Automotive Quantum Computing Market Projected to Grow to $5BAutomotive Quantum Computing Market Projected to Grow to $5B
Route planning and traffic management seen as important early applications
March 13, 2023
The market for quantum computing in the automotive sector is likely to be worth $143 million in 2026, growing to $5.2 billion in 2035, representing a compound annual growth rate of 49%.
The growth would be fueled by increasing government investments in developing quantum computing infrastructure and growing strategic collaborations between OEMs, auto component manufacturers and technology providers.
According to the Quantum Computing in Automotive Market report by market research company MarketsandMarkets, early use cases have demonstrated that quantum computers can contribute towards more effective route and traffic management.
As early as 2019, D-Wave Systems’ collaborated with Volkswagen to develop the world's first pilot project for traffic optimization using a quantum computer.
In May 2022, BMW Group announced it was working with French quantum startup Pasqal to improve its primary manufacturing processes, notably metal forming, through accelerated simulations.
Other automotive manufacturers experimenting with quantum applications include Volkswagen, Daimler, Hyundai Motors, Ford, and General Motors. While many projects are with specialist quantum startups, industry leaders such as IBM, Microsoft and Alphabet are investigating use cases.
Increasingly stringent emission regulations have compelled operators to reduce fleet-level carbon emissions by introducing more efficient routes and switching to electric vehicles. Quantum computing is helping by calculating the most efficient routes and accelerating the development process for new materials for better batteries.
Quantum computing is also being used in the design of autonomous vehicles covering aspects including route optimization, object recognition and sensor placement.
OEMs are also using quantum computing for applications such as product design, vehicle engineering, material research, production planning and optimization, demand forecasting, workforce management and supply chain optimization.
This article first appeared on IoT World Today's sister site, Enter Quantum.
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