The use of silver in the automotive sector is expected to surge in the coming years, according to the feature story in this month’s edition of the Silver Institute’s Silver News.
With modern cars using more silver than ever in their advanced technology components, analysts project the auto industry will likely need nearly 90 million ounces of silver annually by 2025.
This article was originally published by Schiff Gold.com.
In four years, silver consumption in the automotive sector should rival that of the photovoltaic (solar) industry. The solar energy market is currently the largest industrial user of silver. Demand is forecast to reach 98 million ounces in 2025.
But it’s taking more and more silver to build modern automobiles. According to the Silver Institute, the white metal is used extensively in vehicle electrical control units that manage a wide range of functions in the engine and main cabin. These functions include infotainment systems, navigation systems, electric power steering, and safety features, such as airbag deployment systems, automatic braking, security, and driver alertness systems.
The move to autonomous driving should also lead to an escalation of vehicle complexity, requiring even more silver consumption.
The latest edition of Silver News also highlights some other fascinating technological advances utilizing the white metal along with some developments in the silver market.
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