WASHINGTON – Global semiconductor industry sales totaled $46.6 billion in October, an increase of 3.9% compared to September's total of $44.9 billion but 0.7% less than the October 2022 total of $46.9 billion, according to the Semiconductor Industry Association.

Additionally, a new WSTS industry forecast — endorsed by SIA — projects annual global sales will decrease 9.4% in 2023 but increase 13.1% in 2024. The forecast projects the industry’s worldwide sales will be $520. billion in 2023, down from the 2022 sales total of $574.1 billion. In 2024, global sales are projected to reach $588.4 billion. WSTS tabulates its semi-annual industry forecast by gathering input from an extensive group of global semiconductor companies that provide accurate and timely indicators of semiconductor trends.

“The global semiconductor market grew on a month-to-month basis for the eighth consecutive time in October, demonstrating clear, positive momentum for chip demand as 2023 winds down,” said John Neuffer, SIA president and CEO. “Moving forward, we forecast year-end sales for 2023 will be down compared to 2022, but the global semiconductor market is projected to rebound strongly next year with double-digit growth projected for 2024.”

Regionally, month-to-month sales increased in China (6.1%), Asia Pacific/All Other (4.9%), the Americas (2.9%), Japan (0.6%) and Europe (0.2%). Year-to-year sales were up in Europe (6.6%) and Asia Pacific/All other (0.4%), but down in the Americas (-1.6%), China (-2.5%), and Japan (-3.1%).