EVs are forecast to become the biggest source of automotive silver demand by 2027

There is a silver demand forecast worth keeping in view beyond the current price action

Oxford Economics expects electric vehicles to overtake conventional vehicles as the largest source of automotive silver demand by 2027

Its December 2025 report forecasts total automotive silver demand growing by 3.4% a year between 2025 and 2031, with EVs accounting for 59% of that demand by 2031

Silver is used across electrical contacts, power electronics and battery management systems. Charging infrastructure adds another use outside the vehicle itself

The interesting part is the change in the vehicle mix. Total car production does not have to grow at the same rate as silver demand if the vehicles being built use more silver on average

There are limits to that argument. Manufacturers have an incentive to reduce material costs, and weaker vehicle sales could offset some of the gains

So the forecast needs checking against actual sales and silver use per vehicle over time

But it gives the longer term silver case something specific to follow outside solar demand

I would watch whether EV sales keep taking a larger share and whether manufacturers maintain the expected silver content. Those two factors will determine how much of this projected demand arrives

A falling silver price does not settle that question. Production decisions over the next several years will

Report summary:
https://silverinstitute.org/silver-demand-forecast-to-expand-across-key-technology-sectors/