Most of silver's 2026 story has been told from the supply side: a sixth straight year of structural deficit and a record price near $121 in January. Less examined is where the next leg of industrial demand actually comes from. With solar, silver's largest industrial use, now facing thrifting and substitution, the Silver Institute points to a quieter end-use picking up the slack: the automotive sector. A December 2025 study from Oxford Economics and the Silver Institute quantifies that shift, and the engine behind it is the electric vehicle.