The Top 50 EMS companies worldwide grew 12.7% in 2024 to reach a total of USD 477 billion in assembly revenue, Manufacturing Market Insider (MMI) has revealed. 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, according to a media release. Other suppliers like Pegatron, Wistron, Jabil, Sanmina, USI, and Flex experienced negative (double-digit) revenue losses in 2024. 

This means that mid-tier EMS firms like DBG, Dixon Technologies, Fabrinet, and Cyient were left to pick up the slack and propel the overall positive result. For 2024, the top 10 EMS companies accounted for 87.6% of Top 50 sales, down from 88.7% in 2023, illustrating that the EMS industry remains very top-heavy. 

The bottom 40 lost market share in 2024, declining to 3.5% 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 85–90% of total industry revenue.

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