📊Executive Summary

The ongoing semiconductor shortage, exacerbated by the pandemic, is projected to persist into 2024 due to factory shutdowns and surging demand across various sectors, including automotive and consumer electronics. Experts highlight that the shortage is not limited to traditional tech sectors but affects a wide range of industries. The article notes that the cost of semiconductors has risen by 8% year-over-year, influenced by geopolitical factors such as the Ukraine conflict. Companies are exploring redesigns to mitigate reliance on chips, which may lead to further price increases and extended lead times. Procurement teams should prepare for continued volatility in semiconductor availability and pricing....