The 50 largest electronics manufacturing services (EMS) providers reported a combined $423 billion in 2023 sales, down $26 billion from 2022. Manufacturing Market Insider (MMI) put the decline at about 5.8%. The drop was concentrated among the two largest providers, while many smaller firms grew and the bottom 40 expanded as a group.
How much did the Top 50 EMS companies sell in 2023?
MMI reported $423 billion in combined sales for its 2023 Top 50, a decrease of $26 billion year over year. MMI described the overall decline as approximately 5.8%; Circuits Assembly reported it as 5.7%. The available reports do not explain the difference, so the percentage is best treated as approximate. The figures refer to the 2023 reporting period, published in MMI’s March 2024 edition.
EE Times’ April 16, 2024 summary of MMI and Circuits Assembly’s April 15, 2024 report both describe the fall in sales. EMS providers manufacture electronic products for other companies, so this ranking tracks business-to-business manufacturing revenue, not consumer electronics sales.
Why did sales decline if many providers grew?
The aggregate result was heavily influenced by the largest companies. MMI reported that Foxconn’s sales fell 11.6% and Pegatron’s fell 13.6% in 2023. Many tier 2 and tier 3 providers, by contrast, increased sales. GPV recorded the highest growth figure highlighted in the coverage, rising 81.2% in 2023 after growing 65.1% in 2022.
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This contrast matters when reading the headline: a decline in the combined total does not mean every company, or even every tier, contracted. The large providers’ losses outweighed growth elsewhere in the ranking. The reports do not supply enough company-level data in their public summaries to calculate each provider’s contribution to the total change.
How did the largest companies compare with the rest?
The top 10 accounted for 88.7% of Top 50 revenue in 2023, compared with 89.1% in 2022. Despite the slight reduction in concentration, those ten companies still represented the overwhelming majority of the ranking’s sales.
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The bottom 40 grew as a group: MMI reported a 12.6% increase, from $44.5 billion in 2022 to $50.1 billion in 2023. The figures show that smaller ranked providers expanded even as the Top 50 total fell. The threshold for entering the 2023 list was $434 million in sales, $14 million below the previous year’s threshold.
What does MMI’s Top 50 ranking measure?
MMI compiles its annual ranking through a survey of more than 100 of the world’s largest EMS companies. It says the Top 50 typically represent about 85–90% of total industry revenue. That makes the ranking a substantial industry indicator, but not a census of every EMS provider; the revenue-share estimate is MMI’s, rather than a separately measured full-market total in the public coverage.
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Beyond sales and year-over-year growth, MMI’s ranking tracks previous rank, employee count, number of plants, facility space, space in low-cost regions, surface-mount technology (SMT) line counts, and customer data. MMI says individual reports are available for purchase through the publisher; the public articles do not reproduce the complete company-by-company table.
Where was Top 50 EMS revenue concentrated?
MMI’s regional breakdown of 2023 Top 50 EMS revenue was:
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| Region | Share of Top 50 revenue |
|---|---|
| Asia-Pacific (APAC) | 74.7% |
| Americas | 22.8% |
| Europe, Middle East and Africa (EMEA) | 2.5% |
These are shares of revenue reported by the ranked companies, not estimates of all electronics manufacturing activity in each region.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How should readers use the 2023 result?
Use it as a snapshot of the largest surveyed EMS providers, with special attention to the gap between the top tier and smaller firms. The combined decline captures the weight of Foxconn and Pegatron, while growth among the bottom 40 shows that the contraction was not uniform. MMI’s ranking also offers operational comparisons—such as plant footprint, employees and SMT lines—that revenue alone cannot provide. The published summaries, however, do not include the full company-level dataset needed to independently reconstruct every ranking or growth contribution.
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