December 21, 2023 /SemiMedia/ -- According to the latest report from the Semiconductor Industry Association (SIA), sluggish sales of PCs and smartphones will drag down global semiconductor sales by 9.4% year-on-year to US$520 billion in 2023, lower than US$574.1 billion in 2022. However, semiconductor sales are expected to shift from shrinkage to growth in 2024, with an estimated growth of 13.1% to US$588.4 billion.

Data released by SIA show that global semiconductor industry sales in October 2023 totaled US$46.6 billion, an increase of 3.9% from the total of US$44.9 billion in September 2023, but a decrease of 0.7% from the total of US$46.9 billion in October 2022.

From a regional perspective, monthly sales in China (6.1%), other Asia-Pacific regions (excluding China and Japan, 4.9%), the Americas (2.9%), Japan (0.6%) and Europe (0.2%) increased month-on-month in October. Sales in Europe (6.6%) and the rest of Asia Pacific (excluding China and Japan, 0.4%) increased year-on-year, but sales in the Americas (-1.6%), China (-2.5%) and Japan (-3.1%) dropped year-on-year.

SIA President and CEO John Neuffer said that the global semiconductor market achieved month-on-month growth for the eighth consecutive time in October, showing that as 2023 ends, chip demand shows a clear positive momentum, and the global semiconductor market is expected to rebound strongly in 2024.