Quantum Computing in Automotive Market Regional Analysis:
APAC Market Insights
Asia Pacific industry is likely to account for largest revenue share of 43% by 2035 owing to the increasing investments in quantum research and development by countries such as China, Japan, and South Korea. Additionally, ongoing collaboration of private companies accelerates advancements in quantum computing technology, driving innovation and commercialization efforts in the region.
Quantum computing in automotive market in India is expected to register rapid growth owing to the competitiveness of automotive companies in developing innovative designs using quantum computing technology. Factors such as an increasing interest in utilizing quantum computing for vehicle manufacturing and designing and employing autonomous driving technologies also enhance market expansion. According to Nasscom-Avasant's 2022 report, by 2030, the quantum technology sector in India is expected to generate USD 310 billion. To take utmost advantage of this potential, a strong national policy that supports a structure that accurately utilizes quantum technology resources and reflects unique industrial results is needed.
China market is influenced by the rising importance of technological innovations in emerging fields including, quantum technology with an aspect of building a foundation for future industrial and technological development in the country. Additionally, the government of China is putting in efforts to support the country in achieving significant advancements using quantum computing technologies to develop new sources for its economic growth.
Quantum computing in automotive market in Japan is growing as several businesses in the country are engaged in leveraging quantum information science including Riken, JSR Corporation, Hitachi, Mitsubishi Group and various other market leaders. As per Japan's Quantum Technology Innovation Strategy, the Quantum Technology Innovation Centers serve as the hubs for programs involving the government, business sectors, and educational institutions together at one place. Furthermore, the influx of investments in the EV sector is likely to support the Japan market expansion during the forecast period.
North America Market Insights
North America is projected to be the fastest-growing region owing to advanced technological infrastructures, including research facilities and technology hubs that promote R&D. Furthermore, the region's dominance in quantum computing in automotive industry is propelled by individuals with technological expertise in quantum computing, collaborations of market key players, supportive regulatory environment, and market demand in shaping the future of quantum-powered solutions for the automotive industry.
The U.S. quantum computing in automotive market is driven by the leading quantum computing companies, such as Amazon, Google, IBM Corporation, and Microsoft, as well as renowned research institutions including NASA. These organizations help automotive companies streamline their quantum simulations and design processes contributing to increasing developments using quantum technologies. This contribution of regulatory organizations in shaping the country's quantum computing in automotive market results in cost savings and reduced environmental impact, and helps identify potential risks and challenges in the coming future.
Quantum computing in automotive industry in Canada is influenced by the investments of provincial governments that help build a growing environment that includes world-class centers of quantum technology in Canada, including market-leading companies. In January 2023, the Government of Canada launched the National Quantum Strategy to support the quantum computing sector in the country and amplify its existing focus on research to propel the industry growth.
