Electric vehicles are revolutionizing the automotive sector, with companies like Porsche, Ford, and Honda leading innovation through recent patents. These advancements, spanning charging port designs to control systems, signify a shift towards enhanced efficiency and user experience. As the electric vehicle market expands, trends in innovation, investment, and adoption are shaping its trajectory across industries. GlobalData’s electric vehicles market report provides comprehensive analysis of the 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.
The industry experienced a 32% decline in the number of electric vehicles-related patent applications in Q1 2024 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 14% compared with Q1 2023.
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 Q1 2024, the number of electric vehicles-related deals in the automotive industry declined by 8% compared with Q1 2023. On a quarterly basis, there was 11% drop in the number of deals in Q1 2024 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q1 2024, the automotive industry experienced a 2% drop compared with the previous quarter. On an annual basis, job postings also declined by 2%. Notably, architecture and engineering occupations, with a share of 12%, emerged as the top electric vehicles-related job roles within the automotive industry in Q1 2024, with new job postings drop by 28% quarter-on-quarter. Computer and mathematical occupations came in second with a share of 10% in Q1 2024, with new job postings dropping by 19% over the previous quarter. The other prominent electric vehicles roles include management occupations with a 9% share in Q1 2024, and installation, maintenance, and repair occupations with a 8% share of new job postings.
Tesla, Zhejiang Geely Holding Group, Hero MotoCorp, Ford Motor, and J.B. Poindexter 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, India, Germany and South Korea also maintain significant positions in electric vehicles adoption within the automotive industry.
Despite a recent decline in electric vehicle-related patent applications and deals, the automotive industry remains committed to innovation and strategic investments in electric vehicles. Industry giants like Tesla and Zhejiang Geely Holding Group lead in hiring, while key markets such as the US and China drive adoption, underscoring the pivotal role of the electric vehicle market in shaping the future of automotive technology.
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.
