In the automotive industry, electric vehicles (EVs) have become a focal point for companies like Porsche, Ford, and Honda. These companies leverage recent patents to drive innovation, introducing advancements such as unique charging port designs and temperature detection in motors.The electric vehicle market continues to evolve, with trends in innovation, investment, hiring, and adoption driving its growth. GlobalData’s electric vehicles market report provides comprehensive analysis of the electric vehicles market. Buy the report here.
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This article presents a quarterly round-up of the latest trends in the automotive industry regarding electric vehicles. It provides an overview of recent developments in electric vehicles-related deals, talent acquisition, and patent filings within the automotive industry.
Diverse applications of electric vehicles in automotive industry
Automotive companies like Porsche, Ford, and Honda are leveraging new electric vehicle technologies through recent patents to innovate and improve their businesses. Porsche's patent involves an electric vehicle with a unique charging port design, while Ford's patent focuses on actively detecting rotor magnet temperature in motors. J C Bamford Excavators Ltd's patent introduces a control system for off-highway working machines to calculate travel energy thresholds. Porsche's second patent offers a transportation system for electric vehicles, and Honda's patent presents a sharing system for electric mobile bodies. These patents showcase advancements in electric vehicle technologies, benefiting the acquirers by enhancing efficiency, performance, and user experience in the electric vehicle market.
The industry experienced a 34% decline in the number of electric vehicles-related patent applications in Q4 2023 compared with the previous quarter. On an annual basis, the number of electric vehicles-related patent applications in the automotive industry witnessed a drop of 27% compared with Q4 2022.
Strategic deal trends in electric vehicles in automotive industry
Automotive companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in electric vehicles. These investments aim to secure lucrative deals with partners and position themselves at the forefront of industry advancements. Some of the recent deals underscore the importance of electric vehicles in the automotive industry.
In Q4 2023, the number of electric vehicles-related deals in the automotive industry declined by 8% compared with Q4 2022. On a quarterly basis, there was 8% drop in the number of deals in Q4 2023 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q4 2023, the automotive industry experienced a 5% drop compared with the previous quarter. On an annual basis, job postings also declined by 26%. Notably, architecture and engineering occupations, with a share of 16%, emerged as the top electric vehicles-related job roles within the automotive industry in Q4 2023, with new job postings rising by 2% quarter-on-quarter. Computer and mathematical occupations came in second with a share of 13% in Q4 2023, with new job postings rising by 8% over the previous quarter. The other prominent electric vehicles roles include management occupations with a 12% share in Q4 2023, and installation, maintenance, and repair occupations with a 10% share of new job postings.
Zhejiang Geely Holding Group, Tesla, Polaris, AB Volvo, and Lucid Group are among the top companies leading in electric vehicles hiring within the automotive industry.
Countries driving adoption of electric vehicles in automotive industry
The US is the leading country in electric vehicles adoption within the automotive industry, boasting the highest number of electric vehicles-related patents, jobs, and deals. Meanwhile, China, the UK, India and South Korea also maintain significant positions in electric vehicles adoption within the automotive industry.
In conclusion, electric vehicles (EVs) continue to drive innovation in the automotive industry, with advancements in technology and a focus on efficiency and user experience. The sector faces challenges reflected in declining patent applications and deals, while the US leads in adoption.
To further understand GlobalData's analysis on electric vehicles in the automotive industry, buy the report here.
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GlobalData, the leading provider of industry intelligence, provided the underlying data, research, and analysis used to produce this article.
GlobalData Patent Analytics tracks bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. Textual analysis and official patent classifications are used to group patents into key thematic areas and link them to specific companies across the world’s largest industries.
