Electrical steel production in US far from sufficient to support OEMs’ electrification goals
A strong growth forecast for EV production in United States should drive demand for electrical steel in the country, which currently has an extremely limited production capacity of the strategic commodity.
According to S&P Global Mobility, hybrid and electric light vehicle production in the United States is forecast to grow at a compound annual growth rate (CAGR) of 17% between 2023 and 2030 to 9.8 million units. This is also going to drive demand for EV motors (e-motors) in the country, which we forecast will grow at a CAGR of 20% over the same period to 14 million units.
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