Owing to increase in demand of EVs, semiconductor market is expected to grow by USD 241.39 bn during 2019-2023

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The semiconductor market is poised to grow by USD 241.39 bn during 2019-2023, progressing at a CAGR of 9% during the forecast period says the report of Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

The market is concentrated, and the degree of concentration will accelerate during the forecast period. Intel Corporation, Micron Technology, Inc., Qualcomm Technologies, Inc., SAMSUNG ELECTRONICS CO., LTD., and SK HYNIX INC. are some of the major market participants. The demand for electric vehicles will offer immense growth opportunities. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Demand for electric vehicles has been instrumental in driving the growth of the market.

Semiconductor Market 2019-2023: Segmentation

Semiconductor Market is segmented as below:

  • Product
    • Integrated Circuits (ICs)
    • Optoelectronics
    • Discrete Semiconductors
    • Sensors
  • Geographic Landscape
    • America
    • APAC
    • EMEA

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