The global chip market was relatively prosperous in January. The Chinese and American markets performed well, driving overall growth, but the European and Japanese markets fell back.
The U.S. Semiconductor Industry Association (SIA) announced on March 4 that global semiconductor industry sales in January 2024 totaled US$47.6 billion, an increase of 15.2% from US$41.3 billion in January 2023, but higher than US$48.7 billion in December 2023. A month-on-month decrease of 2.1%.
Three-month average chip sales by geographic region, January 2024 and December 2023 (Source: SIA/WSTS)
According to the latest data from the Semiconductor Industry Association (SIA), the value of the global chip market continued to rise in January. The Chinese market achieved a significant year-on-year growth rate of 26.6%, and the American market (mainly the United States) also achieved a 20.3% growth rate. year-on-year growth.
SIA presents this growth trend through a three-month moving average using data provided by the World Semiconductor Trade Statistics Organization. Specifically, the market size expanded to US$47.63 billion, an increase of 15.2% compared to US$41.33 billion in January 2023. Compared with the previous two months, the growth rates reached 11.6% and 5.3% respectively, showing a steady upward trend.
Strong growth in the Americas and China markets reflects the rebound in demand for consumer electronics. This trend may be influenced by a combination of extended replacement cycles and the application of artificial intelligence. The Chinese market, in particular, rebounded significantly in 2023 after a brief downturn due to COVID-19 restrictions.
However, despite strong performance in the Americas and China, sales reversed in Europe and Japan. This phenomenon may suggest that the automotive and industrial sectors that dominate these regions may have accumulated sufficient parts inventories.
Currently, the global chip market is expected to grow between 13% and 20% in 2024. This forecast reflects the market’s optimism about the continued development of the chip industry in the coming period.
SIA CEO John Neuffer said in a statement: "The global semiconductor market has started the new year strongly, with global sales increasing by the largest percentage year-over-year since May 2022. The market is expected to continue throughout the remainder of the year Growth, annual sales in 2024 are expected to achieve double-digit growth over 2023."
SIA previously predicted that the surge in demand for artificial intelligence (AI) and the steady growth of automotive chips will help drive a rebound in global chip sales this year. Global chip sales will increase by 13.1% in 2024 to $595.3 billion, compared with 2023. Sales are estimated to be down about 8%.
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