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Automotive Engineering Services Market Estimated to Reach $243.9 billion by 2028 – Exclusive Report by MarketsandMarkets™

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Chicago, Feb. 15, 2023 (GLOBE NEWSWIRE) — Automotive Engineering Services Market  is projected to grow from 153.2 billion in 2022 to 243.9 billion by 2028, registering a CAGR of 8.1%, over the forecast period, according to a new report by MarketsandMarkets™. 

Browse in-depth TOC on “Automotive Engineering Services Market”   
254 – Tables
62 – Figures      
267 – Pages

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Report Attributes Details
Market size value in 2022: USD 153.2 Billion
Projected to reach 2028: USD 243.9 Billion
CAGR: 8.1%
Base Year Considered: 2021
Forecast Period: 2022-2028
Largest Market: Asia Pacific
Region Covered: Asia Oceania, Europe, North America, and RoW
Segments Covered: Application, Location, Vehicle Type, Service, Propulsion, Nature Type
Companies Covered: Capgemini (France), IAV Automotive Engineering (Germany), Tech Mahindra (India), AKKA Technologies (Belgium), and HCL Technologies (India) and others.
A total of 30 major company profiles were covered and provided.

The growing demand of zero-emission vehicles, advancements in technologies such as ADAS, battery management, connectivity, among others, and rising commercial transport are expected to increase the demand for automotive engineering services around the world. For instance, the demand for automotive engineering services for electric vehicles such as battery development & management, charger testing, motor control, among others, is increasing due to the increased demand for electric passenger cars and commercial vehicles due to their lower operating noise and lower emissions as compared to their ICE counterparts. At present, major global automotive OEMs outsource processes such as designing, prototyping, system integration, and testing to an external source. The demand for outsourcing automotive engineering services has been increased from last few years. The outsourcing of automotive engineering services can help automotive OEMs by integrating product development with related operations such as engineering and warranty management.

Prototyping segment to be the largest market by value during forecast period

Prototyping is estimated to be the largest service type segment of the Automotive Engineering Services Market during the forecast period. Prototyping enables industry professionals to create functional models of a new part design in a short time. In addition, the adoption of 3D printing technology has significantly reduced the time it takes to manufacture the functional model. In the automotive industry, 3D printing has created opportunities for the creation of new designs (making products safer, cleaner, and lighter) and other 3D plastic prototype parts, with shorter delivery times and at lower costs. Rapid prototyping is done to keep the assembly line moving fast while staying flexible to adopt new designs. A visual prototype represents the appearance of a product but not the functionality. Prototyping allows OEMs to test new parts and technologies before sending them to the actual assembly line. Without prototyping, these parts and technologies can be dangerous or inefficient for the assembly line. It can also lead to stalled or canceled production runs. Incorporation of new features requires prototyping before final implementation. Thus, the demand for prototyping in automotive engineering services is expected to grow during the forecast period. Many OEMs and automotive engineering service providers have developed new prototyping techniques to scale up their design and development processes. For instance, Tech Mahindra, an Indian automotive service provider, partnered with ServiceNow to collaborate on creating value and scaling through rapid prototyping and development of the next generation codes, no code apps, IoT (Internet of things), and AI/ML (Artificial Intelligence/Machine Learning). According to the European Automobile Manufacturers’ Association (ACEA), Europe’s R&D investment for the automotive industry was the highest in 2019 compared to Japan and the US. Increasing R&D investment in this region is expected to drive the market for automotive engineering services during the forecast period. Volkswagen unveiled a fully electric SUV, the ID. ROOMZZ, at the Shanghai Auto Show in 2019. This vehicle is available in China after 2021 and compete against Tesla’s Model X. Upcoming electric SUVs would require new materials and components, which must be prototyped before sending to the production line.

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In-house to be the fastest growing segment during the forecast period

The In-house segment is estimated to be larger than the outsource segment during the forecast period. To control the overall vehicle engineering process, OEMs prefer to keep the research and design in-house. Many OEMs have established their in-house teams for automotive software, such as BMW’s Car-IT and Volkswagen’s Car Software, and few other companies are developing long-term partnerships or joint ventures with application software specialists like Audi-Elektrobit. Performing engineering services in-house has many advantages over outsourcing those services such as streamlined communication, improved quality control, faster time to market, ability to address changes in technology, and improved customer satisfaction. This leads to OEMs preferring in-house R&D for major applications, which are developed by them, or with the participation of others. For instance, Alten Group, a French engineering service provider, supported the in-house development of the powertrain of a British car manufacturer. The car manufacturer availed Alten Group’s services to develop a compact, lightweight, and low-emission ICE powertrain. Alten Group assisted the automaker by sending 150 engineers to the UK for the in-house project. Major Asia Pacific companies focus on designing electric vehicles with their own customizations, which enhance the demand for in-house investments. Tata Motors has an in-house software company that designs and develops innovative software for future automobiles. Automotive designing in Europe and North America is also likely to grow during the forecast period. The European company Volkswagen provides in-house car software. The company stated that from January 1, 2020, the Car software service will operate as part of an independent business unit

“Asia Pacific to be the fastest growing market for automotive engineering services during the forecast period”

Asia Pacific is estimated to be the fastest-growing market. The growth of the Asia Pacific Automotive Engineering Services Market can be attributed to favorable government regulations and the high adoption of electric passenger cars and commercial vehicles. The region has the presence of top outsourcers, such as Great Wall Motor, Tata Motors, Daimler, Volvo, and Groupe PSA. Japan is estimated to be the largest market during the forecast period. Japan plays a vital role in the development of advanced electronic technology in Asia Pacific. With advancements in technologies such as smart components, ADAS and safety solutions, autonomous driving and connectivity solutions, EV powertrains and batteries, and fuel cell technology, the Automotive Engineering Services Market in Japan is expected to grow. India is expected to be the fastest-growing market during the forecast period due to the presence of automotive service providers such as Tech Mahindra, L&T Technology Services, and HCL Technologies. These companies offer services such as body engineering, hybrid & electric mobility, infotainment & connectivity, and powertrain engineering to OEMs globally. With the increase in electric passenger and commercial vehicle sales in Asia Pacific, the demand for automotive engineering services, such as simulation, battery development & management, charger testing, and motor controls, is expected to grow.

Key Market Players:

The Automotive Engineering Services Market is dominated by established players such as Capgemini (France), IAV Automotive Engineering (Germany), Tech Mahindra (India), AKKA Technologies (Belgium), and HCL Technologies (India), among others.

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Wirex Executive Joins CryptoUK’s New Policy Committee

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LONDON, May 21, 2024 /PRNewswire/ — Wirex, a leading Web3 money app, is proud to announce that Chet Shah, Global Chief Risk & Compliance Officer at Wirex, has joined CryptoUK’s newly established Policy Committee.

CryptoUK, the premier trade body representing the UK’s digital asset sector, formed its new Policy Committee which brings together industry-leading experts from the legal, regulatory, and compliance sectors. The committee’s mission is to provide strategic policy guidance, advocate for regulatory clarity, and foster innovation to support the growth of the UK’s digital assets industry.
This appointment underscores Wirex’s commitment to advancing regulatory clarity and innovation in the digital asset sector.
Chet brings a wealth of experience in risk and compliance. His background covers banking, auditing, and traditional finance, as well as solid expertise in the cryptocurrency space. At Wirex, Chet has been crucial in building and improving relationships with global regulators, including the Financial Conduct Authority, and authorities in countries including Singapore, Croatia, and Italy.
Chet’s approach prioritises commercially focused compliance and risk management, ensuring that Wirex operates smoothly at the intersection of traditional finance and Web3. His ability to balance regulatory requirements with innovation has been key to Wirex’s growth and success.
Commenting on his appointment, Chet said, “My experience aligns perfectly with the committee’s goals and together, we can advocate for policies that balance regulation with growth in the digital assets space.”
About Wirex 
Wirex is a prominent UK-based digital payments platform with over 6 million customers spread across 130 countries. It offers secure accounts, making it easy for users to store, purchase, and exchange multiple currencies seamlessly. As a principal member of both Visa and Mastercard, Wirex goes beyond traditional services, embracing the evolving trends of Web3 to provide mainstream access to digital finance and wealth management.
Having processed transactions totalling $20 billion, Wirex aims to contribute to the adoption of a cashless society by facilitating straightforward transactions in various currencies worldwide. Wirex is simplifying digital payments, making it more accessible and convenient for people across the globe.
| wirexapp.com |
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Media Production Company Egg Is Coming Chooses Infortrend SAN Storage to Empower Content Creation Workflows

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TAIPEI, May 21, 2024 /PRNewswire/ — Infortrend® Technology, Inc. (TWSE: 2495), the industry-leading enterprise storage provider, today announced that Korean media production company Egg is coming is leveraging Infortrend’s storage solution for M&E – EonStor DS enterprise SAN storage to empower content creation workflows and store the growing volume of UHD videos they produce.

Egg is coming is a media content production company operating as a spin-off from the South Korean entertainment giant CJ ENM Entertainment Division, the distributor of Oscar-winning movie “Parasite”. With the renowned producer Lee Myung-han as its CEO, Egg is coming specializes in production of popular entertainment content, including drama series, broadcast programs, music videos, etc. The team has successfully produced numerous renowned series, including “Hospital Playlist” which became the ninth highest-rated Korean drama in cable television history at the time.
As the company was established, they started looking for a high-speed shared storage solution. Infortrend’s EonStor DS SAN storage came highly recommended by a major media company that has been successfully using it with Tiger Technology’s SAN file sharing solution. Trusting this recommendation, Egg is coming adopted EonStor DS for video editing application. In total, four DS 4016 appliances, expanded with four units of JB 3060L expansion enclosure, were chosen for the initial deployment of the studio’s storage system. The solution provides 1.8 PB total capacity to store ever-expanding UHD video content and enables seamless workflows for 29 simultaneous post-production processes.
“Infortrend’s SAN storage EonStor DS was recommended to us by a major media production company, and we are happy that we adopted the same solution as DS enables fast and comfortable collaboration between 29 video editors,” – said Changmin Sim, the Team Leader of the Video Editing Team at Egg is coming.
Learn more about EonStor DS
About Infortrend
Infortrend (TWSE: 2495) has been developing and manufacturing storage solutions since 1993. With a strong emphasis on in-house design, testing, and manufacturing, Infortrend storage delivers performance and scalability with the latest standards, user friendly data services, personal after-sales support, and unrivaled value. For more information, please visit www.infortrend.com
Infortrend® and EonStor® are trademarks or registered trademarks of Infortrend Technology, Inc.; other trademarks are the property of their respective owners.

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Gcore And Xsolla Announce Partnership To Drive Global Game Distribution And Faster Downloads

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Gcore’s edge network to deliver Xsolla Launcher, ensuring global reach, smoother game downloads and higher conversion rates

LUXEMBOURG, May 21, 2024 May 21, 2024 — Gcore, the global edge AI, cloud, network, and security solutions provider, announced its partnership with video game commerce company Xsolla. The alliance will enable Xsolla to provide game developers and publishers with new global distribution channels catering to gamers worldwide, regardless of their locations. With Gcore’s 180 global points of presence (PoPs), players will benefit from reduced time-to-play and smoother, more efficient game downloads.
Xsolla Launcher is a powerful tool for game development companies of all sizes to widen distribution and easily build communities. It streamlines game installation, enhances player communication, and boosts monetization, allowing developers to concentrate on creativity and business logic. By leveraging Gcore’s robust CDN, Xsolla Launcher ensures seamless, speedy game downloads for all players by efficiently fetching and caching game components and initiating rapid downloads upon player request.
“At Xsolla, we’re committed to elevating the gaming experience for developers and players globally,” said David Stelzer, President of Xsolla. “Our collaboration with Gcore’s cutting-edge CDN technology significantly narrows the gap between the game and its players by delivering assets at unparalleled speed. This integration into our new Xsolla Launcher sets the bar for high-performance service and empowers our customers to focus on what they do best: create captivating games.”
Xsolla engineers chose Gcore CDN for its global network of 180+ edge servers, ensuring uninterrupted delivery of game assets worldwide. With a network capacity exceeding 110 Tbps and connectivity to 14,000 peering partners, Gcore averts congestion and disruptions, even during major releases. Operating under strict security measures and meticulous server maintenance, Gcore guarantees exceptional availability. Additionally, Gcore’s CDN integration with its proprietary DNS services further minimizes the risk of service interruptions or outages.
“We’re thrilled to be part of Xsolla’s pioneering solution, driving the gaming industry forward,” commented Ilya Matveev, Business Development Director at Gcore. “Xsolla Launcher brings flexibility to the industry, allowing companies to implement a D2C approach – a way to monetize their existing game fan base without the burden of platform fees. Relying on the power of Gcore’s edge infrastructure, Xsolla Launcher is revolutionizing game distribution by eliminating market barriers, reducing development costs, and fostering creativity.”
Read more about the partnership via this link.
About Gcore
Gcore is a global edge AI, cloud, network, and security solutions provider. Headquartered in Luxembourg, with a staff of 600 operating from ten offices worldwide, Gcore provides solutions to global leaders in numerous industries. Gcore manages its global IT infrastructure across six continents, with one of the best network performances in Europe, Africa, and LATAM due to the average response time of 30 ms worldwide. Gcore’s network consists of 180 points of presence worldwide in reliable Tier IV and Tier III data centers, with a total capacity exceeding 110 Tbps.Website | Twitter | Facebook | LinkedIn
About Xsolla 
Xsolla is a global video game commerce company with a robust and powerful set of tools and services designed specifically for the industry. Since its founding in 2005, Xsolla has helped thousands of game developers and publishers of all sizes fund, market, launch, and monetize their games globally and across multiple platforms. As an innovative leader in game commerce, Xsolla’s mission is to solve the inherent complexities of global distribution, marketing, and monetization to help our partners reach more geographies, generate more revenue, and create relationships with gamers worldwide. Headquartered and incorporated in Los Angeles, California, with offices in London, Berlin, Beijing, Guangzhou, Seoul, Tokyo, Kuala Lumpur, Raleigh, and cities around the world, Xsolla supports major gaming titles like Valve, Epic Games, Take-Two, KRAFTON, Nexters, NetEase, Playstudios, Playrix, miHoYo, and more.
Website | Twitter | Facebook | LinkedIn
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