India, May 8 -- It is very unlikely that the EU will meet its target of a 20 % share of the global market for microchips by 2030, according to a new report by the European Court of Auditors. While the 2022 EU Chips Act has brought new momentum to the European microchip sector, the investments driven by it are unlikely to significantly enhance the EU's position in the field.

Microchips play a vital role in modern life, and the global shortage of microchips during the COVID-19 pandemic highlighted their critical importance to the economy. The EU's Digital Decade strategy set a target for the Union to gain a 20 % share of global production value in cutting-edge and sustainable microchips by 2030. The European Commission has made reasonable ...