The global power industry experienced a 37% decline in the number of electric vehicles-related patent applications in Q3 2023 compared with the previous quarter. The total number of electric vehicles-related grants dropped by 30% in Q3 2023, according to GlobalData’s Patent Analytics. GlobalData’s databook Power: Patents Trends Q3 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.
Notably, the number of electric vehicles-related patent applications in the power industry was 1,542 in Q3 2023, versus 2,451 in the prior quarter.
The top five companies accounted for 21% of patenting activity
Analysis of patenting activity by companies shows that Toyota Motor filed the most electric vehicles patents within the power industry in Q3 2023. The company filed 102 electric vehicles-related patents in the quarter, compared with 64 in the previous quarter. It was followed by Contemporary Amperex Technology with 81 electric vehicles patent filings, Hyundai Motor (54 filings), and Kia (48 filings) in Q3 2023.
Patenting activity was driven by China with a 27% share of total patent filings
The largest share of electric vehicles related patent filings in the power industry in Q3 2023 was in China with 27%, followed by the US (23%) and South Korea (10%). The share represented by China was 15% lower than the 42% share it accounted for in Q2 2023.
For further understanding of GlobalData's Power: Patents Trends Q3 2023, buy the databook here.
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