Koenigswinter, Germany and Southlake, Texas USA – in4ma and EMSNOW are pleased to announce the joint publication of the EMS & ODM Global 100, a ranking of companies based on revenues. This list is the first in a multi-phased launch of data and insights planned for release over the coming quarters.
2025 was a very challenging year for the global manufacturing sector, shaped by renewed trade tensions, shifting policy frameworks, and subdued consumer sentiment in many Western economies. At the same time, soaring demand for AI data centers stretched manufacturing capacities in several Far Eastern countries to their limits. Against this backdrop, accurate and precise data and insights into global electronics manufacturing capacity are becoming increasingly critical and challenging to compile.
This list of the Global Top 100 EMS & ODM companies – the first phase of the joint venture – is now available on the websites of EMSNOW (www.emsnow.com) and in4ma (www.in4ma.de). In addition, we here provide a summary of our key findings for 2025 as an initial outlook for the market’s future development.
“This project has been in development for several years,” explained Dieter Weiss, in4ma founder and president. “For ten years, in4ma has analyzed the European EMS market and built a European market database that is second to none. The European electronics industry today relies on the data and forecasts supplied by in4ma. Five years ago, in4ma partnered with EMSNOW to add further depth by visiting leading EMS companies across Europe and North Africa. During several two-week tours, Eric Miscoll, publisher of EMSNOW, and I spent long days on the road and evenings in discussion, sharing and refining our insights into this vital industry.”
When Dr. Mareike Haass joined the in4ma team, the research was expanded to include the North American EMS industry, a project that is still being refined today. At the same time, it was recognized that the global manufacturing landscape cannot be defined by Europe or North America alone
“For nearly twelve months, the team researched the market with the goal of compiling a global list of EMS/ODM companies each generating more than US$100 million in annual revenue,” added Eric Miscoll, EMSNOW Publisher. “Deciding whom to include was challenging, since many major Japanese electronics brands (Canon, Sony, Panasonic, Murata, etc.) and in Korea (Samsung, LG) are OEM/ODMs that manufacture primarily in-house and therefore do not qualify as pure EMS providers despite their large volumes. As a result, the pure-play EMS segment appears more fragmented and is dominated by mid-sized companies.”
“Our tracking list contains about 150 companies which will be monitored and assessed to select the 100 largest EMS/ODM every year,” Eric continued.” We are aware that we may have overlooked one or more companies that merit inclusion, especially some private companies, and we therefore welcome feedback and suggestions for additional candidates to be considered in future research rounds,” he concluded.
Access the EMS/ODM Top 100 list here
Summary of Key Findings
Market size and production value
- For the 120 EMS/ODM on our list with annual revenues greater than US$120M, overall revenues increased 22.9% in 2025 over 2024.
- The revenues for these 120 EMS/ODM companies totaled US$665.4B in 2024 and US$818.1B in 2025.
- For all EMS/ODM studied, revenues increased 20.8% in 2025 over 2024.
- Our estimate of total global outsourcing (including EMS, ODM and OEMs doing EMS) increased 19.7% in 2025 over 2024.
Structural shifts in 2025
- The global manufacturing landscape in 2025 was shaped by growing tension between traditional cost-optimization and the explosive growth of AI-related datacenter demand in the Far East.
- To meaningfully participate in this datacenter wave, EMS/ODM providers typically need double-digit billion USD revenue scale (e.g. Foxconn, Wistron, Quanta Computer, Wiwynn Corp.).
Dominance of the very large players
- In 2025, Wistron grew by 109%, Quanta Computer by 56%, and Wiwynn by 164%.
- These three EMS/ODM companies plus Foxconn together account for nearly 57% of global EMS/ODM production, and they have become the primary consumers of DRAM and NAND.
Growth concentration in the Top 100
- The Top 100 EMS/ODM providers recorded an average growth rate of 23.0% in 2025.
- However, 91% of the absolute revenue increase in this group came from just 14 companies with double digit billion USD revenues.
- Many EMS/ODM firms in the Western world effectively remained on the sidelines, capturing little of the AI/datacenter-driven upside.
Regional growth comparison (by HQ location)
- Asian EMS/ODM companies (ex Foxconn): average 28.5% revenue growth in 2025, reflecting strong volume recovery, regional reshoring in Asia, and a higher share of AI/server and EV programs.
- American companies grew by 11.1% on average, with the “big four” (Jabil, Flex, Celestica, Sanmina) representing about 85% of the revenue base among ~20 US headquartered EMS/ODM > US$100, so their high single/low double-digit expansion essentially defines the regional average.
- European EMS/ODM companies had only 4.4% average growth, indicating clear underperformance versus Asia and the Americas and highlighting structural and demand side constraints in Europe.
Structural drivers by region
- Asia: Benefited from global electronics upcycle, AI/cloud hardware buildout, EV and industrial automation demand, plus still competitive cost structures and capacity already in place for rapid scaling.
- Americas: Growth supported by nearshoring, CHIPS/IRA driven programs, and complex regulated end markets (defense, medical, infrastructure), but from a more mature, concentrated base.
- Europe: Dragged by weaker macro demand, slower decision cycles among OEMs, energy cost overhang, and capacity constraints, so even solid niches (e.g., defense, industrial) did not lift the regional average much.
Outlook 2026
Inorganic and defense effects in Europe
- M&A: Ongoing consolidation in Europe means 2026 reported growth rates will include substantial inorganic contributions, potentially pushing headline growth clearly above the organic 2025 level, even if end market demand stays modest.
- Defense electronics: Several European EMS/ODM are already showing above average growth driven by accelerated defense and security spending, and this is likely to remain a key pocket of outperformance within an otherwise slower regional market.
- Interpretation: For 2026, European growth metrics will need to be split analytically into organic vs acquired revenue to avoid overstating true market expansion.
Role of American majors (Jabil, Flex, Celestica, Sanmina)
- Concentration: With ~85% share of the American EMS/ODM cohort > US$100 M, the growth path of these four essentially sets the headline 11.1% regional figure.
- Mix: All four are heavily exposed to complex, higher margin segments (cloud/AI infrastructure, defense/aerospace, medical, industrial), which tend to grow faster than legacy consumer electronics and help sustain high single-digit to low double-digit growth even in a mixed macro environment.
Coming soon: in4ma & EMSNOW activities in 2026
- Company dialogues: The planned visits by Eric Miscoll and Dieter Weiss to large EMS/ODM groups in 2026 will enable management level insight into how European leaders intend to close the gap with Asian and American peers (e.g., via M&A, specialization, or geographic rebalancing).
- International EMS and PCB Forum (8–9 July 2026, Würzburg): This event, run by in4ma with German and English presentations and simultaneous English translation, will focus on global electronics and EMS/ODM developments, providing a platform to discuss these regional growth divergences, the impact of defense demand, and the implications of ongoing consolidation for 2026 and beyond.
