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Copper And Silver Components In Electric Vehicle Demand Is Projected To Increase At A 15.1% CAGR Between 2023 And 2031

The global copper and silver components in electric vehicles is likely to reach $9.3 billion by 2031. By 2031, market projections suggest the global market will grow by 15.1% CAGR. More than 20 million electric vehicle charging points are expected to be installed by 2030, consuming more than 250% more copper than in 2019. In 2030, copper consumption for charging stations for electric vehicles is expected to increase by 250%.

Compared to ICE-powered vehicles, battery electrics have twice as much silver. With the transition from conventional cars and trucks to electric vehicles, silver demand in the auto industry will increase to 88Moz in five years, according to a recent Silver Institute report. By 2040, nearly half of the silver production could be required for electric vehicles. The green economy has often overlooked copper and silver despite their widespread use in industrial applications, focusing instead on battery metals such as cobalt, lithium, and nickel. 

Battery packs, motors, and inverters are among the components that new suppliers may supply to electric vehicles (EVs), which are expected to invest $2 trillion globally by 2025. Startups that specialize in battery and coating technology for electric vehicles (EVs), as well as suppliers previously specializing in niche motorsports and Formula One (F1) racing, are actively pursuing EV contracts. Platforms are designed to last a decade for carmakers to generate large revenues from high-volume models.