Global Semiconductor Revenue Grows 21% in 2024; Nvidia Overtakes Samsung, Intel
The global semiconductor industry saw a robust resurgence in 2024, with total revenue reaching $655.9 billion, a 21% increase from $542.1 billion in 2023, according to the latest report from Gartner.
New Delhi: The global semiconductor industry saw a robust resurgence in 2024, with total revenue reaching $655.9 billion, a 21% increase from $542.1 billion in 2023, according to the latest report from Gartner. The surge was largely fueled by skyrocketing demand for AI infrastructure and a rebound in memory pricing.
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Nvidia Becomes World’s No. 1 Semiconductor Vendor
In a major shift in the industry, Nvidia rose to the No. 1 position globally, surpassing long-time leaders Samsung Electronics and Intel for the first time.
“The position shift among the top 10 semiconductor vendors is due to large demand for AI infrastructure buildout and a 73.4% increase in memory revenue,” said Gaurav Gupta, VP Analyst at Gartner.
Nvidia’s dominance was driven by its discrete GPUs, which became the top choice for AI workloads in data centers worldwide.
Samsung Holds Strong at No. 2 Amid Memory Market Rebound
Samsung Electronics retained the second spot, bolstered by gains in both DRAM and flash memory segments. A sharp rebound in memory pricing, triggered by supply-demand imbalances, helped the company regain momentum in 2024.
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Intel Slips as AI Demand Leaves It Behind
Intel, once the leader in global semiconductor rankings, saw only 0.8% revenue growth in 2024. According to Gartner, Intel struggled to capitalize on the AI boom and faced increased competition across key product lines.
India Emerges as a Key Player in Semiconductor Design
India is playing a growing role in the global semiconductor landscape:
- 20% of global semiconductor design workforce is based in India
- India’s chip demand in 2024 is valued at $45–50 billion
- Projected to reach $100–110 billion by 2030
Driven by the Production-Linked Incentive (PLI) scheme, India’s semiconductor consumption—estimated at $52 billion in 2024–25—is set to grow at a CAGR of 13% through 2030.
Automotive and Industrial Electronics to Drive Indian Chip Demand
According to the Indian Electronics and Semiconductor Association (IESA), key sectors like:
- Mobile handsets
- Industrial electronics
- IT applications
…are driving nearly 70% of the revenue in India’s semiconductor market. Emerging fields such as automotive electronics and smart manufacturing are expected to add further value in the coming years.
