NEVADA CITY, CA – The top 50 EMS companies in the world accounted for $457 billion in revenue in 2022 – an increase of $40 billion from 2021, according to a report from Manufacturing Market Insider.

Top 50 sales expanded dramatically from the previous year, exceeding the growth of the OEM market by more than double.

In recent years, Top 50 expansion has received a boost from EMS giant 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 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 YoY growth of 65.1%, followed closely by Kitron with growth of 56.3%, Kaga Electronics with growth of 55.6%, and DBG with 43.9% growth.

Overall, the APAC region accounted for around 77.6% of the Top 50 EMS revenue, the Americas represented 20.4% of revenue, and the EMEA region constituted 23.1%, 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% of Top 50 sales, down from 92.8% in 2021, still illustrating that the EMS industry remains top-heavy. The bottom 40 together produced an excellent 12.2% growth rate, increasing from $44.5 billion in 2021 to a reported $50 billion in 2022.

MMI tabulates its ranking information through an annual survey of over 100 of the largest EMS companies worldwide.

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