SME market in China China is the largest global SME market China: Share of global SME market, 2014–September 2023 31% 30% 29% 26% 26% 25% 23% 20% 20% 16% 15% 15% 13% 12% 10% 5% 0% 2014 2015 2016 2017 2018 2019 2020 2021 2022 Jan-Sep 2023 Notes/Sources: SEMI, “Global Semiconductor Equipment Billings Reach Industry Record $107.6 Billion in 2022, SEMI Reports,” April 12, 2023, https://www.semi.org/en/news-media-press-releases/semi-press-releases/global-semiconductor- equipment-billings-reach-industry-record-%24107.6-billion-in-2022-semi-reports; Hana Securities Co. Ltd., 중국 반도체 국산화의 주역들, 12 https://www.hanaw.com/download/research/FileServer/WEB/global/industry/2022/10/03/220930_china_semi.pdf; SEMI, “Q3 2023 Global Semiconductor Equipment Billings Drop 11% Year-over-Year, SEMI Reports,” November 30, 2023, https://www.semi.org/en/news-media-press-releases/semi-press-releases/q3-2023-global-semiconductor-equipment-billings-drop-11-percent-year-over-yer-semi-reports; SEMI, “Q2 2023 Global Semiconductor Equipment Billings Dips 2% Year-over-Year, SEMI Reports,” September 6, 2023, https://www.semi.org/en/news-media-press-releases/semi-press-releases/q2-2023-global-semiconductor-equipment-billings-dip-2-percent-year-over-year-semi-reports.