According to research by IDTechEx (2020), over the next 10 years adoption of electric traction motors in on-road vehicles will cause a significant increase in copper demand. The research, commissioned by the International Copper Association (ICA), shows that by 2030 more than 250,000 tonnes of copper will be used per year as part of the windings in electric traction motors in on-road electric vehicles.
The increase in copper demand follows the trajectory of the global car market, where pure battery-electric cars are predicted to experience the largest gain in market share at the expense of internal combustion engine and hybrid vehicles. By 2030 battery electric and plug-in hybrid cars will account for roughly 19 percent of the total market, which is predicted to skyrocket to 72 percent by 2040 amid a declining auto market set to peak in 2031, according to IDTechEx.
Georgian Mining Corp (LON:GEO) is an AIM listed copper & gold development and exploration company that operates mainly in Georgia on the prolific Tethyan Belt.