The Asia Pacific is expected to dominate the market for metals in electric vehicle charging infrastructure by possessing more than 50 per cent market share
The global metals in electric vehicle charging infrastructure market is forecast to grow at a CAGR of 18 per cent during the forecast period 2022-2032 and estimated to reach a market valuation of US$ 2 Bn in 2022.
An increase in air pollution is causing a major threat to human life. Thus, the adoption of electric vehicles across the globe is rising. Furthermore, to charge electric vehicles, the demand for charging stations has increased. As raw metals play a crucial part in the infrastructure of electric charging stations, the demand for the same is expected to rise in the upcoming assessment period.
Increasing investments for developing stations in commercial places is driving the demand for metals in electric vehicle charging infrastructure. Moreover, overnight charging at individual homes or residential complexes is not adequate for long-distance journeys. In addition, government initiatives are increasing the demand for metals.
Copper or gold
Copper is largely used in cables, wiring, and charging units in electric panels. Moreover, nearly 3.5kg of copper is required for making one charging station. In addition, owing to low cost and superior strength, steel is preferred over aluminum for housing charging infrastructure. Thus, by metals, copper is expected to account for more than 30% market share of metals in electric vehicle charging infrastructure.
By metal, copper is expected to account for more than 30 per cent market share in 2022. The Asia Pacific is expected to dominate the market for metals in electric vehicle charging infrastructure by possessing more than 50 per cent market share.
In 2021, the U.S. introduced a US$ 2 trillion infrastructure bill to prioritize a national EV charging network. This bill states the promise of installing at least 500 thousand devices in 2030. Moreover, the U.S. is among the leading consumers of the market for metals in electric vehicle charging infrastructure.
