The semiconductor industry is facing a challenging time in 2022, as a slump in demand for smartphones and personal computers led to a sharp decline in the sales of some major chipmakers.

The likes of Nvidia and Micron Technology, which were once flying high thanks to the healthy demand for graphics cards and memory chips, are now in bad shape. On the other hand, reports that Apple has been forced to pull back the production of the iPhone 14 line-up on account of tepid demand have weighed on the company's chip suppliers.

However, there's one industry where chip demand continues to remain robust: automotive. Several automakers have pointed out of late that the chip crunch in the industry is here to stay. Volkswagen, for instance, estimates that the auto industry could continue witnessing a chip crunch into 2023 and beyond. Stellantis also holds a similar view, while General Motors CEO Mary Barra also pointed out that the automotive industry could continue grappling with a chip shortage beyond next year.

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Source Fool.com