The average use of silver in EV is up to 50 grams. On the other hand, the use of silver in 5G is 8 million ounces globally. In the coming days, the use of silver is going to increase in both the sectors. Because of which its price will also increase.
Silver consumption is continuously increasing in the country. Now silver is being used more in industrial use. The reason for this is also that manufacturing has increased in two sectors in the country. There has been an increase in EV manufacturing in the country. On the other hand, 5G is also being explored a lot in the country. Silver is used in abundance in both the sectors. According to statistics, the average use of silver in EV is up to 50 grams. On the other hand, the use of silver in 5G is 8 million ounces globally. In the coming days, the use of silver is going to increase in both the sectors. Because of which its price will also increase. Let us also tell you how much silver is consumed in both the sectors and how much demand is going to increase in the coming years.
The use of silver does not reduce in EV
- First of all, if we talk at the global level, there has been an increase of more than 100 percent in electric cars.
- Globally, from 2021 to 2022, the number of electric cars has almost doubled.
- In the year 2021, EV cars were 3.75 million in the whole world, which increased to 6.75 million in the year 2022.
- In the year 2012, the number of EVs that used to be sold in the whole year, are now sold in less than a week.
- In the year 2023, in March 2023, about 1.5 lakh EV cars were registered in India.
- The maximum registration was seen in UP at 16 percent, Maharashtra at 14 percent and Karnataka at 10 percent.
- At the same time, in March 2023, there was an increase of 30 percent in two-wheeler EV sales.
- Two wheeler sales were seen at 7.26 lakh in FY 2023, which was an increase of 185 per cent as compared to FY 2022.
- Manufacturing can be estimated by looking at the sales figures in the country.
- According to experts, on an average up to 50 grams of silver is used while preparing the EV.
- Globally, the overall automotive sector uses 55 million ounces of silver annually, and
- By the year 2025, this volume is projected to increase to 90 million ounces.
- The demand for silver in the automotive industry will inevitably drive the growth of the silver market.
5G will give speed like this
- The growth of 5G technology is being seen continuously in the country.
- Vodafone, Jio and Airtel are expanding across the country after rolling out 5G technology.
- At the global level, the use of silver in 5G tech is seen around 8 million ounces.
- In the next two years i.e. by the year 2025, the use of silver in 5G is likely to be up to 16 million ounces.
- Silver can be used up to 23 million ounces in the next 7 years.
- Many components of 5G such as base station, 5G antenna, radio frequency, silver connectors are made of silver.
- Silver is going to be needed more and more in 5G, because the trend of Internet of Things is going to increase in the coming years and the demand for related connected devices will increase.
What do experts say
Ajay Kedia, director of Kedia Advisory, says that the importance of silver is going to increase significantly in the future. Especially the most used in EV and 5G tech. The reason for this is also the use of silver in electronic components related to it. Due to increase in demand of silver, prices are expected to increase. By the way, in the next one year, it has been estimated that the amount of silver will increase by Rs 1 lakh.
How much has the price of silver become?
There is a slight increase in the price of silver on the country’s futures market i.e. Multi Commodity Exchange. According to the data, the price of silver is trading at Rs 75,103 with a gain of Rs 118 per kg. By the way, an increase of 20 percent has been seen in the price of silver in the last one year. Chodi is trading at $25 per ounce in foreign markets.