Kuaitech reported on May 13th that according to a report by market research firm Omdia, the global chip market size reached 683 billion US dollars in 2024, an increase of 25% compared to 2023.

This growth is mainly attributed to the strong demand for AI-related chips, especially the significant increase in high-bandwidth memory (HBM). The surge in demand compensates for the decline in chip sales in the automotive, consumer and industrial markets.

Among them, NVIDIA rose to the top of the global chip company revenue ranking in 2024. In contrast, Infineon and STMicroelectronics both dropped out of the top ten.

Omdia's data shows that companies related to AI and memory have risen in the rankings, while those that mainly sell analog and power chips and are more vulnerable to market contraction have declined.

The sharp increase in memory demand has also benefited manufacturers, with Samsung, SK Hynix and Micron all ranking among the top seven companies in 2024.

Omdia analyst Cliff Leimbach pointed out that the industrial semiconductor market experienced above-average growth in 2021 and 2022, but witnessed a double-digit decline in 2024.

In addition, the automotive market also contracted in 2024, while its size nearly doubled between 2020 and 2023.