The automation sector has always been known for adopting the latest technology. Lately, quantum computing is a booming technology that holds the capability to disrupt how vehicles will be designed in the future. The automotive industry can render numerous lucrative opportunities for quantum computing. It has been estimated that quantum computing technology will make an economic impact on the automotive industry of around USD 2 billion to USD 3 billion by the year 2030. In this blog, we will delve deep into various applications of the quantum computing in the automotive industry.
Applications of Quantum Computing:
Traffic flow simulation: It has been estimated that global transport carbon dioxide emissions in the year 2018 came out to be 8 billion tonnes, out of which almost 74.6% came from road vehicles. Researchers are introducing QC as a key measure to analyze real-time traffic data, reduce congestion, and optimize traffic signal timing. For instance, the D wave system has joined with Volkswagen to make a traffic flow optimization algorithm. They have jointly made a mobile app that can render the best route to any destination.
Fleet optimization: Quantum computing is helpful in fleet management which could result in more productive operations. Various trucking fleets are utilizing Quantum computing to scrutinize the effect of numerous variables.
Cargo and fuel loading: According to a report released by the International Air Transport Association, global airlines are committed to achieving net 0 carbon by the year 2050. Numerous aviation companies are adopting quantum computing algorithms that help optimize cargo distribution and maximize loading efficiency.
Enhanced R&D and product development: Adopting quantum computing algorithms can accelerate product development cycles. The technology allows automotive companies to optimize and design vehicles with enhanced performance.
| Quantum Computing Application | |
| Optimization | The quantum computing algorithms accredit real-time optimization of operational performance |
| Simulation | Helpful in decision-making |
| Quantum-assisted machine learning | As this technology can analyze large data sets allows us to make concrete decisions making |
Companies Excelling by Embracing Quantum Computing
Toyota: The company has joined hands with D wave systems to reconnoiter various applications of QC in making next-generation vehicles. In 2022, Toyota also partnered with Quantum Machines an Israeli startup to build future quantum capabilities.
Ford: A prominent company named Quantinuum has signed a deal with Ford to develop new batteries with the use of quantum computing. Also, they are using quantum computers to find improved materials that will speed up the development of electric vehicle batteries.
BMW: The company is exploring the prowess of quantum computing for numerous applications such as developing advanced materials and optimizing traffic flow. In the year 2022, BMW joined hands with Amazon Web Services to scrutinize optimization problems with the use of quantum computing.
Quantum Computing in Automotive Market Analysis:
The market garnered USD 264 million in the year 2023 and is projected to accumulate USD 7.45 billion by 2036. The growth propelling factors for the market can be attributed to the following factors:
- Surge in government investment in quantum research
- Rising demand for electric and hybrid vehicles
- Advancements in autonomous vehicle technology
- Rising complexity of automotive systems
- Role of quantum computing in battery chemistry
- Rising investments from private players
However, factors such lack of skilled experts and uncertainty around competing hardware modalities are some of the growth-hindering factors in the domain.
Some of the prominent companies in the domain are IONQ, IBM Corporation, Accenture plc, Microsoft Corporation, D-wave Systems Inc, PASQAL, Terra Quantum, Amazon, Rigetti & Co, LLC.
The Asia Pacific region is projected to acquire 43% of the share in quantum computing in the automotive market. The growth-propelling factors for the market are advancements in quantum research. Moreover, the rising collaboration between companies is accelerating the adoption of quantum computing technology. North America is also projected to offer numerous lucrative opportunities for the market.
Wrapping up,
The above information illustrates that the market is going to flourish in the forecasted period. However, the market players are required to understand the intricacies of the market to make sound decisions. An exhaustive market research report consists of various aspects such as regional analysis, growth driving factors, growth aspects, latest trends, etc. Also, knowing about market challenges helps market players to mitigate market risks.
Source: https://www.researchnester.com/reports/quantum-computing-in-automotive-market/6325
