In late 2020, a worldwide automotive semiconductor supply bottleneck developed and rapidly evolved into a global chip shortage.

Currently, market watchers estimate the event will cost the vehicle sector $110 billion in revenue this year.

The crisis, now affecting 160 industries, is predicted to negatively impact consumer electronics availability this holiday season.

In response, several leading component makers have ramped up their production to mitigate the crunch's impact.

Unfortunately, the massively debilitating parts scarcity is not expected to end in the near term.

Recently, electronics industry leaders and foundry service provider executives expressed their belief that the chip shortage will persist into 2023.

Moreover, multiple analysts have echoed those sentiments based on the significant ongoing discrepancy between microelectronics supply and demand. However, they also offered multiple recommendations on how manufacturers can navigate the situation.