Ranked: Largest Semiconductor Companies by Market Share, 2023

This report will analyze the top companies in the semiconductor business, based on their market share. The semiconductor sector, which is the basis for many items, from cars to complex AI tools such as ChatGPT, is an essential part of today’s technology. According to McKinsey, as the Fourth Industrial Revolution pushes the need for semiconductors, these chips have been described as the ‘unsung heroes’ of the tech field.

The semiconductor market is seeing a substantial surge in growth. In 2023, it was worth $664.2 billion and is forecasted to reach an amazing $1.8 trillion by 2030, with a Compound Annual Growth Rate (CAGR) of 12.5 percent. Asia Pacific is the main contributor to the global semiconductor market, with China, South Korea, Japan, and Taiwan is home to leading semiconductor companies. North America and Europe are also forecasted to experience growth.

McKinsey has identified three major sectors – automotive, computing and data storage, and wireless – as the primary drivers of the semiconductor industry’s expected growth of 70 percent. Automotive is the most influential, with its demand for electric vehicles providing around 20 percent of the expansion.

The coronavirus pandemic had a major effect on the semiconductor industry, as while the automotive business saw an immense decrease in demand, the tech industry experienced a massive rise in need due to remote working. This caused semiconductor firms to lock in extended agreements with non-automotive sectors, leading to a worldwide semiconductor deficit due to supply-demand discrepancies.

Largest Semiconductor Companies by Market Share, 2023

To compile our list of the top semiconductor companies by market share, we conducted extensive research and calculated each company’s percentage market share based on their 2022 annual revenues. We sourced this data from annual financial reports, Reuters, and Nasdaq. We present the ranking in ascending order of market share.

1. Taiwan Semiconductor Manufacturing Company Limited
   Total Revenue in 2022: $73.67 Billion
   Total Market Share: 12.29%
   Company Overview: Taiwan Semiconductor Manufacturing Company Limited (TSMC) secures the top spot with the largest market share in the semiconductor industry at 12.29%. With a remarkable revenue of $73.67 billion in 2022, TSMC is a dominant force, specializing in the manufacturing of memory chips, logic chips, and integrated circuits.
2. Intel Corporation
   Total Revenue in 2022: $63.054 Billion
   Total Market Share: 10.52%
   Company Overview: Intel Corporation holds a major market position in the semiconductor industry, with substantial revenues totaling $63.054 billion in 2022. Accounting for 10.52% of the global market share, the company is rapidly expanding to maintain its position in the competitive semiconductor market.
3. QUALCOMM Incorporated
   Total Revenue in 2022: $44.2 Billion
   Total Market Share: 7.38%
   Company Overview: QUALCOMM Incorporated stands as a giant in the semiconductor industry, contributing significantly to wireless technologies and communications solutions. In 2022, the company generated $44.2 billion in revenue, accounting for 7.38% of the global semiconductor industry’s revenue.
4. Broadcom Inc.
   Total Revenue in 2022: $33.2 Billion
   Total Market Share: 5.54%
   Company Overview: Broadcom Inc. is a major player in the semiconductor market, offering a wide array of storage and networking products, such as routers and hard drives. In 2022, Broadcom Inc. reported total revenues of $33.2 billion.
5. Micron Technology, Inc.
   Total Revenue in 2022: $30.8 Billion
   Total Market Share: 5.14%
   Company Overview: Micron Technology, Inc. is a dominant force in the global semiconductor industry, boasting a substantial market share. With a reported revenue of $30.8 billion in 2022, Micron manufactures various products, including dynamic random access memory (DRAMs) and a range of flash memories.
6. NVIDIA Corporation
   Total Revenue in 2022: $26.91 Billion
   Total Market Share: 4.49%
   Company Overview: NVIDIA Corporation is a major global semiconductor company, renowned for its contributions to generative AI applications like ChatGPT. The A100 and H100, developed by NVIDIA Corporation, play a crucial role in the development and training of AI applications.
7. Applied Materials, Inc.
   Total Revenue in 2022: $25.785 Billion
   Total Market Share: 4.31%
   Company Overview: Applied Materials, Inc. is a dominant force in the semiconductor industry, specializing in process control products such as sensors and actuators. With $25.785 billion in revenue in 2022, Applied Materials held one of the highest global market shares at 4.31%.
8. Advanced Micro Devices, Inc.
   Total Revenue in 2022: $23.601 Billion
   Total Market Share: 3.94%
   Company Overview: Advanced Micro Devices, Inc. is a significant player known for designing and manufacturing various semiconductor products, including EPYC and Ryzen processors for high-performance computing. In 2022, the company reported total revenues of $23.601 billion.
9. Texas Instruments Incorporated
   Total Revenue in 2022: $20.028 Billion
   Total Market Share: 3.35%
   Company Overview: Texas Instruments is a major player in the semiconductor industry, offering a wide range of products, including digital ICs for computers and smartphones. With $20.028 billion in revenue in 2022, Texas Instruments held a market share of 3.35%.
10. Lam Research Corporation
    Total Revenue in 2022: $17.227 Billion
    Total Market Share: 2.88%
    Company Overview: Lam Research Corporation, an American semiconductor company, is engaged in the design, manufacturing, and marketing of semiconductor products. It recorded total revenues of $17.2 billion in 2022, capturing a 2.88% market share.
11. Tokyo Electron Limited
    Total Revenue in 2022: $16.58 Billion
    Total Market Share: 2.77%
    Company Overview: Tokyo Electron Limited is a leading player in the semiconductor industry, known for its diverse range of products, including deposition systems, etchers, and cleaners. In 2022, the company reported total revenues of $16.58 billion.
12. STMicroelectronics NV
    Total Revenue in 2022: $16.13 Billion
    Total Market Share: 2.7%
    Company Overview: STMicroelectronics NV is a prominent European chipmaker specializing in automotive and power management products. It ranks among the world’s largest semiconductor companies and contributed 2.7% to the total market share in 2022.

It’s worth noting that NVIDIA Corporation has seen a significant increase in its market share in 2023, reporting a 101% increase in revenue for the fiscal second quarter of 2023 compared to the previous year and an 88% increase from the last quarter. Nonetheless, it’s significant to acknowledge that the rankings presented here rely on data from 2022, which may not entirely encompass NVIDIA’s recent growth.

These companies collectively shape the semiconductor industry, each contributing to its growth and technological advancements. From memory chips to wireless solutions, they play pivotal roles in the ever-evolving landscape of technology.

Therefore, the semiconductor industry is a dynamic and highly competitive arena, driven by a diverse set of companies with varying specialties. These market leaders, showcased in our list of top semiconductor companies by market share, collectively define the industry’s landscape. With remarkable revenues and a commitment to innovation, they continue to shape the technological advancements that underpin our increasingly connected and digital world. As the industry evolves, these companies will undoubtedly play pivotal roles in driving progress and meeting the ever-growing demands of the Fourth Industrial Revolution.

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