The global oil & gas industry experienced a 53% 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 10% in Q1 2024, according to GlobalData’s Patent Analytics. GlobalData’s databook Oil & Gas: 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 oil & gas industry was 70 in Q1 2024, versus 150 in the prior quarter.
The top five companies accounted for 57% of patenting activity
Analysis of patenting activity by companies shows that Toyota Motor filed the most electric vehicles patents within the oil & gas industry in Q1 2024. The company filed 14 electric vehicles-related patents in the quarter, compared with 5 in the previous quarter. It was followed by Hyundai Motor with 9 electric vehicles patent filings, Kia (9 filings), and LG (5 filings) in Q1 2024.
Patenting activity was driven by the US with a 43% share of total patent filings
The largest share of electric vehicles related patent filings in the oil & gas industry in Q1 2024 was in the US with 43%, followed by Japan (23%) and China (13%). The share represented by the US was 16% higher than the 27% share it accounted for in Q4 2023.
For further understanding of GlobalData's Oil & Gas: 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.
