April 16, 2025, Nevada City, California – Manufacturing Market Insider (MMI) announces that the Top 50™ EMS companies worldwide grew 12.7 percent in 2024 to reach a total of $477 billion in revenue.
This result was a remarkable turnaround after one of the biggest downturns in EMS history in 2023. As in the past, the top-tier suppliers benefited the most, with companies like EMS giants Hon Hai Precision Industry (Foxconn), BYD Electronics, and Celestica achieving the most positive gains. Other suppliers like Pegatron, Jabil, Sanmina, USI and Flex experienced negative (double-digit) revenue losses in 2024. This means that the mid-tier EMS firms like DBG, Dixon Technologies, Fabrinet, and Cyient were left to pick up the slack and propel the overall positive result.
Overall, the APAC region accounted for around 74.7 percent of the Top 50 EMS revenue, and the Americas achieved 20.4 percent revenue growth, an increase of 2.4 percent, while the EMEA region constituted 2.5 percent, and an increase of 0.3 percent, mainly due to extensive activity in acquisitions. It took a minimum of $521 million in sales to make the Top 50—an increase of $87 million in revenue. The APAC region alone accounted for 20 percent of the total growth, with the Americas and EMEA due to contractions and consolidation.
For 2024, the top 10 EMS companies accounted for 87.6 percent of Top 50 sales, down from 88.7 percent in 2023, illustrating that the EMS industry remains very top-heavy. The bottom 40 lost market share in 2024 declining to 3.5 percent growth from the previous year. The growth rates of the Top 50 are a proxy for the rest of the industry, as it usually accounts for approximately 75–80 percent of total industry revenue.
In addition to ranking providers by 2024 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 2025 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.
MMI is a monthly newsletter specializing in the EMS (electronics manufacturing services) industry, and tabulates its ranking information through an annual survey of over 100 of the largest EMS companies worldwide. Founded in 1990, MMI is a division of New Venture Research Corp. For more information, please see www.mfgmkt.com/.