL announced the launch of Pulser Studio, a no-code development platform for neutral atoms quantum computers. Pulser Studio enables users to graphically build quantum registers and design pulse sequences without coding knowledge.
- In November 2022, IBM Corporation introduced Next-Generation IBM Quantum System Two and 400 Qubit-Plus Quantum Processors. This processor can perform quantum computations that are much more complex than what can be done on any classical computer.
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