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Copper in Electric Vehicles Market

Copper in Electric Vehicles Market

Copper in Electric Vehicles Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

149

Base Year:

2021

Date

Aug - 2022

Format:

PDF XLS PPT

Report Code:

VMR-1776

Segments Covered
  • By Vehicle BEVs, PHEVs, HEVs
  • By Application Electric Motors, Batteries, Wiring, Charging Stations, Other Applications
  • By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Volume (2021)Volume (2021): 758,000 Metric Tons
Volume (2028)Volume (2028): 24,50,590 Metric Tons
Volume CAGRVolume CAGR (2022 - 2028): 21.6%
Fastest Growing Region Fastest Growing Region (2022 - 2028) Asia Pacific
Largest Region Largest Region (2021): Asia Pacific
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst
Copper in Electric Vehicles Market Share

Market Synopsis:

The Global Copper in Electric Vehicles Market volume stood at 758,000 Metric Tons in 2021 and is expected to reach a volume of 24,50,590 Metric Tons by the year 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 21.6% over the forecast period.

Electric vehicles run by electricity. The metal in electric vehicles improves energy efficiency, which increases its lifecycle costs and helps reduce greenhouse gas emissions. Electric vehicles (EVs) need twice as much copper as internal combustion engines (ICEs). Due to the rise in the use of electronic systems in electric vehicles, the electrical conductivity is increasing, and the metal's use in wire applications is also growing. The infrastructure for electric vehicles uses metal. The copper amount is higher in electric passenger vehicles than in commercial ones. The market is increasing due to the growing electrification trend in commercial vehicles. With more electric vehicles on the road, charging station construction is expected to increase.

Copper in Electric Vehicles Market Size, 2021 To 2028 (USD )

This rise is expected to have a positive effect on market growth. In addition, as consumers grow more concerned about pollution, their attitudes about electric vehicles are shifting, fostering market expansion. The increase in EV sales worldwide is one of the primary drivers behind the development of the electric vehicle sector. Luxury automobile production and sales have expanded globally, fueling the market's rapid expansion, which can be attributed to the rise in the population's disposable income. Automobile production rises as demand for these upgraded vehicles rises. Growing urbanization, changing lifestyles, increased investments, and rising consumer spending impact the market for electric vehicles. The rapidly increasing demand for electric vehicles in the automotive and transportation sectors has created attractive prospects for market players. All the factors mentioned above increase the demand for electric vehicles, increasing the demand of the Copper in Electric Vehicles Market.

Market Segmentation:

The Copper in Electric Vehicles Market is segmented based on Vehicle, Application, and Region segments. The market is sub-segmented into BEVs, PHEVs, and HEVs based on the segment Vehicle. Furthermore, the market is sub-segmented into Electric Motors, Batteries, Wiring, Charging Stations, and Other Applications based on the segment Application.

Below tree is interactive. You can click the nodes to get more information.

Based on Vehicle:

The Battery Electric Vehicle (BEVs) sub-segment dominated the market in 2021 and is forecast to continue its dominance in the market. A Battery Electric Vehicle (BEV) is powered entirely by a battery and must be charged. BEVs propulsion is provided by electric motors and motor controllers rather than internal combustion engines (ICEs). Because they are powered entirely by battery packs, they lack an internal combustion engine, a fuel cell, and a fuel tank. The amount of copper alters by vehicle type. A BEV has 183 pounds of copper on average, while PHEVs and HEVs include 132 and 85 pounds of copper, respectively.

Based on Application:

The Wiring sub-segment dominated the market because there are more electric components in electric vehicles. Due to this, the Wiring sub-segment from the Application segment is expected to rise quickly in the upcoming years. As stated by the Copper Development Association Inc, the stator windings of an electric vehicle can contain over a mile of copper wiring.

Asia Pacific is forecast to grow at the Highest CAGR during the Forecast period

Asia Pacific Copper in Electric Vehicles Market is expected to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. South Korea, Japan, and China dominate the Asia Pacific electric vehicle market. China, the world's top producer and user of electric vehicles control this region's electric vehicles market. Copper consumption is increasing in numerous industries, including electric vehicles, and as a result, market competition has increased. There are globally established industry players working to increase their market share and client base. In addition, several governments have taken steps to bolster the growth. These include providing subsidies to electric vehicle buyers, passing legislation demanding all automakers to produce electric vehicles compared to the volume of vehicles they make, allocating significant funds for constructing electric vehicle charging stations in major cities and establishing rules against excessively polluting vehicles.

Competitive Landscape:

The key players in the Global Copper in Electric Vehicles Market include- AngloAmerican, BHP, Codelco, Freeport -McMoRan, Glencore, GRUPO MÉXICO, Hindustan Copper Limited, KGHM, Rio Tinto, Southern Copper Corporation and others.

Segmentation of the Global Copper in Electric Vehicles Market:

Parameter Details
Segments Covered
  • Vehicle (BEVs, PHEVs, HEVs)
  • Application (Electric Motors, Batteries, Wiring, Charging Stations, Other Applications)
  • Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • AngloAmerican
  • BHP
  • Codelco
  • Freeport -McMoRan
  • Glencore
  • GRUPO MÉXICO
  • Hindustan Copper Limited
  • KGHM
  • Rio Tinto
  • Southern Copper Corporation
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

FAQ
Frequently Asked Question
  • The global Copper in Electric Vehicles valued at NA in 2020 and is expected to reach NA in 2028 growing at a CAGR of NA.

  • The prominent players in the market are AngloAmerican, BHP, Codelco, Freeport -McMoRan, Glencore, GRUPO MÉXICO, Hindustan Copper Limited, KGHM, Rio Tinto, Southern Copper Corporation.

  • The market is project to grow at a CAGR of NA between 2021 and 2028.

  • The driving factors of the Copper in Electric Vehicles include

    • increased production of electric vehicles (EVs) worldwide

  • Asia Pacific was the leading regional segment of the Copper in Electric Vehicles in 2020.