Copper demand from EV sector to reach 1 mln tonnes this year, 1.5 mln tonnes in 2025 – Goldman Sachs
COMMODITIES VIEWS & ANALYSIS
Copper demand from EV sector to reach 1 mln tonnes this year, 1.5 mln tonnes in 2025 – Goldman Sachs
COMMODITIES VIEWS & ANALYSIS

Copper demand from EV sector to reach 1 mln tonnes this year, 1.5 mln tonnes in 2025 – Goldman Sachs

 

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Rising usage of electric vehicles was a “key pillar of copper’s bullish story”, forecasting copper demand from the sector to amount to 1 million tonnes (mt) this year, before rising to 1.5 mt in 2025, estimates Goldman Sachs in a note.

“Due to copper’s highly conductive and ductile nature, it is an ideal candidate for transformation and transmission of electrical energy in EVs,” the bank said.

In 2022, EV production accounted for about two-thirds of the increase in global copper demand, with EVs likely accounting for about 27% of additional copper consumption over the next decade, it said.

Goldman is optimistic about EVs, anticipating “strong sales in China, driven by lower prices and a high demand for EVs that has been building up over the rest of 2023.”