In an industry as cyclical as semiconductors, there is always either too much or too little supply. For the companies that design and use microchips, the past 30 years have been a constant exercise in securing the right amount of them to satisfy demand but not tying up too much money in inventory.

But that time-tested see-saw may be teetering out of balance. At a time of year that is usually low season for electronics, the industry is in the throes of one of its worst shortages.

The most visible fallout has been in the car industry, with manufacturers from Ford to Volkswagen shuttering plants or cutting production because they lack crucial semiconductor-based components. But the squeeze is also affecting other sectors that compete with carmakers for these electronic parts, which are used in products as diverse as 5G smartphones, television sets and factory automation equipment.