Europe is sinking in a buoyant global chip market
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Europe is the only region in the world where chip sales were lower in 3Q24 than in the same quarter a year before, according to numbers published by the Semiconductor Industry Association.
The global chip market was worth US$55.32 billion in the three-month average of September August and July. September’s figures are therefore a proxy for the 3Q24.
The averaged global chip market for the September was up 23.2 percent compared with a year before, thanks to strong growth in the Americas region – up nearly 50 percent year-on-year – while Europe’s market fell by 8.2 percent.
Japan’s market which had languished alongside Europe’s in the 1H24 grew 7.7 percent and is close to catching up with the European market in size.
On a monthly sequential basis, the three-month moving averages (3MMAs) of all five regions monitored by the SIA grew by close to 4.1 percent global average. Compared with 2Q24 the global chip market grew 10.7 percent, slightly above the seasonal norm, but again Europe lags the rest of the world.
The pattern remains consistent with a semiconductor market boom driven by an AI boom and the extreme success of Nvidia alongside returning consumer electronics spend mixed with sluggishness in the automotive, industrial and infrastructure markets.
Three-month average of chip sales by geographic region for September and August 2024. Source: SIA/WSTS.
“The global semiconductor market continued to grow during the third quarter of 2024, with quarter-to-quarter sales increasing at the largest rate since 2016,” said John Neuffer, CEO of SIA, in a statement.
Monthly data is given by the SIA as a three-month average although the source of the data, WSTS, tracks sales monthly basis. The SIA and other regional semiconductor industry bodies opt to use averaged data because it evens out the actual data that typically shows troughs at the beginnings of quarters and peaks at the ends of quarters.
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