Rising inflation and a slowing global economy have contributed to declining demand for some tech products, leading to falling demand for semiconductors. However, the extensive usage of chips in electronics, critical infrastructure, electric vehicles, and other industries and rising disposable income should drive the industry's growth in the long run.
Furthermore, increasing government and corporate spending to ramp up production should boost the industry’s growth in the upcoming months. The global semiconductor market is expected to reach $712.4 billion in 2028, growing at a CAGR of 8.8%.
