2023 GPU Graphics Card Industry Report: Market Overview, Mining Impact, and Future Trends

The report begins with an overview of the Chinese graphics‑card industry, describing the current state of development, major OEM product lines, and the impact of cryptocurrency mining, especially after the Ethereum merge, on the market and the entire supply chain.

Industry Definition : A graphics card (video card) is a hardware component that transmits computer data to a display, converting digital signals to analog for visual output and assisting the CPU with image processing, making it a fundamental computer part.

Industry Classification : Graphics cards are categorized into integrated, core, and discrete types. Integrated and core cards increasingly blur as GPUs are packaged with CPUs, while discrete cards feature distinct architectures tailored to various applications.

Industry Characteristics : The sector is highly competitive, dominated by NVIDIA, AMD, and Intel, with rapid iteration driven by gaming, AI, and cloud computing demands, leading to stable growth and expanding application scenarios.

GPU Mining Evolution : Early GPU mining was small‑scale and later overtaken by ASICs. GPU mining resurged, displacing CPU mining, causing a surge in GPU demand, followed by a sharp decline after Ethereum’s transition to proof‑of‑stake in 2022.

Supply‑Chain Analysis :

• Upstream : GPU chip manufacturers (NVIDIA, AMD, Intel) and wafer fabs (TSMC) hold the core technology and pricing power.

• Midstream : OEMs (ASUS, MSI, Gigabyte, Colorful, etc.) customize reference designs with varied aesthetics, cooling, and features to target different consumer segments.

• Downstream : End‑users include gamers, AI practitioners, designers, and video editors; major sales channels are e‑commerce platforms, accounting for over 70% of sales.

The independent graphics‑card market grew from ¥1,067.4 billion in 2017 to ¥1,153.9 billion in 2022, with a projected ¥1,869.7 billion by 2027. The COVID‑19 pandemic and the 2021 Ethereum boom drove rapid expansion, while the 2022 PoS shift caused a sharp demand drop and a 50% decline in shipments.

Competitive Landscape : Leading OEMs such as ASUS, MSI, and Gigabyte dominate, with Colorful gaining market share. NVIDIA maintains a higher market share (≈88% by end‑2022) due to superior technology and driver support, while AMD offers competitive pricing.

Future Outlook : Competition will intensify as domestic Chinese manufacturers improve, and product differentiation will focus on high‑end, professional, and AI‑driven segments. Growing AI model workloads, edge computing, autonomous driving, and other emerging fields will further expand GPU demand.