The Rise of Electric Vehicles Drives the Demand for Copper

Analysts at Wood Mackenzie predict that by 2030, manufacturers of electric vehicles and accessories will increase the demand for copper by 250%. If the automakers use about 1 million tons of copper now, they will need 3.7 million tons in 10 years.

In the automobile manufacturing, copper is used for electrical wiring. Moreover, it is also used in battery production. Early indications say that 80% more copper is used to produce 1 electric car compared with the production of a traditional car with an internal combustion engine. Only this can increase the global demand for copper by 22%. In addition, Wood Mackenzie’s analysts also took into account the copper usage for electric vehicles’ charging stations.

Yet today the global infrastructure of charges is actively developing. And charging stations will require a large amount of copper, especially fast charging points. The physical properties of copper make it indispensable to electric car production as this metal has the highest electrical conductivity, flexibility and durability. As to aluminum which is considered to be an alternative to copper, its amount used for the same amount of electricity would be twice as much.

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