The size of the semiconductor market in 2024 is expected to reach a record high for the first time in two years
🟦Semiconductor market hits record high in 2024
WSTS predicts that the semiconductor market will experience a 13% year-on-year growth, reaching $588.3 billion in 2024. This marks the first update to the market size in two years, following the record high of $574 billion in 2022. In contrast, the market size in 2023 was $520.1 billion, showing a 9% year-on-year decrease. The oversupply of semiconductors used in personal computers and smartphones was a reaction to the increased demand caused by stay-at-home consumption during the new coronavirus disaster.
🟦Generative AI and Electric Vehicles Expand the Semiconductor Market
The market size is projected to reach an all-time high in 2024, primarily driven by the growing demand for generative AI and electric vehicles. Generative AI, a technology that artificially creates data like images and sounds, finds applications in fields such as entertainment and education.
By 2024, the generative AI market is anticipated to experience a 30% year-on-year growth, reaching $30 billion. The rising popularity of electric vehicles, driven by environmental concerns and increasing fuel costs, is expected to lead to a 20% year-on-year increase in sales, reaching 20 million units by 2024.
🟦Summary
The size of the semiconductor market in 2024 is expected to reach a record high for the first time in two years. The major growth factors are generative AI and increasing demand for electric vehicles.
Japan may not excel in the fields of generative AI and electric vehicles.
