10 Key Players Offering Innovative Electronic Manufacturing Services in 2023

Consumer electronics have played a vital role in bridging the time and distance gaps among end-users and making communication more efficient. The incorporation of advanced technologies, such as Artificial Intelligence (AI) and Machine Learning (ML) has not only caused a significant improvement in the operation of ordinary electronic devices, but also boosted the sales of consumer electronics. As per the Economic Times, in 2022, the sales of high-end TVs, smartphones, refrigerators and water purifiers in India did 9 times better in value, despite an increase in their prices.

Also, rapid digitization across industries has been instrumental in boosting the production of a wide range of electronic devices. These gadgets not only enhance the efficiency and performance of factories, but also help companies improve the quality of their product offerings. The COVID-19 pandemic played a vital role in increasing the production rate of electronics as government-enforced lockdowns forced citizens to use these devices for entertainment purposes.

Electronic manufacturing services are gaining traction due to growing automotive, healthcare, and industrial applications. The service providers are also offering a variety of functionalities, such as testing, sub-assembly manufacturing, designing printed circuit boards (PCBs), and parts assembly & re-engineering. According to Fortune Business Insights, the market for electronic manufacturing services is estimated to touch USD 797.94 billion by 2029, recording a CAGR of 6.8% during the forecast period 2022-2029. The market stood at USD 504.22 billion in 2022 and was valued at USD 476.88 billion in 2021.

Fortune Business Insights Presents the Top Electronic Manufacturing Services Companies:

1. Sanmina Corporation

Sanmina Corporation is one of the top electronics manufacturing service companies based in California, U.S. The company provides its services for various defense applications consisting of avionics, communications, encryption, mission control, guidance, radar, and night vision. Sanmina also offers a variety of services for contract electronics manufacturing including quick turn prototyping, logistics, and many more.

October 2022: Sanmina Corporation and Reliance Strategic Business Ventures Limited (RSBVL) announced the launch of a manufacturing joint venture in India. The aim of launching this joint venture was to make India a world-class electronic manufacturing hub.

2. Hon Hai Precision Industry Co. Ltd

Hon Hai Precision Industry Co. Ltd, also known as Foxconn, is an electronics contract manufacturer based in Taiwan. The company deals in smart consumer electronics, which include TVs, smartphones, gaming consoles, wearable devices, feature phones, set-top boxes, audio systems, and many other items. Hon Hai is considered one of the world’s largest technology manufacturers and service providers.

September 2021: Lordstown Motors Corp., a light-duty electric trucks manufacturer, and Hon Hai Precision Industry Co. Ltd announced that they were coming together to work on the former’s electric vehicle programs. The partnership aims to create several business opportunities for both the companies in scalable electric vehicle production.

3. Benchmark Electronics Inc.

Benchmark Electronics Inc. is one of the most renowned suppliers of integrated electronic manufacturing solutions, with its headquarters in Arizona, U.S. The organization offers innovative production technologies, such as substrate, advanced surface mount, flip chips, in-circuit tests, and more. Benchmark Electronics also provides engineering, integrated manufacturing, design, technology, and precision machining services to its clients.

October 2022: Benchmark Electronics Inc., a global provider of engineering and manufacturing services, partnered with Yield Engineering Systems to expand the support for semiconductor production across the world.

4. Flex Ltd

Flex Ltd is an American multinational electronics manufacturing company that helps its customers design, build, and deliver products across the globe. The company also offers high-power electronics manufacturing and electrification design circuits and other solutions.

September 2022: Flex Ltd was on an acquisition spree as it acquired four players in multiple sectors including fashion tech, wearable technology, and more. The company had invested USD 1.05 billion for these acquisitions.

5. Jabil Inc.

Jabil Inc. is a global provider of manufacturing and supply chain services. The Florida-based company offers a vast range of solutions, such as vehicle electrification, automotive electronics manufacturing, automotive grade design & production capabilities, advanced driver assistance systems (ADAS), and automotive capabilities in electronic manufacturing systems.

December 2021: Jabil Inc. announced its partnership with Carnival Corporation to manufacture a princess medallion. This medallion consists of a variety of communication technologies to deliver better personalization services across every aspect of a customer’s vacation experience.

6. Celestica Inc.

Celestica Inc. is a reputed global provider of design & engineering, electronics manufacturing, and supply chain management services. The company provides several manufacturing services, such as automated production, system integration & testing, quality, and product assurance services to help firms decrease their costs and speed up the process of bringing the products to market.

September 2021: Platinum Equity, a global equity firm, announced that it had sold PCI, a Singapore-based electronic manufacturing service provider, to Celestica. This deal will help Celestica expand its business operations in key markets.

7. Wistron Corporation

Wistron Corporation is a Taiwanese technical electronic manufacturing service provider and was the manufacturing arm of Acer Inc. The organization offers information and communication solutions related to product design, manufacturing, services, and systems. It also designs and produces products for other firms to sell under their brand.

August 2021: Opteimus Electronics, an Indian manufacturing company, partnered with Wistron Corporation to invest USD 1.63 billion in electronics manufacturing. The partnership between these key players is expected to boost the manufacturing of IT hardware products, mobile devices, automotive products, and many other items.

8. Plexus Corporation

Plexus Corporation is an electronic manufacturing service company that mainly deals with product design, material management, supply chains, manufacturing solutions. The U.S.-based service provider enables customers to offer flexible and customized solutions and provides integrated engineering to find smart, innovative solutions to complex market products.

September 2022: Plexus Corporation expanded its business operations with the launch of Part Analytics to manage supply chain disruptions effectively.

9. Fabrinet

Thailand-based electronic manufacturing service provider Fabrinet provides a broad range of electro-mechanical and innovative capabilities across the entire manufacturing process including engineering, process design, production, supply chain management, final assembly, and testing. The company also offers services that support micro-electronics manufacturing, optical technologies for the medical industry, and electro-mechanical solutions for die-attach, wire bonding, fiber integration, and SMT to system assembly.

October 2022: DZS Infrastructure, cloud-based solutions provider partnered with Fabrinet, provider of electrical manufacturing services, to make a strategic shift to a contract model of offering its solutions.

10. COMPAL Inc.

COMPAL Inc. is one of the top manufacturers of notebook PCs, LCD products, and smart electronic devices. Based in Taipei, Taiwan, the original design manufacturer (ODM) supplies its products to high-end customers, such as Alphabet Inc., Apple Inc., Dell, Lenovo, Toshiba, and HP. The company ranked 8^th in the world on iF’s World Design Index 2022 for its excellence in creativity and design.

November 2021: COMPAL Inc. installed a 5G smart factory network developed by Enea. The 5G setup can power an extensive range of agritech, digital healthcare, robotics, and immersive gaming products.

Electronic Manufacturing Industry: The Road Ahead

The production and sales of electronic gadgets will see notable growth over the coming years as advanced 5G and 6G network infrastructures are being established globally. With internet penetration deepening in the urban as well as rural areas, customers’ connectivity requirements have also increased. These factors are expected to create several business and growth opportunities for electronic manufacturing service providers to ensure optimal performance of electronic devices.