MMI Publishes Top 50 List of EMS Companies Worldwide

Nevada City, California – Manufacturing Market Insider (MMI) announces that the Top 50 EMS companies worldwide surpassed $457 billion in revenue.

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 2022, Top 50 sales accounted for $457 billion in revenue—an increase of $40 billion from 2021, or 9.5%. MMI tabulates its ranking information through an annual survey of over 100 of the largest EMS companies worldwide.

Top 50 sales expanded dramatically from the previous year, exceeding the growth of the OEM market by more than double. It was an outstanding achievement, largely among the top ten mid-tier EMS manufacturers.

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 only expanding 0.6% in 2022. Industry participants cannot expect the company’s revenue 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.

An example of this was Pegatron who experienced negative growth in 2022 of –0.2%. But better results were reported by Wistron, which achieved positive 7.1% revenue growth, along with Jabil, which experienced 15.1% revenue growth, moving it into a third-place position in the industry. As far as the fastest growing companies, GPV Group ranked in first place with y-o-y growth of 65.1 percent, followed closely by Kitron with growth of 56.3 percent, Kaga Electronics with growth of 55.6 percent, and DBG with 43.9 percent growth. All MMI international currency conversions are based on average annual conversion rates established by the U.S. Federal Reserve.

Overall, the APAC region accounted for around 77.6 percent of the Top 50 EMS revenue, the Americas represented 20.4 percent of revenue, and the EMEA region constituted 23.1 percent, mainly due to extensive activity in acquisitions. It took a minimum of $444 million in sales to make the Top 50—an increase of $12 million in revenue.

For 2022, the top 10 accounted for 89.0 percent of Top 50 sales, down from 92.8 percent in 2021, still illustrating that the EMS industry remains top-heavy. The bottom 40 together produced an excellent 12.2 percent growth rate, increasing from $44.5 billion in 2021 to a reported $50.0 billion in 2022

In addition to ranking providers by 2022 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 2023 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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