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Despite the impact of COVID-19 on the global economy, the semiconductor market performed better than expected in 2020, fueled by the growth in cloud computing and demand for devices to support remote work and learning, according to IDC. Worldwide semiconductor revenue grew to $442 billion in 2020, an increase of 5.4% compared to 2019.
The DRAM and NAND markets also recovered after a poor 2019, growing 4% and 32.9%, respectively. IDC forecasts the semiconductor market will reach $476 billion in 2021, a 7.7% year-over-year growth rate as the various COVID-19 vaccines are disseminated and economies begin to open and gradually recover. The emergence of COVID-19 and subsequent measures taken to manage infection rates, including stay-at-home mandates, remote work, remote education, travel restrictions, and manufacturing shutdowns, created significant business volatility that impacted industries unevenly.
The market for semiconductors in computing systems, such as PCs and servers, outpaced the overall semiconductor market, growing 10.9% year over year to $152 billion in 2020. Smartphones were the second largest demand driver for 2020 with the growth in 5G phones accelerating significantly. Healthy competition for lower cost 5G SoCs resulted in 5G phones being sold at a wide variety of price ranges to reach a broader set of consumers. IDC forecasts mobile phone semiconductor revenues will grow by 11.4% in 2021 to $128 billion.
The automotive and industrial semiconductor markets were significantly impacted by COVID-19, which created sales disruption and manufacturing disruptions, while trade policy impacted supply chains throughout the year. Sales improved in the third quarter of 2020, but automotive OEMs are experiencing manufacturing disruptions due to semiconductor shortages as some semiconductor foundries allocate production. Automobile sales, including light commercial vehicles, in 2020 declined 14.5% to 71 million vehicles, resulting in an 8.4% decline in automotive semiconductor revenues to $37 billion.
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