Double-digit growth expected in global chip sales

The Semiconductor Industry Association (SIA) has announced that global chip sales are expected to increase by 13.1 percent this year. In a statement made by the Semiconductor Industry Association (SIA), it was noted that global semiconductor sales decreased by 8.2 percent in 2023 to $526.8 billion. It was stated in the statement that sales increased in the second half of 2023, and that worldwide semiconductor sales are expected to increase by 13.1 percent in 2024. The statement stated that Europe was the only market to record annual growth in 2023, with sales in the region increasing by 4 percent. It was noted in the statement that sales in all other regional markets decreased last year, with sales falling by 14 percent in China, 10.1 percent in the Asia-Pacific region, 5.2 percent in the Americas, and 3.1 percent in Japan. “The long-term outlook is very strong,” said John Neuffer, SIA’s President and Chief Executive Officer, who was quoted in the statement as saying that global semiconductor sales slowed in early 2023 but rebounded strongly in the second half of the year and are projected to grow double-digit in 2024. “The long-term outlook for the semiconductor market is very strong as chips play a larger and more important role in countless products the world depends on,” Neuffer said.