The global power industry experienced a 44% decline in the number of electric vehicles-related patent applications in Q4 2023 compared with the previous quarter. The total number of electric vehicles-related grants dropped by 33% in Q4 2023, according to GlobalData’s Patent Analytics. GlobalData’s databook Power: Patents Trends Q4 2023 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 1,405 in Q4 2023, versus 2,495 in the prior quarter.
The top five companies accounted for 15% of patenting activity
Analysis of patenting activity by companies shows that Kia filed the most electric vehicles patents within the power industry in Q4 2023. The company filed 47 electric vehicles-related patents in the quarter, compared with 73 in the previous quarter. It was followed by Hyundai Motor with 47 electric vehicles patent filings, Toyota Motor (41 filings), and General Motors (37 filings) in Q4 2023.
Patenting activity was driven by China with a 29% share of total patent filings
The largest share of electric vehicles related patent filings in the power industry in Q4 2023 was in China with 29%, followed by the US (24%) and Japan (9%). The share represented by China was 13% lower than the 42% share it accounted for in Q3 2023.
For further understanding of GlobalData's Power: Patents Trends Q4 2023, 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.
