AUTOMOTIVE ENGINEERING SERVICES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

• In June 2024, Volkswagen entered into a USD five billion software partnership with U.S. electric vehicle start-up Rivian to address delays in its in-house software development and accelerate its EV initiatives.
• In October 2023, Foxconn partnered with Nvidia to build "AI factories" aimed at developing software for self-driving cars, highlighting the convergence of technology and automotive industries.
• In early 2023, Mercedes-Benz received authorization to pilot its Level 3 autonomous driving system, Drive Pilot, in Nevada and California. This system allows for hands-free driving under certain conditions, marking a significant step toward higher levels of vehicle automation.
• In June 2024, Cognizant Technology Solutions agreed to acquire Belcan, a digital engineering firm specializing in aerospace, defense, space, and automotive sectors, for approximately USD 1.3 billion. This move aimed to enhance Cognizant's presence in these industries and expand its engineering capabilities