Top 50 Global EMS Factories in 2023: Total Revenue of $423 billion

Recently, Manufacturing Market Insider released the annual MMI Top 50 list of the world’s largest EMS suppliers. In 2023, the revenue of the top 50 sales was $423 billion, with an overall growth rate of -5.8%, a decrease of $26 billion. MMI conducts an annual survey of over 100 of the world’s largest EMS companies to list their ranking information. It has been proven that only top tier (Hon Hai Precision Industries (Foxconn) and Asus) EMS companies have performed poorly this year, while second and third tier companies have performed well in many cases, demonstrating outstanding growth. In recent years, the expansion of the Top 50 has benefited from the scale and strong growth rate of EMS giant Hon Hai Precision Industries (Foxconn). This year, Foxconn’s revenue grew by a negative 11.6%, dragging down the overall growth rate of the industry, while Asus declined by 13.6%. The Asia Pacific region accounts for three-quarters of EMS 50 revenue, and the top 50 typically account for approximately 85-90% of the industry’s total revenue. Industry participants cannot expect these industry giants to continue expanding at double-digit rates, as these large numbers are difficult to maintain compared to the rapidly growing 2-4 tier suppliers through acquisitions in the past few years. For example, the growth rate of GPV is the highest among other EMS companies, reaching 81.2% in 2023 and 65.1% in 2022. Overall, the Asia Pacific region accounts for approximately 74.7% of the EMS Top 50 revenue, the Americas region accounts for 22.8% of revenue, an increase of 2.4%, and the EMEA region accounts for 2.5%, an increase of 0.3%, mainly due to extensive acquisition activities. Entering the top 50 requires at least $434 million in sales, resulting in a decrease of $14 million in revenue. In 2023, the top 10 sales in the EMS industry accounted for 88.7% of the top 50 sales, which is lower than 89.1% in 2022, indicating that the EMS industry is still top-heavy. The bottom 40 companies achieved a reliable growth rate of 12.6%, increasing from $44.5 billion in 2022 to $50.1 billion reported in 2023. In addition to ranking suppliers based on 2023 sales, the MMI Top 50 list also includes sales growth, previous rankings, number of employees, number of factories, facility space, space in low-cost areas, number of SMT production lines, and customer data.