PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1270321
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1270321
Quantum Computing in Automotive Market size was valued at USD 230.8 Million in 2022, expanding at a CAGR of 41.9% from 2023 to 2030.
Quantum computing is a rapidly evolving field that is expected to revolutionize various industries, including the automotive sector. Quantum computing in automotive refers to the use of quantum computing technology to develop new applications and technologies that can improve vehicle performance, safety, and customer experiences. Quantum computing can be used to improve the accuracy and speed of machine learning algorithms that are used in autonomous vehicles. It can also be used to simulate complex traffic scenarios and road conditions to help autonomous vehicles navigate more safely and efficiently. Generally, the use of quantum computing in the automotive sector is expected to have a significant effect on the industry in the coming years. Automotive companies that invest in quantum computing research and development are likely to gain a competitive advantage by developing new applications and technologies that can improve vehicle performance, safety, and customer experiences.
Quantum Computing in Automotive Market- Market Dynamics
Quantum computing in automotive market is a rapidly growing market that is driven by the increasing adoption of electric and autonomous vehicles, as well as the need to develop new solutions to improve vehicle performance, safety, and customer experiences. The market is expected to grow at a significant rate in the coming years as more automotive companies invest in quantum computing research and development. According to the International Energy Agency (IEA), the global electric car stock surpassed 5.1 million in 2018, up 2 million from the previous year. The IEA also projects that the number of electric cars on the road will reach 130 million by 2030. The increasing adoption of electric and autonomous vehicles is driving the demand for sophisticated battery management systems, sensors, and algorithms that can improve vehicle performance, safety, and reliability. Quantum computing can be used to develop new algorithms and models that can optimize the design and management of EV batteries, as well as improve the accuracy and speed of machine learning algorithms used in autonomous vehicles.
The rapid advancements in quantum computing technology are making it more accessible and cost-effective for automotive companies to develop new applications and technologies. As quantum computing technology continues to improve, automotive companies are expected to invest more in quantum computing research and development to improve their operations and enhance their competitiveness in the market.
The Global Quantum Computing in Automotive Market is segmented on the basis of Application, component type, deployment type, Application, Technology, and Region.
The market is divided into eight categories based on Application: Route planning and traffic management, Battery Optimization, Material Research, Autonomous and connected Vehicle, Production planning and scheduling and Others. Route planning & traffic management are expected to dominate the automotive quantum computing market. Route planning and traffic management are one of the early 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.
The market is divided into three categories based on component type: Software, Hardware, and Services. Hardware is expected to hold the largest market share, driven by the growing demand for quantum computing systems and hardware components that can be integrated into vehicles. Quantum computing can be used to develop new algorithms for simulation and optimization, which can improve the efficiency and accuracy of software used in the automotive industry. Also, it can also be used to develop new hardware, such as sensors and communication systems, that can be integrated into vehicles to improve safety and performance. Quantum computing can be used to develop new services for the automotive industry, such as predictive maintenance and personalized vehicle experiences.
The market is divided into two categories based on deployment Type: Cloud and On-premises. The cloud-based segment is projected to lead the Quantum Computing in Automotive Market during the forecast period. Quantum computing can be used in cloud environments to provide remote access to powerful computing resources. This can be particularly useful for automotive companies that need to run simulations or perform complex calculations that require significant computational resources. Quantum computing can also be used in on-premises environments, where the hardware is located on-site.
Quantum Computing in Automotive Market- Geographical Insights
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to hold the largest market share in the quantum computing in automotive market, followed by Europe and Asia Pacific. This can be attributed to the presence of leading automotive companies in these regions, as well as favorable government initiatives and investments in quantum computing research and development. The US government has also launched several initiatives to promote quantum computing research and development. In December 2018, the US government passed the National Quantum Initiative Act, which provided funding for quantum computing research and development.
Europe is expected to follow closely, with a growing focus on innovation and technological advancements in the automotive industry. Meanwhile, the Asia Pacific market is expected to witness the fastest growth, driven by increasing demand for autonomous vehicles, electric vehicles, and other advanced technologies in the automotive sector.
The quantum computing in automotive market is highly competitive and is characterized by the presence of several global and regional players. These players are focusing on strategic partnerships, collaborations, and acquisitions to enhance their market position and expand their product offerings. In addition, several startups are emerging in quantum computing in automotive market, which are focused on developing innovative solutions for the automotive sector. These startups are leveraging the latest advancements in quantum computing technology to develop new applications and technologies that can improve the efficiency, safety, and sustainability of vehicles. D-Wave Systems Inc., Rigetti Computing, IBM Corporation, Microsoft Corporation, and Google LLC are some of the leading global players in the quantum computing market. These companies are investing heavily in research and development activities to enhance their product offerings and expand their customer base. Overall, the quantum computing in automotive market is highly competitive, with several global and regional players competing for market share.
This proposed research study on Quantum Computing in Automotive market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2023-2030), considering 2022 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains attractive investment proposition matrix for Quantum Computing in Automotive market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Quantum Computing in Automotive market
Impact of COVID-19 on Quantum Computing in Automotive market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on Quantum Computing in Automotive market post-COVID will also be covered.
In order to give the users of this report a comprehensive view on the Quantum Computing in Automotive market, we have also included competitive landscape and key innovator analysis for the Quantum Computing in Automotive market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the Quantum Computing in Automotive market.
In addition, the report also unveil the important acquisitions & mergers, collaborations & joint ventures, new launch, research & development, regional expansion of major participants involved in the market on global as well as regional level.
The global Quantum Computing in Automotive market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
GLOBAL QUANTUM COMPUTING IN AUTOMOTIVE MARKET KEY PLAYERS
IBM Corporation
Microsoft Corporation
D-Wave Systems, Inc
Amazon (US)
Rigetti & Co, LLC
Intel corporation
Honeywell international Inc
Others
GLOBAL QUANTUM COMPUTING IN AUTOMOTIVE MARKET, BY APPLICATION
Route planning and traffic management
Battery Optimization
Material Research
Autonomous and connected Vehicle
Production planning and scheduling
Others
GLOBAL QUANTUM COMPUTING IN AUTOMOTIVE MARKET, BY COMPONENT TYPE
Software
Hardware
Services
GLOBAL QUANTUM COMPUTING IN AUTOMOTIVE MARKET, BY DEPLOYMENT TYPE
Cloud
On-premises
GLOBAL QUANTUM COMPUTING IN AUTOMOTIVE MARKET, BY REGION
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA