2024 EMS Top 10: Industry Leaders Driving a Robust Recovery
The Electronics Manufacturing Services (EMS) industry has made a strong comeback in 2024, with the Manufacturing Market Insider (MMI) reporting a 12.7% revenue growth for the Top 50 EMS companies, reaching a total of $477 billion. This marks a significant reversal from the historic downturn experienced in 2023. The Top 10 EMS providers, in particular, have played a pivotal role in this recovery, contributing 87.6% of the Top 50’s total revenue. Below, we explore the key players in the 2024 EMS Top 10, their regional dominance, and the trends shaping the industry’s resurgence.
The 2024 EMS Top 10: A Snapshot
While the exact list of the Top 10 EMS companies for 2024 is not fully detailed in the MMI report, historical data and industry trends highlight the usual frontrunners, with companies like Foxconn, BYD Electronics, Pegatron, Wistron, Jabil, and Celestica frequently dominating the rankings. Based on the MMI data, the Top 10 is headquartered across three key regions:
Greater China: 6 companies
United States: 3 companies
Canada: 1 company
This distribution underscores the continued dominance of Asia-Pacific, particularly Greater China, in the EMS sector, with the region accounting for 74.7% of the Top 50’s total revenue.
Key Performers in 2024
1. Foxconn (Hon Hai Precision Industry Co., Ltd.)
Headquartered in Taiwan, Foxconn remains the world’s largest EMS provider, known for manufacturing products like Apple’s iPhone, iPad, and Nintendo gaming systems. In 2024, Foxconn led the industry’s growth, capitalizing on strong demand in consumer electronics and expanding into new sectors like electric vehicle components through partnerships such as with ZF Friedrichshafen AG.
2.BYD Electronics
A subsidiary of Chinese giant BYD, this Shenzhen-based company has emerged as a top performer, driving significant revenue growth in 2024. Beyond its core business in smartphones and computers, BYD Electronics has expanded into medical devices and IoT products, leveraging its expertise in electric vehicle technology.
3.Pegatron Corporation
Another Taiwanese heavyweight, Pegatron, focuses on consumer electronics like Apple’s iPhones and MacBooks. Despite facing double-digit declines in 2024, Pegatron remains a key player due to its robust manufacturing capabilities across Taiwan, China, Mexico, and Indonesia.
4.Wistron Corporation
Also based in Taiwan, Wistron provides design and manufacturing services for communication and medical devices. While it experienced revenue declines in 2024, its subsidiary, Wistron Medical Technology Corp, continues to support its strong presence in the medical device sector.
5.Jabil Inc.
Headquartered in Florida, USA, Jabil is a global leader offering services in automotive, healthcare, and consumer electronics. Despite a reported double-digit revenue drop in 2024, Jabil’s diverse portfolio, including advanced driver assistance systems (ADAS) and vehicle electrification, keeps it among the Top 10.
6.Celestica Inc.
Based in Canada, Celestica operates across 50 sites in 15 countries, providing innovative EMS solutions. Its focus on aerospace, defense, and healthcare sectors has helped it maintain a strong position in the Top 10, even as smaller players struggled.
7.Sanmina Corporation
A U.S.-based EMS provider, Sanmina excels in defense, avionics, and healthcare applications. Its joint venture with Reliance Strategic Business Ventures Limited in India highlights its commitment to expanding in emerging markets.
8.Flex Ltd.
Another U.S. giant, Flex is renowned for its comprehensive EMS offerings, including wearable health devices and patient monitoring systems. Its 2024 performance was bolstered by strategic acquisitions in fashion tech and wearable technology.
9.Benchmark Electronics Inc.
Headquartered in Arizona, USA, Benchmark specializes in high-reliability products for medical, aerospace, and telecommunications sectors. Its $20 million investment in a new U.S. semiconductor facility in 2023 strengthened its position in 2024.
10.Plexus Corp.
A U.S.-based provider, Plexus focuses on high-performance solutions for aerospace, medical, and communication industries. Its collaboration with Collins Aerospace for avionics systems underscores its expertise in high-reliability manufacturing.
Note: The exact ranking and inclusion of companies may vary slightly based on MMI’s final 2024 list, but these companies align with the regional headquarters distribution and performance trends reported.
Regional Dynamics Fueling Growth
The Asia-Pacific region, led by Greater China and Taiwan, continues to dominate the EMS landscape, contributing 74.7% of the Top 50’s revenue. This is driven by the presence of major players like Foxconn, BYD, and Pegatron, supported by cost-effective labor, advanced manufacturing infrastructure, and proximity to semiconductor hubs in China, Japan, and South Korea.
The Americas, particularly the United States, saw the strongest regional growth in 2024, with a 20.4% revenue increase. This surge reflects investments in domestic manufacturing, such as Benchmark’s new semiconductor facility, and a focus on reshoring to enhance supply chain resilience.
The Europe, Middle East, and Africa (EMEA) region grew more modestly at 2.5%, driven by acquisition activities. Europe’s focus on sustainable production and Industry 4.0 technologies positions it for faster growth in the coming years, particularly in automotive and aerospace electronics.
Industry Trends and Challenges
The 2024 EMS Top 10 navigated several key trends and challenges:
Electrification and Digitalization: The rise of electric vehicles (EVs) and smart devices has increased demand for high-reliability components, benefiting companies like BYD and Jabil. Over 40 million EVs are in use globally, driving EMS growth in the automotive sector.
Supply Chain Resilience: Post-2023 disruptions prompted companies like Flex and Benchmark to invest in localized manufacturing and robust supply chain solutions.
Sustainability: Top players are prioritizing eco-friendly production, with initiatives like BYD’s focus on renewable energy and Foxconn’s partnerships in solid-state battery ecosystems.
Uneven Recovery: While Foxconn and BYD led growth, companies like Pegatron, Wistron, and Jabil faced declines, reflecting challenges in consumer electronics and overstock from 2023.
Looking Ahead to 2025
The EMS industry is poised for continued growth, with projections estimating the global market to reach $536.32 billion in 2025 and $712.33 billion by 2029, at a CAGR of 2.9%. The Top 10 EMS companies will remain at the forefront, leveraging innovation, strategic partnerships, and regional strengths to meet rising demand in consumer electronics, automotive, and healthcare sectors. However, they must address challenges like supply chain volatility and competitive pressures from smaller players, which grew at a modest 3.5% in 2024.
The 2024 EMS Top 10 have demonstrated resilience and adaptability, setting the stage for a dynamic 2025. As the industry evolves, these leaders will continue to shape the future of electronics manufacturing through cutting-edge technology and global collaboration.
