Projected semiconductor market size is expected to return to a growth track in 2024, with a year-on-year increase of 207%

The semiconductor market is projected to grow by 207% in 2024

【Phoneauto News】On September 21, Phoneauto noticed that IDC predicts that the global semiconductor industry market size will decrease by 13.1% to $518.8 billion in 2023, and will return to a growth track in 2024, with a year-on-year growth of 20.7% to $625.9 billion. In the long term, the semiconductor industry will be driven by four new technology applications: automotive, data centers, industrial, and AI. IDC predicts that the global semiconductor industry output value will reach $1 trillion by 2032.

Industry observers believe that the current recovery of the semiconductor market is mainly driven by the gradual recovery of the consumer electronics industry and the sharp increase in demand for artificial intelligence (AI) chips. Huafu Securities’ electronic industry analyst stated that from the demand perspective, global PC shipments in the second quarter of 2023 increased for the first time compared to the previous quarter, and in May 2023, Chinese mobile phone shipments increased by 25.2% year-on-year, indicating that consumer electronics demand is recovering.

In addition, analysts also pointed out that high-performance computing, AIoT (AI Internet of Things), automotive intelligence, and extended reality (XR) are emerging fields that will become the long-term sources of growth for the semiconductor industry. McKinsey’s forecast data shows that by 2030, the global semiconductor sales scale is expected to reach $1 trillion, with the compound annual growth rate in the automotive field between 13% and 15%, becoming the fastest-growing sector.

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TrendForce predicts that the shipment of AI servers in 2023 will reach nearly 1.2 million units, with an annual growth rate of 38.4%. The demand for calculation, storage, and data interconnection chips driven by AI-related applications is expected to inject new momentum into the development of the semiconductor industry.

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