Copper and Silver Components in Electric Vehicle Market, By Vehicle Type, By Material Type, By Propulsion, By Component, By Country, and By Region – Global Industry Analysis, Market Size, Market Share & Forecast from 2025-2032

REPORT HIGHLIGHT

Copper and Silver Components in Electric Vehicle Market size was valued at US$ 3,456.87 Million in 2024, expanding at a CAGR of 14.9% from 2025 to 2032.
Copper and Silver Components in the Electric Vehicle Market is a specialized segment that provides high-conductivity copper and silver materials for use in EV powertrains, battery systems, charging infrastructure, thermal management, and electronic control units. These metals allow for efficient energy transfer, heat dissipation, and reliable electrical performance. The market is shaped by a dynamic interplay of forces: rising EV production is a key driver, as each electric vehicle requires nearly twice the copper content of an ICE vehicle; at the same time, high-performance silver-coated connectors are being integrated to support ultra-fast charging. However, volatile metal prices remain a constraint, putting cost pressures on EV manufacturers. Despite this, the market has significant growth potential due to the expansion of global charging networks and next-generation EV architectures, which require higher-purity conductive materials. Overall, copper and silver components are emerging as silent enablers of the global transition to electrified mobility.

Copper and Silver Components in the Electric Vehicle Market- Market Dynamics

Rising Adoption of Electric Vehicles Propels Growth in the Market
The growing adoption of electric vehicles (EVs) is a major driver of the Copper in Electric Vehicle Market. The demand for EVs has increased as consumers and manufacturers seek more sustainable transportation options. By 2025, it is expected that the number of electric vehicles on the road will exceed 30 million, resulting in an increase in copper consumption. Copper is required for many EV components, including batteries, wiring, and electric motors. This trend points to a strong growth trajectory for the copper market, as each electric vehicle requires around 80 kilograms of copper, which is significantly more than traditional internal combustion engine vehicles. The transition to electric mobility is expected to continue, strengthening copper's position in the EV sector. In February 2023, Uber signed a contract with Tata Motors to purchase 25,000 electric vehicles. Uber plans to deploy its XPRES-T EVs in major cities such as Delhi National Capital Region, Kolkata, Mumbai, Chennai, Bengaluru, Hyderabad, and Ahmedabad through collaborations with fleet operators.

Copper and Silver Components in Electric Vehicle Market- Segmentation Analysis:

The Global Copper and Silver Components in Electric Vehicle Market is segmented by Vehicle Type, Material Type, Propulsion, Component and Region.
According to the Component, in 2025, the passenger vehicle segment will have a significant market share. Consumer acceptance of electric vehicles, expanded model availability, and improved charging infrastructure all contribute to the segment's growth. Passenger EVs range from small city cars with 60-70 kilograms of copper to luxury sedans and SUVs with up to 100 kilograms. Tesla alone produced 1.8 million passenger EVs in 2023, using approximately 150,000 tons of copper across its product line.
By Propulsion, the battery electric vehicle segment takes control of the market, accounting for 60% of the global market. Government incentives for zero-emission vehicles, lower battery costs, and expanding charging infrastructure are all driving this segment's growth. BEVs have the most copper content of any vehicle type, with luxury models requiring up to 100 kilograms of copper. According to the International Energy Agency, BEV sales will reach 9.5 million in 2023, accounting for 68% of global EV sales.

Copper and Silver Components in the Electric Vehicle Market- Geographical Insights

North America will account for a sizable portion of the copper and silver components in the EV market by 2025, due to significant government investments in electric vehicle adoption and domestic manufacturing capabilities. The United States drives regional demand through ambitious federal initiatives, such as the Inflation Reduction Act's $370 billion in clean energy investments and EV tax credits of up to $7,500 for qualifying vehicles. The Bipartisan Infrastructure Law authorizes the Department of Energy to spend $3.1 billion to expand domestic battery manufacturing, directly supporting copper demand growth. The region's automotive manufacturing base is rapidly shifting to electric vehicle production, with significant investments from both traditional automakers and new entrants. General Motors has committed $35 billion to EV development through 2025, while Ford has set aside $50 billion for EV investments through 2026. These commitments are driving significant copper demand as companies build dedicated EV production lines and battery manufacturing facilities.

Canada Copper and Silver Components in Electric Vehicle Market- Country Insights

Canada contributes significantly to regional copper supply and demand dynamics through its mining sector and growing EV market. The country produces about 550,000 tons of copper per year, making it the world's seventh-largest producer. Canadian government initiatives include the Zero Emission Vehicle mandate, which requires 20% EV sales by 2026 and 100% by 2035, with federal rebates of up to CAD $5,000 for qualifying vehicles. Regional charging infrastructure development is increasing copper demand. The National Electric Vehicle Infrastructure program aims to build 500,000 public charging stations by 2030, requiring an estimated 7,500-10,000 tons of copper to complete the installation. Private charging networks are rapidly expanding, with companies such as Electrify America and ChargePoint installing thousands of high-power charging stations each year.

Copper and Silver Components in Electric Vehicle Market- Competitive Landscape:

The Copper and Silver Components in Electric Vehicle Market are currently characterized by a dynamic competitive landscape, fueled by rising demand for electric vehicles (EVs) and copper's critical role in their production. Key players including Bayer AG, Lilly, Petros Pharmaceuticals, Inc., Pfizer Inc., and GlaxoSmithKline PLC are well-positioned to benefit from their extensive mining operations and technological advancements. These companies are focusing on innovation and sustainability, which are increasingly important market differentiators. Their collective strategies not only improve operational efficiency, but also help to shape a competitive environment that values responsible sourcing and environmental stewardship.

Recent Developments:

In February 2023, Uber partnered with Tata Motors, India's largest electric passenger vehicle manufacturer, to purchase 25,000 EVs. Tata Motors will provide their XPRES-T EVs, which will be deployed by Uber through partnerships with fleet operators in major cities including Delhi National Capital Region, Mumbai, Kolkata, Chennai, Hyderabad, Bengaluru, and Ahmedabad.
In October 2022, Tech Mahindra, a leading global provider of digital transformation, consulting, and business reengineering services, formed a strategic alliance with SoftTech, a company that specializes in advanced digital solutions for the construction and civil infrastructure sectors. This collaboration seeks to digitally transform the global construction and infrastructure industries, resulting in a significant increase in demand for copper and silver components in the electric vehicle industry over the next few years.

SCOPE OF THE REPORT

The scope of this report covers the market by its major segments, which include as following:

GLOBAL COPPER AND SILVER COMPONENTS IN ELECTRIC VEHICLE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS

Bayer AG
Lilly
Petros Pharmaceuticals, Inc.
Pfizer Inc.
GlaxoSmithKline PLC
Teva Pharmaceutical
Sanofi
Industries Ltd
Lupin Limited
Futura Medical
Cure Pharmaceutical
Sun Pharmaceutical Industries Ltd
VIVUS, Inc.
Auxilium Pharmaceuticals, Inc.
Others

GLOBAL COPPER AND SILVER COMPONENTS IN ELECTRIC VEHICLE MARKET, BY VEHICLE TYPE- MARKET ANALYSIS, 2019 - 2032

EV Battery Busbars
Solid Busbars
Flexible Busbars
Wiring in Motors
Wiring for Electrification
Cables
Strips
Ribbons
Clad Products
Overlay
Inlay
Toplay
Buttons
Tapes
Wiring in EV Charging Stations
Power Transmission in EV Charging Station
Plug-type Connectors
Silver Conductive Pastes
Circuit-breakers
Silver Brazing Alloys
Cable Lugs
Connector Blocks
Relays
Conductive Components in EV Charging Station
Others

GLOBAL COPPER AND SILVER COMPONENTS IN ELECTRIC VEHICLE MARKET, BY MATERIAL TYPE- MARKET ANALYSIS, 2019 - 2032

Silver and Silver Alloys
Fine Silver
Silver & Molybdenum Alloy

GLOBAL COPPER AND SILVER COMPONENTS IN ELECTRIC VEHICLE MARKET, BY PROPULSION- MARKET ANALYSIS, 2019 - 2032

PHEV
FCEV
BEV

GLOBAL COPPER AND SILVER COMPONENTS IN ELECTRIC VEHICLE MARKET, BY COMPONENT- MARKET ANALYSIS, 2019 - 2032

Passenger Cars
Hatchback
Sedan
Sport Utility Vehicles (SUVs)
Multi-purpose Vehicles (MPVs)
Recreational Vehicles (RVs)
Off-road Vehicles
Agriculture
Vans
Light Commercial Vehicles
Medium and Heavy Commercial Vehicles
Buses & Coaches
Construction
Locomotive

GLOBAL COPPER AND SILVER COMPONENTS IN ELECTRIC VEHICLE MARKET, BY REGION- MARKET ANALYSIS, 2019 - 2032

North America
U.S.
Canada
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Sweden
Russia
Poland
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Australia
Indonesia
Thailand
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
UAE
Israel
Turkey
Algeria
Egypt
Rest of MEA Show more