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Automotive Quantum Computing Market Trends

Report ID: GMI5777
Published Date: May 2023
Report Format: PDF

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Automotive Quantum Computing Market Trends

The automotive industry is focused on developing new technologies to increase expertise in electric & hybrid vehicles, fuel cell optimization, connectivity, and autonomous driving, propelling the market growth. Furthermore, the adoption of Level 3, 4, and 5 autonomous vehicles in the future will allow passengers to drive less physically. Some studies suggest that around 90% of these self-driving cars will be shared and 10% will be used for personal travel. For example, quantum computing algorithms can quickly process and calculate large amounts of data generated by LiDAR, RADAR, and image sensors, among other advanced systems. In addition, it is increasingly used for different applications in autonomous vehicles, such as autonomous vehicle optimization, integration of data generated by multiple sensors, approximate 3D object recognition, and automotive cybersecurity, driving the use of quantum computing for the development of autonomous vehicle technology.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of automotive quantum computing was reached USD 170 million in 2022 and will witness over 35% CAGR from 2023 to 2032, driven by the rising popularity of self-driving cars.

Cloud automotive quantum computing market size witnessed over 35% CAGR in 2022, owing to growing penetration in startups and small businesses.

Asia Pacific market will record over 40% CAGR during 2023 to 2022, on account of the strong presence of major automotive OEMs and manufacturers in this region.

The vehicle routing & traffic optimization application segment held over 20% of the market share in 2022, due to the surging need for reducing travel time and traffic congestion.