EV sector will need 250% more copper by 2030 just for charging stations
It is a known fact that electric vehicles (EVs) use about four times more copper than gasoline-powered vehicles, short-term demand for the metal won’t come from the car industry, but from the charging stations and related infrastructure needed to support EV growth, a new study shows.
According to Scottish consultancy Wood Mackenzie, there will be more than 20 million EV charging points by 2030, consuming over 250% more copper than in 2019.
In North America alone, the EV infrastructure market will total $2.7 billion by 2021 and $18.6 billion by 2030, according to the report.
“If we look at cumulative demand, between now and 2040 passenger EVs will consume 35.4Mt of copper – around 5 Mt more than is required to meet current passenger ICE (Internal Combustion Engine) demand.”
Currently, less than 1% of the world’s vehicles are electric, but by 2030 EVs are expected to make up approximately 11% percent of new car sales.
This means, in the next decade, global copper demand will increase between 3 and 5 million tones, experts seem to agree. Once electric vehicles become popular, they estimate demand to reach 11,000,000 tons of new copper for EV’s alone, with potential upside in other green technologies.
Copper LONG (Buy)
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