Chip Sales Set To Grow Nearly 10% In 2022: Report - Taiwan Semiconductor (NYSE:TSM)

Chipmakers have been clear winners in the pandemic era, and the momentum in the semiconductor space will likely remain strong going into 2022, CNBC reports quoting trade credit insurer Euler Hermes.
Semiconductor sales will likely grow by another 9% and cross $600 billion for the first time in 2022, the Euler Hermes analysts predicted. They added that that's on top of the 26% growth to $553 billion in 2021.
A months-long semiconductor crisis during the pandemic impacted industries ranging from automobiles to gaming consoles.
The chipmakers struggled to keep up with unprecedented demand as global economic activity bounced back from the COVID.
Major chipmakers like Taiwan Semiconductor Manufacturing Co Ltd's TSM look to ramp up capacity, which usually takes years before these facilities come online.
Euler Hermes listed factors like robust demand for consumer electronics, pricing due to supply crunch, and improved product mix as the key drivers that drove sales so far.
Price Action: TSM shares traded higher by 3.08% at $124.02 in the premarket session on the last check Monday.