Metals In Electric Vehicle Charging Infrastructure Market Size, Share & Trends Analysis Report By Metals (Copper, Steel, Aluminum), By Charging Port, By End Use (Commercial, Private), By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global metals in electric vehicle charging infrastructure market size was valued at USD 1.4 billion in 2021 and are expected to expand at a compound annual growth rate (CAGR) of 28.2% from 2022 to 2030. An increase in the global demand for Electric Vehicles (EVs) and favorable government policies for developing EV charging infrastructure are driving the market. The requirement for charging stations is rising in order to normalize the utilization of EVs as any other fuel-driven vehicle. This in turn has augmented investments as the EV drivers should be safeguarded that charging stations are in close proximities. This in turn is expected to augment the consumption of metals that are crucial raw materials in the charging infrastructure for EVs.

The U.S. is among the leading consumers of the market for metals in electric vehicle charging infrastructure. The market growth is mainly attributable to the increase in the production of EVs in the country. In 2021, the U.S. President introduced a USD 2 trillion infrastructure bill in which he prioritized a national EV charging network, promising to install at least 500 thousand devices in the country by 2030. Furthermore, in December 2021, the National Electric Highway Coalition was formed by over 50 key electric companies in the U.S., which came together to develop a fast-charging network for EVs in the U.S. by end of 2023. These companies have invested over USD 3.0 billion in projects related to electric transportation and charging infrastructure.

Other economies such as Brazil and India are also expected to invite large investments. For example, Kazam, an IOT-based company plans to install 1 lakh charging stations in India by 2023. Furthermore, the EV charging infrastructure in Brazil received a push through numerous proposals from the Efficient Electric Mobility Solutions program. A charging station consists of housing, switch and fuses, a control and operating system, and an electricity meter. These components require metals, for example, the housings require aluminum or steel, and the electrical components make use of critical metals. As a result, growing investments in the EV industry across different economies are expected to accelerate the consumption of metals over the forecast period.

Metal Insights

Based on metals, the copper segment accounted for the largest revenue share of over 27.0% in 2021 and this trend is expected to continue over the forecast period. Around 3.5 kg of copper is used in making one charging station. Copper is used in cables, charging units, and wiring in electric panels. Steel was the second-largest segment of the market for metals in electric vehicle charging infrastructure in 2021. Due to its low cost and superior strength, steel is preferred over aluminum for housing charging infrastructure. The CHAdeMO charging system utilizes steel for housing and many EV manufacturers including Tesla and Nissan have invested heavily in CHAdeMO, thereby driving the demand for steel over the forecast period.

Other metals include precious metals like silver and other metal alloys. The consumption of precious metals like silver in EV chargers is expected to grow at a substantial rate over the forecast period owing to its high conductivity and corrosion resistance properties. Moreover, the establishments of silver solar charging stations are likely to further fuel segment growth over the forecast period.

End-use Insights

Based on end-use, the commercial segment accounted for the largest revenue share of over 79.0% in 2021. The segment is expected to follow the same trend across the forecast period. Rising efforts for developing stations in commercial places such as overnight charging at individual homes or residential complexes are anticipated not to be adequate for long-distance journeys. Moreover, initiatives by the government are facilitating the demand for metals. For instance, the central government of India is prioritizing the electrification of petrol pumps.

According to the Ministry of Power, “the setting-up of Public Charging Stations in India shall be a de-licensed activity.” The private end-use segment comprises stations, which can be installed at residential complexes, independent houses, and other private non-commercial properties. EV chargers for residential end-users have substantial growth potential as they cost less and are more convenient. The increase in global demand must be supported by strong infrastructures, resulting in the development of innovative chargers for the private segment.

Charging Port Insights

The level 3 segment dominated the metals in the electric vehicle charging infrastructure market and accounted for the largest revenue share of over 79.0% in 2021. The segment is expected to continue its dominance over the forecast period. Level 3 chargers are also known as DC fast chargers (DCFC). These can rapidly charge EVs in lesser time than traditional AC chargers. Increasing R&D initiatives and rising investments in developing fast-charging networks are expected to propel segment growth.

The increased adoption of EVs and the preference of vehicle owners to charge vehicles at their homes are the factors leading to the increase in demand for level 1 chargers. Level 2 chargers are mostly used for daily charging purposes, and they are usually installed at workplaces, residential complexes, and other establishments. The increased adoption of EVs and the lack of commercial stations are anticipated to drive the requirement for level 1 and 2 chargers over the forecast period.

Regional Insights

The Asia Pacific dominated the market for metals in electric vehicle charging infrastructure and held the largest revenue share of over 55.0% in 2021. Growing demand for EVs in this region is anticipated to benefit market growth. Moreover, countries like India are ramping up their facilities to facilitate the adoption of EVs in the country through schemes like the Faster Adoption and Manufacturing of Electric Vehicles, thereby enhancing the growth of the market over the forecast period. In North America, the market for metals in electric vehicle charging infrastructure is anticipated to register a CAGR of 22.1%, in terms of revenue, over the forecast period.

With the presence of well-established automobile manufacturers such as Tesla, Nissan, and Ford and suitable infrastructure for producing EVs, market growth is expected from this region. Furthermore, efforts towards gaining control over the supply chain of the EV industry are likely to benefit metals demand over the forecast period. In Europe, the market accounted for the second-largest revenue share in 2021, which is attributable to the widespread adoption of EVs in the region. Moreover, leading automakers across Europe, including Bayerische Motoren Werke AG (BMW), Daimler AG, Groupe Renault, and Volkswagen have collaborated to set up a series of fast electric vehicle chargers in the region, which is further anticipated to augment metals demand over the coming years.

Key Companies & Market Share Insights

The market for metals in electric vehicle charging infrastructure is competitive in nature due to the presence of various established players with a global presence. Strategies adopted by companies usually include new product development, technological innovations, and distribution network expansion. Furthermore, manufacturers are engaged in acquisitions to expand their geographical presence, increase production capacity, and ink long-term metal supply deals. For instance, in November 2021, Modison Metals Limited announced expanding itself into EV charging infrastructure and BESS in India. The company will sign an MoU with RENERA and LDrive LLC (L-Charge), which are Russia-based battery storage firms and EV charger manufacturers, respectively. Some of the prominent players in the metals in electric vehicle charging infrastructure market include:

• Alcoa Corporation

• CODELCO

• Emirates Global Aluminum (EGA)

• First Quantum Minerals Ltd.

• Glencore

• JSW

• KGHM

• Norsk Hydro ASA

• Rio Tinto

• Rusal

Metals In Electric Vehicle Charging Infrastructure Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global metals in electric vehicle charging infrastructure market report on the basis of metals, charging port, end use, and region:

• Metals Outlook (Revenue, USD Million, 2017 - 2030)

  • Copper

  • Steel

  • Aluminum

  • Others

• Charging Port Outlook (Revenue, USD Million, 2017 - 2030)

  • Level 1

  • Level 2

  • DC Fast Charger (Level 3)

• End-use Outlook (Revenue, USD Million, 2017 - 2030)

  • Commercial

  • Private

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  •  North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Russia

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

  • Latin America

    • Brazil

    • Mexico

  • Middle East & Africa

    • GCC