The global oil & gas industry experienced a 23% decline in the number of electric vehicles-related patent applications in Q2 2023 compared with the previous quarter. The total number of electric vehicles-related grants dropped by 4% in Q2 2023, according to GlobalData’s Patent Analytics. GlobalData’s Electric Vehicles (EV) in Insurance – Thematic Research report explains the dynamics of EV in the oil & gas market, highlighting the key trends, impact of EV on value chain and leading EV companies in the oil & gas market. Buy the report here.
Notably, the number of electric vehicles-related patent applications in the oil & gas industry was 116 in Q2 2023, versus 150 in the prior quarter.
The top five companies accounted for 34% of patenting activity
Analysis of patenting activity by companies shows that Hyundai Motor filed the most electric vehicles patents within the oil & gas industry in Q2 2023. The company filed 12 electric vehicles-related patents in the quarter, compared with 30 in the previous quarter. It was followed by Kia with 11 electric vehicles patent filings, Hyundai Mobis (7 filings), and Berkshire Hathaway (5 filings) in Q2 2023.
Patenting activity was driven by the US with a 24% share of total patent filings
The largest share of electric vehicles related patent filings in the oil & gas industry in Q2 2023 was in the US with 24%, followed by China (20%) and South Korea (16%). The share represented by the US was 1% higher than the 23% share it accounted for in Q1 2023.
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