In the realm of electric vehicles, automotive companies are harnessing cutting-edge patents to drive innovation and competitive advantage. These patents cover diverse advancements, such as energy capture systems and optimized energy storage methods, enabling improvements in electric vehicle performance and efficiency, shaping the industry’s landscape. Strategic deals and evolving hiring trends underscore the significance of electric vehicles, showcasing a dynamic push towards innovation and talent acquisition within the automotive sector. GlobalData’s Electric Vehicles Market Analysis report offers comprehensive market sizing analysis up to 2030, segmentation by propulsion type and end-user type, and a comparative analysis of the market share of electric vehicles against internal combustion vehicles in different countries. Buy the report here. Buy the report here.
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 in the field of electric vehicles are leveraging the latest patents to innovate and improve their businesses. One such patent is for a trailer-based energy capture and management system proposed by Hyliion Holdings Corp. This system introduces hybrid electric vehicle technology to trucking fleets by retrofitting existing vehicles or building it into new ones. By supplementing the primary drivetrain and fuel-fed engine with electrically-powered drive axles, this technology improves fuel efficiency and performance without significant redesign. Another patent is for a battery tray and pack for electric vehicles, which includes energy-absorbing plates and high-strength plates to protect the battery module or cell. AB Volvo has patented a method for controlling the energy storage system of a vehicle based on route planning information, allowing for optimized control profiles. These patents provide automotive companies with valuable technologies and applications to enhance their electric vehicle offerings and stay competitive in the market.
The industry experienced a 41% decline in the number of electric vehicles-related patent applications in Q3 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 36% compared with Q3 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 Q3 2023, the number of electric vehicles-related deals in the automotive industry declined by 9% compared with Q3 2022. On a quarterly basis, there was 1% drop in the number of deals in Q3 2023 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q3 2023, the automotive industry experienced a 10% growth compared with the previous quarter. On an annual basis, job postings also declined by 23%. Notably, architecture and engineering occupations, with a share of 15%, emerged as the top electric vehicles-related job roles within the automotive industry in Q3 2023, with new job postings rising by 0.73% quarter-on-quarter. Installation, maintenance, and repair occupations came in second with a share of 13% in Q3 2023, with new job postings rising by 41% over the previous quarter. The other prominent electric vehicles roles include computer and mathematical occupations with an 11% share in Q3 2023, and management occupations with a 9% share of new job postings.
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, South Korea and the UK also maintain significant positions in electric vehicles adoption within the automotive industry.
In summary, the electric vehicle domain within the automotive industry presents a diverse landscape marked by fluctuations in patent applications and job postings. Despite a decline in patent applications, strategic deals highlight the increasing relevance of electric vehicles in automotive innovation. Key players such as Tesla, Ford Motor, and AB Volvo are actively engaging in hiring initiatives, while China spearheads the adoption of electric vehicles, bolstered by substantial contributions from the US, Europe, and other influential nations, influencing the sector's growth and technological strides.
To further understand GlobalData's analysis on electric vehicles in the automotive industry, buy the report here.