A report by Kilpatrick Townsend & Stockton LLP highlights the trends in the automotive industry.
There has been a huge change in the automotive industry. New competitors like electric motors and hybrid drivetrains have entered the market and becoming alternatives to the internal combustion engine.
Automotive patents have bounced back
After 2008, the industry has seen a steep uptrend in patent filings:
- Last year, the number of automotive patent applications almost doubled 2009’s lowest point;
- Toyota, Ford, Hyundai, and General Motors are key automotive patent applicants;
- Since 2017, the US has been filing less than 45% of patent applications. EU and JP are filing a higher percentage of automotive industry applications than the U.S.
Consumer priorities have shifted
Consumers are increasingly prioritizing in-car technology innovations:
- Vehicle control systems saw the steepest increase;
- AI-integrated vehicles and ancillary vehicle systems are likely to be innovation trends;
- Filings related to fuel cell technologies are small in number but a strong contender moving forward.
The race for the electric car market share has begun
The key to future industry dominance lies in electric car technology innovations:
- Toyota, Ford, and Hyundai are leading automotive patent applicants;
- Volkswagen‘s approach is to partner with other innovators.
Discover more in the infographic below and read the full report here.