The electronics industry comprises companies involved in designing, manufacturing and selling electronic components, devices and equipment. It is one of the largest and fastest growing sectors worldwide. Electronics have become indispensable across all aspects of modern life. The industry spans consumer electronics, computing, telecommunications, automotive, aerospace, medical devices and industrial automation.
Many electronics corporations have achieved mammoth scale through mergers and acquisitions. While consumer brands tend to be more familiar to the public, components manufacturers play a huge role behind the scenes supplying high-tech industries.
Here are the 15 largest global electronics companies in 2023 based on their total annual revenues:
1. Samsung Electronics
2022 Revenue: $206.2 billion
Profit: $39.6 billion
Headquarters: South Korea
Samsung began as a grocery exporter in 1938 and entered the electronics business in the late 1960s. Today, it is the world’s biggest electronics company specializing in digital appliances, semiconductor solutions and communication networks. Their vast product portfolio includes mobile devices, TVs, home theater systems, monitors, refrigerators, smart home automation, medical equipment, network infrastructure, and more.
Samsung Electronics comprises major business segments:
- Consumer Electronics (CE): Manufactures smartphones, personal computers, audio-video systems, cameras, home appliances etc.
- IT & Mobile (IM): Designs and manufactures memory chips, processors, display panels and other key components for mobile devices.
- Device Solutions (DS): Produces logic, foundry and flash memory semiconductor chips used across electronics.
- Harman: Makes connected car infotainment systems and audio equipment after acquiring Harman.
South Korea, China and Vietnam are the major manufacturing hubs for Samsung Electronics employing over 250,000 people. They invested $150 billion in R&D to develop leading-edge products and fabrication technologies. Samsung aims to expand next-generation sectors like IoT, 5G, AI, automotive and biopharmaceuticals.
2022 Revenue: $178.5 billion
Profit: $1.47 billion
Foxconn, also known as Hon Hai Precision Industry Co Ltd, is the largest electronics contract manufacturer in the world. They operate factories spread across China, Brazil, Mexico, Malaysia, India and several other countries. Foxconn employ over 1.3 million people to assemble electronic gadgets and devices for major brands.
Apple is Foxconn’s biggest customer accounting for over 50% of their revenues. They exclusively manufacture the iPhone and iPad. Other key clients include Sony, Nintendo, Xiaomi, Huawei, HP, Dell etc. Foxconn makes computers, smartphones, tablets, TVs, servers, game consoles, networking equipment and more.
Foxconn provides complete production support encompassing PCB fabrication, component sourcing, product assembly, quality testing and after-sales service on behalf of client companies. Their scale, manufacturing expertise and ultra-efficient workforce allows mass production of advanced electronics at very competitive costs.
2022 Revenue: $81.3 billion
Profit: $9.9 billion
Sony began in 1946 as an electronics shop repairing radios and building amplifiers. They produced Japan’s first transistor radios and television sets, ushering in the consumer electronics revolution worldwide. Sony gained fame with the launch of portable devices like the Walkman and Discman.
Today, Sony remains among the world’s foremost consumer electronics brands with a wide range of iconic products:
- Televisions, home theater systems and speakers
- Digital imaging products like cameras and camcorders
- PlayStation gaming consoles and accessories
- Audio equipment like headphones and soundbars
- Mobile phones and accessories
- Professional broadcast equipment
- Batteries and storage media like memory cards
Sony also has a major media presence through their music, film and television content divisions. The company invests heavily in R&D to retain its innovative edge across segments.
2022 Revenue: $61.8 billion
Profit: $1.1 billion
Panasonic began in 1918 under the name Matsushita Electric Housewares Manufacturing Works selling light sockets and bicycle lamps. The company pioneered Battery-powered radios and black-and-white TVs to grow into a leading Japanese electronics brand.
Panasonic manufactures a diverse range of electronic products for homes, businesses and industries:
- Home appliances like refrigerators, washing machines, air conditioners, breadmakers, shavers, hair dryers etc.
- TVs, Blu-Ray players, stereo systems and smart home solutions
- Cameras, projectors and surveillance equipment
- Air purifiers and vacuum cleaners
- Lighting equipment including LED and solar lighting
- Avionics systems for aircraft
- Automotive electronics like infotainment systems and batteries
- Industrial devices and solutions for factory automation, welding, HVAC
Panasonic looks to strengthen growth areas like housing, automotive and B2B sectors. Sustainability is a key focus with major investments in EV batteries, new energy and smart city infrastructure.
2022 Revenue: $394.3 billion
Profit: $99.8 billion
Headquarters: United States
Apple began as a computer company in 1976 and grew to become the most valuable electronics corporation worldwide on the back of pathbreaking products like the iPod, iPhone and iPad. Their elegantly designed devices and seamless software-hardware integration wins legions of loyal customers.
Apple’s product line encompasses:
- iPhone smartphones and accessories
- Mac PCs including iMac desktops and MacBook laptops
- iPad tablets and iPad Pro series
- Wearables segment comprising Apple Watch and AirPods
- Home entertainment products like Apple TV streaming box
- Smart home ecosystem with HomePod speakers
- Software and online services division offering content like Apple Music
Apple relies heavily on contracted manufacturers in China like Foxconn for device assembly while focusing intently on cutting-edge proprietary chip and software design. The phenomenal success of the iPhone makes up over 50% of their gargantuan revenues.
2022 Revenue: $93.78 billion
Profit: $1.69 billion
Founded in 1988, Quanta Computer is the largest notebook computer original design manufacturer (ODM) in the world. They design and manufacture laptops, servers and mobile devices for major technology companies. Quanta employs over 100,000 people across Taiwan, China, the USA and Germany.
Around 40% of all laptops sold globally are made by Quanta with customers including Apple, HP, Dell, Acer, Lenovo, Google, Amazon and Facebook. Quanta is also the world’s largest manufacturer of servers powering data centers and cloud infrastructure.
The company provides complete services encompassing product design, supply chain management, manufacturing, quality testing and after-sales support on behalf of client brands. Quanta leverages huge economies of scale, Lean production and vertical integration to deliver high-quality products at aggressive costs.
7. LG Electronics
2022 Revenue: $55.4 billion
Profit: $0.8 billion
Headquarters: South Korea
LG Electronics has been a major name in television sets, home appliances and mobile devices since the late 1950s. They are one of the world’s top consumer electronics makers with over 75 subsidiaries manufacturing a vast range of digital products:
- Televisions and home theater systems
- Monitors and commercial displays
- Washing machines, dryers and refrigerators
- Air conditioners and air purifiers
- Laptops and computer peripherals
- Smartphones, tablets and wearables
- Digital signages and in-flight entertainment
- Vehicle components for automotive and aerospace
LG Electronics has leading expertise in display panel production running large LCD and OLED panel factories. They invest over $1.6 billion annually in R&D to bring next generation display, home appliance and mobile technologies to consumers worldwide.
2022 Revenue: $71.6 billion
Profit: $2 billion
Lenovo began in 1984 as Legend creating computer circuit boards in China. After launching an IBM PC clone in 1990, Lenovo acquired IBM’s PC division in 2005 to become the third largest PC maker worldwide. Further acquisitions of Motorola Mobility and IBM’s x86 server business expanded Lenovo’s product portfolio extensively.
Lenovo currently markets a wide gamut of personal computing and smart devices:
- Laptops including the popular ThinkPad series
- Desktops, all-in-ones, workstations and servers
- Tablets, smartphones and smart home devices
- Computer peripherals like monitors, projectors, headphones etc.
- Smart office solutions encompassing conferencing systems
Lenovo holds over 25% global market share in PCs and is the number one PC vendor in both the consumer and commercial segments. Beyond PCs, their data center infrastructure business has grown rapidly on the back of surge in cloud adoption. Lenovo has manufacturing facilities across China, India, Mexico, Brazil and Hungary.
9. Dell Technologies
2022 Revenue: $101.2 billion
Profit: $3.1 billion
Headquarters: United States
Dell began in 1984 as PC’s Limited selling IBM PC compatible kit systems by mail order. The company grew rapidly with a pioneering build-to-order manufacturing model delivering customized PCs directly to customers. Today, Dell Technologies is among the top IT infrastructure conglomerates worldwide.
Dell Technologies business segments encompass:
- Client Solutions: Laptops, desktops and monitors including Dell’s premium XPS series.
- Infrastructure Solutions: Cutting-edge servers, converged infrastructure, hyperconverged infrastructure, storage and networking solutions.
- VMware: Virtualization, cloud computing and digital workspace technology software tools.
Dell revolutionized direct-to-customer PC sales and remains among the top global PC vendors. Additionally, their enterprise data center infrastructure solutions power some of the world’s biggest cloud platforms and IT environments. Dell acquired storage leader EMC in 2016 to strengthen their enterprise solutions clout.
2022 Revenue: $91.5 billion
Profit: $4.3 billion
Founded in 1987 by Ren Zhengfei, a former engineer with the People’s Liberation Army, Huawei began as an importer of telephone switching equipment in Shenzhen, China. They started research in 1990 and launched their first telephone switch in 1993. Since then, Huawei has grown into China’s foremost telecommunications and networking equipment provider competing with the likes of Ericsson, Nokia and Cisco.
Huawei’s business segments comprise:
- Carrier network: Telecom network hardware and services
- Enterprise business: Smart office solutions, cloud computing and AI
- Consumer business: Smartphones, laptops, tablets, wearables etc.
- Cloud services: Public cloud services, cloud infrastructure and cloud-based AI solutions
Huawei invests over 10% of revenue into R&D. They have established 15 R&D institutes across countries and employ over 100,000 people in R&D alone. Huawei’s meteoric rise has however been marred by allegations and bans over security concerns and sanctions violation. The US has barred use of Huawei gear in 5G networks and restricted access to semiconductor supplies.
2022 Revenue: $198.3 billion
Profit: $72.7 billion
Headquarters: United States
Microsoft began as Micro-Soft in 1975 selling a BASIC interpreter for the MITS Altair computer kit. Their big break came after winning a contract to supply the MS-DOS operating system for IBM’s new personal computer in 1981. Buoyed by PC adoption, Microsoft grew rapidly to become the de facto standard for office productivity software with products like Word and Excel.
Today, Microsoft offers both software and hardware across these core business segments:
- Productivity and Business Solutions: Office suite, Microsoft 365, Dynamics ERP and CRM applications
- Intelligent Cloud: Server products, developer tools, Azure cloud platform and GitHub
- Personal computing: Windows operating system, Xbox gaming, Surface computers and tablets
The ubiquitous Windows OS runs over 80% of the world’s desktop PCs. Cloud services like Azure and Office 365 have become major revenue streams as Microsoft embraces the SaaS transition. The company continues to be a technology leader through initiatives in AI, IoT, augmented reality and quantum computing.
2022 Revenue: $61.3 billion
Profit: $0.65 billion
Pegatron spun off from Asus in 2008 to become one of the largest electronics manufacturing services (EMS) companies. They operate factories in China, Taiwan, Mexico and Indonesia focusing mainly on computer and communication products manufacturing.
Pegatron produces laptops, desktop PCs, netbooks, motherboards, video cards, game consoles, set-top boxes, smartphones and internet-connected smart devices for customers including Microsoft, HP, Dell, Acer, Asus, Lenovo etc. They are the second largest contract manufacturer for Apple after Foxconn producing iPhones and other iOS devices.
Pegatron provides vertically integrated product realization encompassing design, sourcing, manufacturing and fulfillment tailored to client requirements. Their engineering prowess and nimble production capacities allows delivering cutting-edge connected electronics cost-effectively.
2022 Revenue: $78.5 billion
Profit: $5.18 billion
Hitachi was founded in 1910 as an electrical repair shop and achieved early success through mass produced electric induction motors. They entered the electronics domain manufacturing Japan’s first fully transistor-based computer in 1959. Today, Hitachi groups its businesses into IT, Energy Systems, Infrastructure, Mobility, Smart Life and Automotive Systems.
Key electronics contributions include:
- Flash memory and cutting-edge semiconductor fabrication equipment
- Sophisticated medical and test & measurement equipment
- Advanced industrial and automation products
- Data storage systems and solutions
- High-speed trains and railway infrastructure
- Nuclear, thermal and renewable energy generation plants
- Air conditioning and refrigeration systems
- Construction machinery, agricultural equipment and mining trucks
Hitachi dedicates over $3 billion annually on R&D to develop leading infrastructure and industrial solutions. They focus on global issues like transportation, renewable energy, water treatment and urban development.
2022 Revenue: $32 billion
Profit: $0.78 billion
Beginning as the Fuji Telecommunications Equipment Manufacturing Company in 1935, Fujitsu produces an array of information and communications technology products and semiconductor solutions. Their offerings encompass:
- Servers, mainframes and supercomputers based on proprietary Sparc processors
- Retail point-of-sale terminals, automatic teller machines and barcode scanners
- Liquid crystal displays used across diverse applications
- Biometric security solutions including finger vein and palm scanners
- 5G and optical networking equipment
- High-performance storage systems and cloud solutions
- Integrated circuits like system-on-a-chip devices and microcontrollers
Fujitsu co-developed Japan’s pioneering FACOM 100 relay computer in 1956 and since then has been at the forefront of advanced computing products and platforms. Fujitsu Siemens Computers was one of the largest European computer makers before being absorbed back.
15. Sharp Electronics
2022 Revenue: $19.5 billion
Profit: $0.47 billion
Sharp began in 1912 manufacturing mechanical ever-sharp pencils, giving the company its name. They produced Japan’s first radio sets in 1925 and made the first mass-market TV sets in 1953. Sharp was an early pioneer in LCD technology manufacturing the first LCD calculators and color televisions.
Today, Sharp’s electronics business includes:
- LCD/LED televisions, monitors and display panels
- Digital multifunction printers (MFP), fax machines and POS systems
- Home audio-visual equipment like Blu-ray players and wireless speakers
- Energy efficient air conditioners and air purifiers
- Commercial strobe lights, sensors, cameras and point-of-sale systems
- Internet-connected smart home devices and appliances
Sharp invests heavily in advanced display innovations with products like LDCs, AMOLEDs and transparent displays with touch andRollablescreens. Their screens are used across consumer electronics, automotive dashboards, medical monitors, avionics displays etc.
Trends and Outlook
The consumer electronics segment faces margin pressures from rising costs and stiff competition. Companies are focused on next generation technologies like AI, IoT, VR/AR, autonomous systems, flexible displays, new materials and sustainable manufacturing to open up new markets.
Growth areas include smart vehicles, Industry 4.0, bioelectronics, energy electronics, high-performance computing, ubiquitous connectivity and digital convergence. Developing bespoke solutions for enterprises and verticals will be pivotal.
With electronics infiltrating every facet of life, these innovative corporations will shape how we live and interact with technology. Through relentless research and engineering might, they drive progress that transforms societies globally.
Q1: Who is currently the largest electronics company in the world?
The largest electronics company in the world is Samsung Electronics with 2022 revenues of over $206 billion. Headquartered in South Korea, Samsung makes smartphones, TVs, appliances, memory chips, displays, medical equipment and more.
Q2: Which companies specialize in contract manufacturing of electronics?
Major global electronics contract manufacturers include Foxconn, Pegatron, Quanta Computer, Flex, Jabil Circuit, Celestica, Sanmina SCI and Wistron. They assemble products designed by lead brands and OEMs.
Q3: What are some fast growing business segments in electronics?
Fast growing electronics segments driven by emerging technologies include artificial intelligence, Internet of Things, augmented & virtual reality, flexible displays, 5G equipment, electric vehicles, Industry 4.0, and green electronics.
Q4: Which regions dominate the electronics manufacturing industry?
Asia Pacific countries like China, South Korea, Japan,