Copper in Electric Vehicles Market

Market Synopsis:

The Global Copper in Electric Vehicles Market volume stood at 758,000 Metric Tons in 2022 and is expected to reach a volume of 24,50,590 Metric Tons by the year 2030. 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.

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:

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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.

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: