Overall, the APAC region accounted for around 74.7% of the Top 50 EMS revenue, and the Americas achieved 20.4% revenue growth, an increase of 2.4%, while the EMEA region constituted 2.5%, and an increase of 0.3%, mainly due to extensive activity in acquisitions.

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. This data was published in the March 2025 edition of MMI, a monthly newsletter specializing in the EMS (electronics manufacturing services) industry.

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. Overall, the APAC region accounted for around 74.7% of the Top 50 EMS revenue, and the Americas achieved 20.4% revenue growth, an increase of 2.4%, while the EMEA region constituted 2.5%, and an increase of 0.3%, mainly due to extensive activity in acquisitions. It took a minimum of USD 521 million in sales to make the Top 50 — an increase of USD 87 million in revenue. The APAC region alone accounted for 20% of the total growth, with the Americas and EMEA due to contractions and consolidation.

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.

The challenges faced by Europe’s EMS sector were highlighted by prominent industry analyst Dieter G. Weiss of in4ma during Evertiq Expo Warsaw 2024. Weiss painted a sobering picture of Europe’s EMS industry in 2024, revealing that 70-75% of companies had reported lower revenues compared to 2023, with a majority expected to close the year at a loss. He attributed this downturn to lingering effects of the so-called “fake chip crisis” and ongoing market instability.