PElectric vehicles (EVs) are becoming a central focus in the power industry, with companies driving innovation, securing patents, and making strategic investments to expand their EV capabilities. While the number of patent applications has declined recently, these patents reflect critical advancements in EV technology, focusing on improving efficiency, sustainability, and integration with existing energy infrastructure. Despite the dip in patent activity, companies are actively securing significant deals and enhancing their workforce to maintain a competitive edge in the rapidly evolving EV market. 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 power industry regarding electric vehicles. It provides an overview of recent developments in electric vehicles-related deals, talent acquisition, and patent filings within the power industry.
The industry experienced a 34% decline in the number of electric vehicles-related patent applications in Q2 2024 compared with the previous quarter. On an annual basis, the number of electric vehicles-related patent applications in the power industry witnessed a drop of 13% compared with Q2 2023.
Strategic deal trends in electric vehicles in power industry
Power 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 power industry.
In Q2 2024, the number of electric vehicles-related deals in the power industry declined by 32% compared with Q2 2023. On a quarterly basis, there was 69% increase in the number of deals in Q2 2024 compared with the previous quarter.
Impact on hiring
In terms of new job posting, in Q2 2024, the power industry experienced a 10% growth compared with the previous quarter. On an annual basis, job postings also grew by 4%. Notably, management occupations, with a share of 16%, emerged as the top electric vehicles-related job roles within the power industry in Q2 2024, with new job postings rising by 11% quarter-on-quarter. Architecture and engineering occupations came in second with a share of 12% in Q2 2024, with new job postings rising by 10% over the previous quarter. The other prominent electric vehicles roles include computer and mathematical occupations with a 9% share in Q2 2024, and business and financial operations occupations with a 7% share of new job postings.
Enphase Energy, Ultium Cells, Electricite de France, Biffa, and Origin Energy are among the top companies leading in electric vehicles hiring within the power industry.
Countries driving adoption of electric vehicles in power industry
The US is the leading country in electric vehicles adoption within the power industry, boasting the highest number of electric vehicles-related patents, jobs, and deals. Meanwhile, the UK, China, India and Germany also maintain significant positions in electric vehicles adoption within the power industry.
In conclusion, despite recent declines in patent activity, the power industry continues to invest heavily in electric vehicles, securing significant deals and expanding their workforce. These efforts are crucial for advancing EV technology and maintaining a competitive edge in the market.
To further understand GlobalData's analysis on electric vehicles in the power 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 patent filings and grants across companies and themes. Proprietary databases on deals and job analytics are used to respectively monitor global deal activity and uncover insights from daily job postings to identify trends, company activities, and industry dynamics across different sectors globally.
