Quantum Computing in Automotive Market by Component (Hardware, Services, Software), Technology (Quantum Annealing, Superconducting Qubits, Topological & Photonic), Deployment Type, Application, End-User - Global Forecast 2024-2030

Quantum Computing in Automotive Market by Component (Hardware, Services, Software), Technology (Quantum Annealing, Superconducting Qubits, Topological & Photonic), Deployment Type, Application, End-User - Global Forecast 2024-2030

The Quantum Computing in Automotive Market size was estimated at USD 825.17 million in 2023 and expected to reach USD 1,001.35 million in 2024, at a CAGR 24.02% to reach USD 3,724.37 million by 2030.

Quantum computing has the prospect to revolutionize the automotive industry with its ability to process vast amounts of data quickly. Quantum computing could enable autonomous driving technologies and improve safety on the roads. Its application to the field of cars and transportation promises to accelerate innovation and open up new possibilities for automakers, engineers, and end-users by using innovative algorithms that leverage quantum computing power. Quantum computing also promises to enable faster and more efficient machine learning techniques to develop smarter self-driving cars and reduce energy consumption in electric vehicle propulsion systems. With its immense capacity for data processing, quantum computing stands poised to revolutionize how we experience transportation in the near future. Increased focus on optimizing the energy efficiency of automotive systems, reducing fuel consumption and emissions, and growing focus on enhancing the performance and safety of autonomous vehicles is driving the market growth. Rising government initiatives and investments in the widespread use of hybrid and electric vehicles, together with the growth in strategic alliances and collaborations to enhance automotive quantum computing technologies, are creating possibilities for market participants.

Regional Insights

The automotive industry is one of the world's most competitive and dynamic markets. Quantum computing has begun to play an ever-increasing role as businesses seek innovative ways to gain a competitive advantage. The automotive market in America is a highly competitive and ever-evolving industry. Automakers are continually looking for new ways to improve their products, and quantum computing presents a potential new avenue of exploration. In recent years, American companies such as Ford, General Motors, and Tesla have become pioneers in developing quantum technology within the automotive sector. Europe has become a significant hub for quantum computing in the automotive industry. Companies such as Audi, BMW, and Volkswagen have invested significantly in the field, exploring ways quantum computing can be applied to automotive engineering and design. The Asia-Pacific region has become an important market for quantum computing in the automotive sector. Countries such as China, Japan, and South Korea have invested significantly in quantum computing research and development in recent years. Japanese companies such as Toyota, Honda, and Mitsubishi have already implemented quantum computing into their product designs and are expected to invest heavily in technology over the next few years.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Quantum Computing in Automotive Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Increased focus on optimizing energy efficiency of automotive systems, reducing fuel consumption and emissions
Rise in investments in automotive quantum computing technology
Growing focus to enhance the performance and safety of autonomous vehicles

Market Restraints

Dearth of skilled professional coupled with need for high accuracy

Market Opportunities

Rising government initiatives and investment for massive adoption of electric and hybrid vehicles
Surge in number of strategic partnerships and collaborations to carry out advancements in automotive quantum computing technology

Market Challenges

Complex optimization problems in developing quantum computing automotive applications

Market Segmentation Analysis

Components: Increasing usage of software in quantum computing in automotive to optimize complex systems
Technology: Rising utilization of superconducting qubits for quantum computing in automotive
Application: Expanding application of quantum computing in automotive for autonomous & connected Vehicle
Deployment Type: Increasing popularity of on-cloud deployment of quantum computing in automotive
End-user: Expanding usage of quantum computing by OEMs

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Quantum Computing in Automotive Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Quantum Computing in Automotive Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

PsiQuantum Expands Development Engagement and Plan for Production Ramp of Quantum Computing Technology at SkyWater’s Minnesota Fab

PsiQuantum, a leading quantum computing technology provider, has partnered with SkyWater Technology Foundry to expand the development and production of their quantum systems. As part of the engagement, SkyWater's Minnesota-based foundry provides PsiQuantum access to its advanced semiconductor manufacturing capabilities to help further develop and scale up its quantum technology. This partnership is an important milestone that increases the production capability for PsiQuantum's systems, helping them make quantum computing more available and accessible to automotive customers worldwide.

Strangeworks raises USD 24M to expand quantum computing ecosystem

Strangeworks, a quantum computing company based in Austin, Texas, recently announced that it had raised 24 million dollars in its latest fundraising round. The company was founded by two former tech executives and is dedicated to creating accessible and easy-to-use products for quantum computing. With this new investment, Strangeworks pursues its mission to bring the power of quantum computing to businesses worldwide. As demand for quantum computing grows, Strangeworks' position as an industry leader could prove invaluable.

PsiQuantum Will Partner with DARPA to Accelerate Path to Build the World’s First Utility-Scale Quantum Computer

PsiQuantum, a leading quantum computing technology company, announced today that it had established a new partnership with DARPA to accelerate its efforts in building the world’s first utility-scale quantum computer. This groundbreaking collaboration brings together experts from both organizations to develop pioneering approaches for constructing and operating large-scale, extensible quantum computers, which enable the creation of new technologies that can solve problems too complex for current computing models and provide insights into previously inaccessible applications.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Quantum Computing in Automotive Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Quantum Computing in Automotive Market, highlighting leading vendors and their innovative profiles. These include Accenture PLC, Amazon Web Services, Inc., Capgemini Group, ColdQuanta, Inc., D-Wave Quantum Inc., Google LLC by Alphabet Inc., Honeywell International Inc., Intel Corporation, International Business Machines Corporation, IonQ, Inc., Isara Corporation, Microsoft Corporation, Motovis, ORCA Computing Limited, PASQAL SAS, PsiQuantum, Corp., QC Ware Corp., Quantinuum Ltd., Rigetti & Co, Inc., Rigetti & Co, LLC, Terra Quantum AG, Toshiba Digital Solutions Corporation by Toshiba Corporation, Xanadu, and Zapata Computing, Inc..

Market Segmentation & Coverage

This research report categorizes the Quantum Computing in Automotive Market to forecast the revenues and analyze trends in each of the following sub-markets:

Component
Hardware
Services
Software
Technology
Quantum Annealing
Superconducting Qubits
Topological & Photonic
Trapped Ions
Deployment Type
On-Cloud
On-Premise
Application
Autonomous & Connected Vehicle
Battery Optimization
Material Research
Production Planning & Scheduling
Route Planning & Traffic Management
End-User
OEM
Warehousing & Distribution
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year