Amidst the evolving landscape of the automotive industry, companies are proactively embracing the future of work, adapting to emerging trends and technologies. Patents serve as pivotal drivers of innovation, influencing workforce transformation within this sector. This dynamism is underscored by fluctuating trends in job postings and deals, reflecting the continuous evolution of employment practices within automotive companies. GlobalData’s future of work 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 automotive industry regarding future of work. It provides an overview of recent developments in future of work-related deals, talent acquisition, and patent filings within the automotive industry.
The industry experienced a 23% decline in the number of future of work-related patent applications in Q1 2024 compared with the previous quarter. On an annual basis, the number of future of work-related patent applications in the automotive industry witnessed a drop of 6% compared with Q1 2023.
Strategic deal trends in future of work in automotive industry
Automotive companies are not only focusing on innovation to enhance their patent portfolios but are also making strategic investments in future of work. 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 future of work in the automotive industry.
In Q1 2024, the number of future of work-related deals in the automotive industry grew by 83% compared with Q1 2023. On a quarterly basis, there was 27% drop 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 automotive industry experienced a 19% growth compared with the previous quarter. On an annual basis, job postings also declined by 23%. Notably, computer and mathematical occupations, with a share of 14%, emerged as the top future of work-related job roles within the automotive industry in Q1 2024, with new job postings drop by 15% quarter-on-quarter. Architecture and engineering occupations came in second with a share of 13% in Q1 2024, with new job postings rising by 0.55% over the previous quarter. The other prominent future of work roles include management occupations with a 7% share in Q1 2024, and production occupations with a 6% share of new job postings.
Robert Bosch, Tesla, Continental, Ford Motor, and Mercedes-Benz Group are among the top companies leading in future of work hiring within the automotive industry.
Countries driving adoption of future of work in automotive industry
The US is the leading country in future of work adoption within the automotive industry, boasting the highest number of future of work-related patents, jobs, and deals. Meanwhile, China, India, Australia and Spain also maintain significant positions in future of work adoption within the automotive industry.
Amidst a decline in patent applications, the automotive industry is strategically navigating the future of work, evident in a surge of deals and a dynamic job landscape. As companies like Robert Bosch and Tesla lead the charge, the US remains a driving force in innovation, while global players like China and India shape the evolving automotive workforce.
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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 bibliographic data, legal events data, point in time patent ownerships, and backward and forward citations from global patenting offices. 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.
