Manufacturing Market Insider (MMI) announces that the Top 50 EMS companies worldwide declined to $423 billion in revenue.


Nevada City, California –  Manufacturing Market Insider, a newsletter specializing in the EMS (electronics manufacturing services) industry, has released its annual MMI Top 50™ list of the world’s largest EMS providers. In 2023, Top 50 sales accounted for $423 billion in revenue—a decline of $26 billion.

MMI tabulates its ranking information through an annual survey of over 100 of the largest EMS companies worldwide. It turns out that only the top tier (Hon Hai Precision Industry (Foxconn) and Pegatron) EMS companies had a bad year, while Tiers 2 and 3 did well in many cases, exhibiting excellent growth. With the results of the MMI Top 50™ survey now in, it can be said that 2023 was not generally a good growth year, with –5.8 percent for the overall growth, though there were still more positive results than negative.

The growth rates of the Top 50 are a proxy for the rest of the industry, as a minority of companies suffered a downturn in revenue. The Top 50 usually account for approximately 85–90 percent of total industry revenue, so this percentage may change in our annual report, due in June, depending on what occurs among the other 15 percent. In recent years, Top 50 expansion has received a boost from EMS giant Hon Hai Precision Industry (Foxconn) because of its size and strong growth rate. This year, Foxconn’s revenue depressed the total industry growth by declining a negative 11.6% while Pegatron dropped by 13.6 percent.

Industry participants cannot expect these industry giants to continue to expand at double-digit rates, as these large numbers are difficult to sustain compared to those of Tier 2–4 suppliers, which have grown rapidly over the last few years due to acquisitions. As an example of this, GPV reached the highest growth rate of any other EMS company by achieving 81.2 percent in 2023 and 65.1% percent in 2022.

Overall, the APAC region accounted for around 74.7 percent of the Top 50 EMS revenue, and the Americas represented 22.8 percent of revenue, an increase of 2.4 percent, while the EMEA region constituted 2.5 percent, an increase of 0.3 percent, mainly due to extensive activity in acquisitions. It took a minimum of $434 million in sales to make the Top 50—a decrease of $14 million in revenue.

For 2023, the top 10 accounted for 88.7 percent of Top 50 sales, down from 89.1 percent in 2022, illustrating that the EMS industry remains top-heavy. The bottom 40 together produced a credible 12.6 percent growth rate, increasing from $44.5 billion in 2022 to a reported $50.1 billion in 2023.

In addition to ranking providers by 2023 sales, the MMI Top 50 listing includes sales growth, previous rank, number of employees, number of plants, facility space, space in low-cost regions, number of SMT lines, and customer data. This special data was published in the March 2024 edition of MMI, and in April the newsletter will include market segmentation data obtained from the MMI survey. Contact the publisher for the purchase of individual reports. Founded in 1990, Manufacturing Market Insider is a monthly newsletter providing dedicated coverage of the EMS industry, and is a division of New Venture Research Corp. For more information, please see

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