The global power industry experienced a 47% decline in the number of electric vehicles-related patent applications in Q1 2024 compared with the previous quarter. The total number of electric vehicles-related grants dropped by 20% in Q1 2024, according to GlobalData’s Patent Analytics. GlobalData’s databook Power: Patents Trends Q1 2024 offers comprehensive insights into patenting trends, major players’ strategies, and geographical focus in the sector over the last three years. Buy the databook here.
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Notably, the number of electric vehicles-related patent applications in the power industry was 1,214 in Q1 2024, versus 2,286 in the prior quarter.
The top five companies accounted for 19% of patenting activity
Analysis of patenting activity by companies shows that Toyota Motor filed the most electric vehicles patents within the power industry in Q1 2024. The company filed 103 electric vehicles-related patents in the quarter, compared with 58 in the previous quarter. It was followed by BYD with 36 electric vehicles patent filings, Hyundai Motor (33 filings), and Kia (32 filings) in Q1 2024.
Patenting activity was driven by China with a 34% share of total patent filings
The largest share of electric vehicles related patent filings in the power industry in Q1 2024 was in China with 34%, followed by the US (27%) and Japan (11%). The share represented by China was 12% lower than the 46% share it accounted for in Q4 2023.
For further understanding of GlobalData's Power: Patents Trends Q1 2024, buy the databook 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’s Patent Analytics tracks patent filings and grants from official offices around the world. 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.
