Power companies are propelling electric vehicles (EVs) forward with recent patents aimed at enhancing efficiency, safety, and performance. These innovations, exemplified by technologies from industry leaders, cover a spectrum from oscillator calibration to power distribution. Strategic investments further bolster these efforts, positioning companies at the forefront of EV technology and driving sustainable solutions for the future. 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.

Diverse applications of electric vehicles in power industry

Power companies such as BorgWarner Inc and BYD Co Ltd are leveraging new technologies in the field of electric vehicles through recent patents. BorgWarner Inc's patents focus on systems for oscillator calibration, galvanic isolation, and spacers for power modules in inverters for electric vehicles. On the other hand, BYD Co Ltd's patent involves a contactor for vehicles and a power distribution system for charging. These innovations aim to enhance the efficiency, safety, and performance of electric vehicles. Acquiring these patents will enable companies to stay at the forefront of Electric Vehicle technology, improving their products and services for a more sustainable future.

The industry experienced a 47% decline in the number of electric vehicles-related patent applications in Q1 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 20% compared with Q1 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 Q1 2024, the number of electric vehicles-related deals in the power industry declined by 64% compared with Q1 2023. On a quarterly basis, there was 4% increase in the number of deals in Q1 2024 compared with the previous quarter.

Impact on hiring

In terms of new job posting, in Q1 2024, the power industry experienced a 45% growth compared with the previous quarter. On an annual basis, job postings also declined by 41%. Notably, management occupations, with a share of 16%, emerged as the top electric vehicles-related job roles within the power industry in Q1 2024, with new job postings rising by 34% quarter-on-quarter. Architecture and engineering occupations came in second with a share of 12% in Q1 2024, with new job postings rising by 22% over the previous quarter. The other prominent electric vehicles roles include computer and mathematical occupations with an 11% share in Q1 2024, and business and financial operations occupations with a 7% share of new job postings.

Electricite de France, Centrica, Umicore, Enphase Energy, and Iberdrola 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, China, the UK, India and Canada also maintain significant positions in electric vehicles adoption within the power industry.

In conclusion, the power industry's dedication to advancing electric vehicles (EVs) is underscored by its focus on patents and strategic investments, which aim to enhance efficiency and safety in the sector. Despite fluctuations in deal numbers, the unwavering commitment to innovation persists, supported by job growth in EV-related roles, signaling ongoing demand for skilled professionals and driving continued progress in the field.

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.