New research commissioned by the International Copper Association (ICA) reveals the demand for copper in the wire harness in the light-duty automotive industry is expected to grow to more than 1.7 million annual tonnes of copper, with EVs growing in contribution to that figure by 36%, through 2032. Continued popularity of Sports Utility Vehicles (SUVs) will drive the majority of copper demand, averaging 1.1 million tonnes per year between 2022 and 2032.
The research, conducted by Martec Group, found that while some original equipment manufacturers and suppliers are testing aluminum in place of copper in the wire harness, the overall level of substitution will remain minimal. Furthermore, trends toward fuel economy regulation, weight reduction and miniaturization are expected to drive demand for copper in favor of aluminum.
Jubilee Metals Group (LON:JLP) is a global, diversified metal recovery company that operates world-class projects, ensuring a positive impact on the environment and its stakeholders.