With modern cars using more silver than ever in their
advanced technology components, the worldwide
automotive sector could need nearly 90 million ounces
(Moz) annually of the metal by 2025, according to a
recently-published report by the Silver Institute.
In four years, silver consumption in the automotive
sector should rival that of the photovoltaic industry,
forecast to reach 98 Moz in 2025, and currently the
largest application of global industrial silver demand,
according to the report Silver’s Growing Role in the
Automotive Industry, produced on behalf of the Silver
Institute by Metals Focus, an independent precious metals
consultancy.
The report, part of the Silver Institute’s series of Market
Trend Reports, examines trends in automotive production,
including the growth and evolution of hybrid and battery
electric vehicles. It also addresses transportation policies
that favor vehicle electrification in some of the world’s
most important vehicle markets.