【September Market Report.pdf】The Asia-Pacific market has recovered moderately, with uneven performance of various industries

As of September, the Asia-Pacific market, represented by China, has recovered moderately compared with the same period last year, but the performance of regions and industries is uneven. In Q3, the delivery period of major chips continued to return to normal, the inventory of some automotive products was high, the inventory pressure of industrial products improved, the consumer orders grew moderately, and the demand for AI servers remained strong .

Future Electronics recently released the September update of the "Market Report", analyzing the delivery trends of 10 major categories of semiconductors and components from the perspectives of product prices and delivery trends. Helping global customers to deeply understand the latest changes in component delivery. You can download our report for free through the method at the end of the article.

At the same time, the Future Electronics product expert team will hold a "Full Chip Dynamics" live sharing session on October 16 to help you predict the market trends and supply and demand forecasts of Q4 components, helping you quickly grasp the latest market pulse. In the live interactive session, you will have the opportunity to win prizes including 15% off the price of the Future official website. We hope that everyone will continue to pay attention to the Future Chip Dynamics live broadcast room.

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Below, we share with you the latest analysis and outlook from mainstream industry research institutions:

The China Purchasing Managers' Index (PMI) released by the National Bureau of Statistics Service Industry Survey Center and the China Federation of Logistics and Purchasing showed that in August, the manufacturing PMI was 49.1%, down 0.3 percentage points from July; the non-manufacturing business activity index was 50.3%, up 0.1 percentage points from July; and the composite PMI output index was 50.1%, down slightly by 0.1 percentage points from July.

Talking about the specific performance of the manufacturing PMI in August, Zhao Qinghe, senior statistician of the National Bureau of Statistics Service Industry Survey Center, said that on the one hand, both production and demand have slowed down. The production index and new order index were 49.8% and 48.9%, respectively, down 0.3 and 0.4 percentage points from the previous month, respectively. Both the production and market demand of manufacturing enterprises have slowed down.

It is worth noting that from the data in August, new momentum has recovered rapidly, high-tech manufacturing and equipment manufacturing have returned to the expansion range, and the PMI of large enterprises has maintained expansion. Zhao Qinghe said that from the perspective of key industries, the PMI of high-tech manufacturing and equipment manufacturing was 51.7% and 51.2% respectively, up 2.3 and 1.7 percentage points from the previous month, returning to the expansion range.

The Qunzhi Consulting report pointed out that although the automotive chip industry is currently facing great pressure to destock, driven by the intelligence and electrification of automobiles, there is still strong demand for certain types of chips, especially high-performance microcontrollers (MCU), large-capacity storage chips (Memory) and automotive image sensors (CIS).

According to Qunzhi Consulting statistics and forecasts, the global automotive MCU market size will be approximately US$10.9 billion in 2024, still up 8.3% year-on-year. Although the growth rate of MCU scale has declined significantly compared with the rapid growth period of the electric vehicle market from 2021 to 2022 due to the slowdown in the current terminal market, it is expected that the proportion of high-performance automotive MCUs will continue to increase in the future driven by the trend of automotive intelligence, electrification, and networking, which will drive the continued growth of the revenue scale of the entire automotive MCU market.

According to the latest survey by TrendForce, memory module manufacturers began to actively increase DRAM (memory) inventory after the third quarter of 2023, and the inventory level has risen to 11-17 weeks by the second quarter of 2024. However, the demand for consumer electronics has not recovered as expected. Under such circumstances, the spot price of memory, which is mainly for consumer products, began to weaken, and the spot price in the second quarter fell by more than 30% compared with the first quarter. Although the spot price is still decoupled from the contract price until August, it also hints at the potential trend of the contract price.

TrendForce said that in the second quarter of 2024, module factory shipments in consumer NAND Flash retail channels have dropped by 40% year-on-year, reflecting that the global consumer memory market is facing severe challenges. Although the memory industry has always been affected by cyclical factors, the decline in shipments in the first half of this year was significantly higher than market expectations, which indicates that demand will not pick up significantly in the second half of the year.

According to TrendForce's latest report "2024 Global GaN Power Device Market Analysis", the global GaN power device market size is about US$271 million in 2023 and is expected to rise to US$4.376 billion by 2030, with a CAGR (compound annual growth rate) of 49%. The proportion of non-consumer applications is expected to increase from 23% in 2023 to 48% in 2030, with automotive, data center and motor drive as the core.

Consumer electronics is the main battlefield of the power GaN industry, and it has rapidly extended from fast chargers to home appliances, smartphones and other fields. Specifically, GaN has been widely adopted in low-power mobile phone fast chargers, and the next step is to enter laptops and home appliance power supplies with more stringent reliability requirements. In addition, other consumer scenarios with potential include Class-D Audio, Smartphone OVP, etc.

The evolution of AI technology has driven the demand for computing power to continue to rise, and the power consumption problem of CPU/GPU has become increasingly prominent. In order to cope with higher-end AI computing, the efficiency and power density of server power supplies must be further improved, and GaN has become one of the key solution technologies.

In motor drive scenarios such as robots, the application potential of GaN is gradually emerging. Compared with industrial robots, humanoid robots have a sharp increase in degrees of freedom (DoF), and the demand for motor drivers has increased significantly. The joint modules of humanoid robots undertake the main force and braking tasks. In order to obtain higher explosive power, high-power density, high-efficiency, and high-response motor drivers are required. Therefore, GaN has attracted market attention, especially in parts with high loads such as legs.

Compared with the prosperity of SiC in the automotive industry, GaN automotive applications have also continued to attract industry attention, among which on-board chargers (OBCs) are regarded as the best breakthrough point.

*The above content is excerpted from online reports

Please refer to it carefully

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For more information on component price and delivery trends, you can download the latest version of "Fullchang Electronics Market Report" (updated on September 3) at the end of the article.

At the same time, the Future Electronics product expert team will hold a "Full Chip Dynamics" live sharing session on October 16 to forecast the Q4 component market conditions, supply and demand forecasts, and trend analysis for you, helping you quickly grasp the latest market pulse. Make an appointment for the next live broadcast now.