China's semiconductor market share will rise to 17% in 2024, causing concerns in the US and South Korea

According to a report by the Semiconductor Industry Association of the United States, Korean media reported that by 2024, the total sales of Chinese semiconductor companies will reach US$116 billion, and their market share will increase from 9% in 2020 to 17%, with a compound annual growth rate of 30%. Data shows that despite the pressure of the external economic environment, China's semiconductor industry continues to grow.

This has caused concern in the United States and South Korea. Unlike the growth of China's semiconductor industry, the US semiconductor industry had a market share of about 50% in 2015, but it will drop to below 40% by 2024. Currently, there are a total of 28 semiconductor factories under construction in China, with an investment of US$26 billion. Chinese semiconductor companies and the government have worked closely together to promote the development of the semiconductor industry.