Oil,Mining & Energy

Copper to drive global EV market growth, recording 7.4% by 2030

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Research on electromobility (e-mobility) reveals that copper is poised to play instrumental role in three key domains – charging infrastructure, energy storage, and production of electric vehicles (EVs).

A new study by ESOMAR-certified market research firm further reveals that global copper foil sales will grow at 7.4% CAGR through 2030.

Growing application in e-mobility will be one of the key factors driving the growth of copper foils globally.

Other key highlights of study include:

  • Application of copper foils in batteries to rise rapidly through 2030;
  • Accelerated shift towards e-mobility to offer potential opportunities of growth in near future; and
  • North America and Europe to reflect significant investment prospects, given flourishing EV market.

Electrification is considered as the most feasible way to achieve efficient and clean transportation that is critical to sustainable development worldwide.

In the near future, EVs including, plug-in hybrid electric vehicles (PHEVs), hybrid electric vehicles (HEVs), and pure battery electric vehicles (BEVs) are expected to lead the clean vehicle industry in coming years.

EVs contain nearly four times as much copper compared to that in fossil-fueled models, majorly utilised in lithium-ion batteries (LIB), rotors, and wiring. In addition, the International Energy Agency (IEA) estimates that LIBs are slated to predominate the EV market over the following decade.

As such trends sweep across the business landscape, manufacturers of copper foils are moving aggressively and creating comprehensive strategies to maximise their odds of capturing value at stake.

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