Top 100 EMS and ODM providers grow 23% in 2025 as AI infrastructure drives market

“This project has been in development for several years,” said Dieter Weiss, founder and president of in4ma. He noted that the company has spent a decade analysing the European EMS market and building a dedicated database used by the region’s electronics industry.

The collaboration with EMSNOW began five years ago, when Weiss and EMSNOW publisher Eric Miscoll conducted visits to leading EMS companies across Europe and North Africa to deepen their market insights.

in4ma and EMSNOW currently track around 150 companies globally, from which the top 100 EMS and ODM providers are selected each year. Miscoll said the list may evolve as additional private companies are identified in future research rounds.

Their latest analysis of the global EMS and ODM market shows that the Top 100 providers recorded an average revenue growth rate of 23% in 2025. However, the expansion was heavily concentrated among a small group of the largest companies, highlighting widening structural differences across the global manufacturing landscape.

Overall, the 120 EMS and ODM companies in the dataset with annual revenues above USD 120 million generated a combined USD 818.1 billion in revenue in 2025, up from USD 665.4 billion in 2024 – a YoY increase of 22.9%.

Across all companies included in the research, revenues grew by 20.8%, while the total global electronics outsourcing market – including EMS providers, ODMs and OEMs performing EMS activities – is estimated to have grown by 19.7%.

Datacentre demand reshapes the industry

According to the analysis, the rapid expansion of AI-related data centre infrastructure became a defining feature of the electronics manufacturing sector in 2025.

Participation in this market segment typically requires companies operating at a very large scale, often with annual revenues in the tens of billions of dollars. Major players such as Foxconn, Wistron, Quanta Computer and Wiwynn have therefore captured a significant share of the growth.

Among these companies, Wistron increased revenues by 109% in 2025, while Quanta Computer grew by 56% and Wiwynn by 164%.

Together with Foxconn, these companies accounted for nearly 57% of global EMS and ODM production during the year and have become major consumers of memory components such as DRAM and NAND used in AI and cloud infrastructure.

Growth concentrated among a few companies

Despite strong overall growth among the Top 100 providers, the data shows that most of the expansion came from a relatively small number of companies.

According to the report, 91% of the total revenue increase within the Top 100 was generated by just 14 companies with annual revenues in the double-digit billion-dollar range.

Many EMS and ODM providers in Western markets captured only a limited share of the AI- and data centre-driven growth.

Asia leads regional growth

The research from in4ma and EMSNOW points to the fact that regional growth patterns differed significantly in 2025.

Asian EMS and ODM companies – excluding Foxconn – recorded average revenue growth of 28.5%, reflecting strong electronics demand, regional reshoring within Asia, and a higher share of programmes related to AI servers, cloud infrastructure and electric vehicles.

Companies headquartered in the Americas grew by an average of 11.1%. Much of this performance was shaped by four major players – Jabil, Flex, Celestica and Sanmina – which together represent around 85% of the revenue among US-headquartered EMS and ODM companies with revenues above USD 100 million.

These companies are heavily exposed to complex and regulated markets such as cloud infrastructure, defence, aerospace, medical technology and industrial systems, which helped sustain high single-digit to low double-digit growth.

Europe lags behind

In contrast, European EMS and ODM providers recorded average revenue growth of just 4.4% in 2025.

According to the analysis, the region was affected by weaker macroeconomic demand, slower OEM decision cycles, higher energy costs and limited manufacturing capacity expansion. Even sectors showing solid demand – such as defence and industrial electronics –were not sufficient to lift overall regional growth.

Consolidation may boost European figures in 2026

Looking ahead, ongoing consolidation in the European EMS sector could significantly influence reported growth rates in 2026. The researchers note that mergers and acquisitions may add substantial inorganic revenue, potentially pushing headline growth figures above the organic levels seen in 2025.

At the same time, rising defence and security spending in Europe is expected to support above-average growth among EMS and ODM companies serving defence-related markets.

However, analysts caution that separating organic growth from acquisition-driven revenue will be essential to accurately assess market development in the coming year.

The findings are part of the EMS & ODM Global 100 analysis published jointly by in4ma and EMSNOW, which tracks around 150 companies worldwide to identify the largest players in the global electronics manufacturing sector.