Charging points a key driver in surging copper demand
However, analysts Wood Mackenzie say much more private and public investment is required to meet those demands.
“Copper is a cornerstone of the EV revolution,” research analyst Henry Salisbury said.
“At the heart of the electric vehicle, it is used throughout because of its high electrical conductivity, durability and malleability. The need for copper is even more significant when it comes to charging stations and supporting electrical grid infrastructure.
“By 2040, we predict that passenger EVs will consume more than 3.7 million tonnes of copper every year. In comparison, passenger internal combustion engine (ICE) vehicles will need just over 1Mt.”
Mr Salisbury said worrying that a battery would run out of power mid-journey was standing in the way of more widespread EV adoption right now.
“One way to address this is to roll out more charging infrastructure. As this happens, more connections to the electrical grid will be required and more copper will be needed as the network expands,” he said.