The global chip market, experiencing a turbulent period lately, may finally witness a turning point in 2024. Recent reports indicate a substantial recovery with an expected annual growth rate of 20%. This resurgence in the semiconductor industry is poised to be powered by a surge in global demand for Artificial Intelligence (AI) and High-Performance Computing (HPC). Key sectors like smartphones, personal computers, infrastructure, and automotive are anticipated to play pivotal roles in this revival.
Market Revival Forecast: The global chip market is expected to experience a substantial recovery by 2024, projecting a 20% annual growth rate.
Growth Drivers: Increasing global demand for AI and HPC, along with stabilizing needs in smartphones, personal computers, infrastructure, and automotive sectors, are the main growth catalysts.
AI Integration in Personal Devices: The anticipated integration of AI features into personal devices from 2024 is expected to stimulate demand for semiconductors and advanced packaging.
Automotive Sector Resurgence: Despite pandemic-related disruptions, the automotive industry showcases resilience. Growing reliance on chips in automotive electronics signifies long-term demand for semiconductors.
Automotive Electronics Dominance: Advanced Driver Assistance Systems (ADAS) and Infotainment systems are set to lead the automotive semiconductor market, contributing significantly to its growth
The confluence of advancing technology, evolving market needs, and key industry resilience is poised to usher in a significant turnaround for the global chip market by 2024.
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