Asia Supply Chain 250

Introduction

Since the US-China trade war and COVID-19, supply chain security has become a critical issue for governments and industries worldwide. As Asia has become the global manufacturing powerhouse for IT products and an important market, DIGITIMES, after unveiling its ASC 100 ranking in 2021 to provide insights into the supply chain dynamics, expanded the coverage from the top 100 to the top 250 companies with the launching of Asia Supply Chain 250 (ASC 250) to further grasping the shifts in the IT supply chain.

Findings

Finding 1: Asia's dual tech engines: Electric vehicle and wafer foundries.

Based on the analysis of the top 20 companies of ASC 250, those focus on the downstream tech products and equipment, and consumer electronics businesses had mostly experienced an annual decline in sales, and only pure-play foundry TSMC witnessed significant revenue growth. Of the seven automakers that made it onto the list of the top 20 firms, traditional automaking giants, such as Toyota, Honda, and China-based SAIC, all posted declined sales for 2022, while early EV industry entrants, including BYD, Hyundai, and Kia, had experienced growth in their revenues, especially China's EV giant BYD, which recorded an annual increase of 80%, an obvious contrary to global auto leader Toyota's performance.

Finding 2 : China benefits from local EV rise, outgrowing East Asian counterparts

Most companies that made it to ASC 250 came from China, Japan, Taiwan, and South Korea, totaling 238. China has an impressive number of companies on the list at 107, generating a total of US$1.42 trillion in revenues in 2022, up 9.2% from a year ago, leading their East Asian peers in both scale and growth pace. Within the firms, EV and battery suppliers such as BYD, Li Auto, Xpeng, NIO, CATL, EVE Energy, and Gotion Hi-tech saw their 2022 revenue grow by more than 20% on year, while those in the plateauing tech product and equipment industry, such as Lenovo and Xiaomi, experienced varying degrees of decline, highlighting how China has managed to make the EV, battery, and energy storage the main drivers of its industrial restructuring and upgrading by leveraging its vast market combined with policy support. Japan closely followed China with 74 companies on the list, but their total revenue in 2022 declined 3.9% from a year ago, making it the only country among East Asian economies to experience negative growth in sales. The share of Japanese companies that made it onto the list also dropped below 30%. The decline was due to the hampering of Japan-based automakers' operation by semiconductor component shortages and the emergence of EVs, as well as decelerating demand for consumer electronics. Combined revenues of Taiwanese companies on the list were up 2.3% on year in 2022, while those of South Korean companies on the list increased 2.6%. Taiwanese companies' revenue growth is primarily attributed to pure-play foundries like TSMC and UMC. At the same time, South Korean companies mainly benefitted from the performance of Hyundai and Kia in the EV market, which in turn drove up the development of local battery suppliers

Only 12 companies from India and Southeast Asia made it to the list of ASC 250, including seven from India, two from Thailand, two from Malaysia, and one from Indonesia, primarily because these markets are still in the early stages of development and lack enterprises with sufficient economies of scale in the industries. Observing from the angle of industry development, the majority of companies from these emerging economies featured on the list are engaged in the automotive manufacturing industry, including Tata, Mahindra & Mahindra, and Maruti Suzuki, which benefitted from the easing of the chip shortages, saw dramatic growth in their car sales in 2022. Mahindra & Mahindra and Maruti Suzuki both posted over 20% annual growth in revenues. According to data from SIAM (Society of Indian Automobile Manufacturers), about 4.25 million new cars were sold in India in 2022, surpassing Japan's 4.2 million cars, highlighting the growth potential in India's car market in the long term.

Finding 3: As consumer demand decline, pure-play foundries play the linchpin

Inflation, the Russian-Ukraine war, COVID-19 lockdowns in China, and interest rate hikes by FED had hit global consumption sentiment in 2022 with the stay-at-home economy, the previous demand driver for consumer electronics products such as notebooks, smartphones, and TVs, showing the end of its major influence to the market in the first quarter of 2022 before dissipation. Companies operating in these businesses slashed their shipment estimates, in turn impacting the performances of companies in upstream fields, such as ATMP/OSAT, IC design, and supply of electronic components. According to ASC 250, the supply chains for tech products and equipment; consumer electronics; and electronic components, which are relatively closer to the end market, saw sales decline 1.3%, 4.5%, and 5.7% on year, respectively, in 2022. The Semiconductor industry enjoyed a growth of 11.7% in 2022 with pure-play foundries like TSMC, UMC, and SMIC, performing particularly strong, recording an annual sales growth of over 30% in the year. Since these foundries are at the top of the supply chain, weak consumer demand's impact would not hit them as fast as their downstream customers, while their deferred orders during the COVID-19 pandemic would raise their revenues quarter after quarter in 2022; however, TSMC, UMC and SMIC all reduced their utilization rates for the second half of 2022 because of weakening demand for PCs and smartphones. TSMC's N7 capacity utilization rate dropped to only 60% in the fourth quarter of 2022 with the company also cut its capex for whole-year 2022 from US$40-44 billion to only US$36 with the company turning conservative with future outlook.

China and South Korea are the most active among Asian peers in encouraging EV development through policy initiatives, while Japan has shown relatively slower growth despite its engagement. The ASC 250 study shows that China and South Korea have expanded their presence in the automotive manufacturing industry, with revenue growth of 10.4% and 8.2%, respectively, while Japan experienced a slight decline of 2.4%. It is worth noting that alongside the prospering EV industry, there has been rapid growth in industries such as battery materials, lithium-ion batteries, and energy storage, while the revenue growth of electrical components, in particular, went up as high as 37.4%, with companies such as China's CATL, Eve Energy, and Gotion High-tech and South Korea's LG Energy Solution and Samsung SDI all in the industry.

Tables

Table1: 2022 Rank Changes (Company Counts)

	Automotive Manufacturing	Automotive Components and Equipment	Electrical Components	Solar	Machinery	Tech Products and Equipment	Consumer Electronics	Semiconductor	Electronic Components	Total
Rank up	18	8	16	11	4	14	4	8	7	90
China	9	4	11	11	4	8	3	2	3	55
India	2	1	0	0	0	0	0	0	0	3
Indonesia	1	0	0	0	0	0	0	0	0	1
Japan	3	0	0	0	0	1	0	3	0	7
Malaysia	2	0	0	0	0	0	0	0	0	2
South Korea	1	3	4	0	0	0	0	0	1	9
Taiwan	0	0	1	0	0	4	1	3	2	11
Thailand	0	0	0	0	0	1	0	0	1	2
Unchange	7	2	0	0	0	5	1	1	1	17
China	3	1	0	0	0	2	0	1	0	7
Japan	3	0	0	0	0	0	1	0	0	4
South Korea	1	1	0	0	0	1	0	0	1	4
Taiwan	0	0	0	0	0	2	0	0	0	2
Rank down	11	21	10	0	21	31	16	9	24	143
China	5	2	5	0	4	11	10	1	7	45
India	3	1	0	0	0	0	0	0	0	4
Japan	3	16	5	0	17	9	4	3	6	63
South Korea	0	2	0	0	0	0	2	1	2	7
Taiwan	0	0	0	0	0	11	0	4	9	24

Table 2: Scale of Revenue (Company Counts)

Scale	China	Japan	Taiwan	South Korea	India	Indonesia	Malaysia	Thailand	Total
Total	0	0	0	0	0	0	0	0	0

Table 3: Growth Rate of Revenue (Company Counts)

Growth Rate	China	Japan	Taiwan	South Korea	India	Indonesia	Malaysia	Thailand	Total
Total	0	0	0	0	0	0	0	0	0

Table 4: Scale of Net Income (Company Counts)

Scale	China	Japan	Taiwan	South Korea	India	Indonesia	Malaysia	Thailand	Total
Total	0	0	0	0	0	0	0	0	0

Table 5: Net Income % Change (Company Counts)

% Change	China	Japan	Taiwan	South Korea	India	Indonesia	Malaysia	Thailand	Total
Total	0	0	0	0	0	0	0	0	0

Table 6: Revenue Rank

Rank 2022	Rank 2021	Company	Country	Industry	Revenue 2022	Revenue Growth Rate
1	1	Toyota Motor	Japan	Automotive Manufacturing	271.1	-3.8%
2	2	Samsung Electronics	South Korea	Tech Products and Equipment	235	-3.6%
3	3	Hon Hai Precision Industry	Taiwan	Tech Products and Equipment	221.7	3.3%
4	4	Honda Motor	Japan	Automotive Manufacturing	125.2	-3.9%
5	5	SAIC Motor	China	Automotive Manufacturing	110.3	-8.8%
6	6	Hyundai Motor	South Korea	Automotive Manufacturing	110.3	7.4%
7	7	Sony	Japan	Consumer Electronics	81.4	-9.4%
8	15	TSMC	Taiwan	Semiconductor	75.9	33.4%
9	11	Foxconn Industrial Internet	China	Tech Products and Equipment	75.8	11.1%
10	8	Nissan Motor	Japan	Automotive Manufacturing	74.4	-6.2%
11	9	Legend Holdings Corp	China	Tech Products and Equipment	72	-5.2%
12	14	Kia	South Korea	Automotive Manufacturing	67	9.7%
13	10	Lenovo Group	China	Tech Products and Equipment	66.1	-6.4%
14	13	LG Electronics	South Korea	Consumer Electronics	64.9	0.4%
15	12	Panasonic	Japan	Consumer Electronics	62.6	-5.2%
16	29	BYD	China	Automotive Manufacturing	62.3	85.7%
17	16	Midea	China	Consumer Electronics	51.7	-3%
18	48	CATL	China	Electrical Components	48.3	138.1%
19	18	Denso	Japan	Automotive Components and Equipment	47	-5.2%
20	19	Pegatron	Taiwan	Tech Products and Equipment	44.3	-2.1%
21	21	Quanta Computer Inc	Taiwan	Tech Products and Equipment	43	6.2%
22	17	Xiaomi	China	Tech Products and Equipment	41.8	-18%
23	22	Tata Motors	India	Automotive Manufacturing	40.2	4%
24	24	Hyundai Mobis	South Korea	Automotive Components and Equipment	40.2	10.3%
25	26	Haier Smart Home	China	Consumer Electronics	36.3	3%
26	20	Compal Electronics Inc	Taiwan	Tech Products and Equipment	36.1	-18.4%
27	23	SK Hynix	South Korea	Semiconductor	34.9	-6.8%
28	30	Suzuki Motor	Japan	Automotive Manufacturing	33.6	2.9%
29	32	Wistron	Taiwan	Tech Products and Equipment	33.1	7%
30	25	Aisin	Japan	Automotive Components and Equipment	32.6	-8.1%
31	28	Mitsubishi Heavy Industries	Japan	Machinery	32	-6.3%
32	41	Luxshare Precision Industry	China	Electronic Components	31.6	31.9%
33	31	Canon	Japan	Tech Products and Equipment	30.7	-4%
34	33	Sumitomo Electric Industries	Japan	Automotive Components and Equipment	29.4	-2.3%
35	34	Gree Electric Appliances	China	Consumer Electronics	28.3	-3.9%
36	36	BAIC Motor	China	Automotive Manufacturing	28.3	3.6%
37	35	Mazda Motor	Japan	Automotive Manufacturing	27.9	-1.1%
38	40	Subaru	Japan	Automotive Manufacturing	26.9	6.8%
39	27	BOE Technology	China	Electronic Components	26.7	-22.3%
40	38	TCL Technology	China	Consumer Electronics	24.9	-2.3%
41	45	Huayu Automotive Systems	China	Automotive Components and Equipment	23.5	8.1%
42	44	Isuzu Motors	Japan	Automotive Manufacturing	23.5	8%
43	47	ASE Technology Holding	Taiwan	Semiconductor	22.5	10.1%
44	65	Geely	China	Automotive Manufacturing	21.9	38.7%
45	39	China International Marine Containers Group	China	Machinery	21.1	-16.9%
46	43	FUJIFILM Holdings	Japan	Tech Products and Equipment	21.1	-6.7%
47	92	Tongwei	China	Solar	21.1	109.3%
48	46	Great Wall Motor	China	Automotive Manufacturing	20.4	-3.7%
49	58	Astra International	Indonesia	Automotive Manufacturing	20.3	24.4%
50	37	LG Display	South Korea	Electronic Components	20.3	-22.2%
51	66	LG Energy Solution	South Korea	Electrical Components	19.7	25.7%
52	42	Sharp/Japan	Japan	Consumer Electronics	19.6	-14.1%
53	77	LONGi Green Energy Technology	China	Solar	19	51.9%
54	54	Mitsubishi Motors	Japan	Automotive Manufacturing	18.6	6.3%
55	52	MediaTek	Taiwan	Semiconductor	18.6	4.8%
56	51	ZTE	China	Tech Products and Equipment	18.3	3%
57	50	Inventec	Taiwan	Tech Products and Equipment	18.2	-2.2%
58	49	Asustek Computer	Taiwan	Tech Products and Equipment	18.1	-5.7%
59	59	Chongqing Changan Automobile	China	Automotive Manufacturing	18.1	10.6%
60	57	Yamaha Motor	Japan	Automotive Manufacturing	17.2	3.7%
61	55	Tokyo Electron	Japan	Semiconductor	17	-0.8%
62	61	TDK	Japan	Electronic Components	16.9	4.1%
63	56	Nidec	Japan	Electrical Components	16.9	0.7%
64	80	Guangzhou Automobile	China	Automotive Manufacturing	16.4	39%
65	67	BYD Electronic International	China	Tech Products and Equipment	15.9	14.9%
66	79	Samsung SDI	South Korea	Electrical Components	15.6	31.4%
67	78	GoerTek	China	Tech Products and Equipment	15.6	27.8%
68	62	Kyocera	Japan	Electronic Components	15.4	-5.3%
69	63	Ricoh	Japan	Tech Products and Equipment	15.4	-4.7%
70	72	LG Innotek	South Korea	Electronic Components	15.1	16.2%
71	64	Sichuan Changhong Electric	China	Consumer Electronics	14.7	-8.3%
72	81	Mahindra & Mahindra	India	Automotive Manufacturing	14.6	26%
73	87	TBEA	China	Electrical Components	14.5	35%
74	84	Maruti Suzuki India	India	Automotive Manufacturing	14.1	24.6%
75	53	Dongfeng Motor Group	China	Automotive Manufacturing	13.8	-21.4%
76	60	Murata Manufacturing	Japan	Electronic Components	13.6	-16.7%
77	85	LS	South Korea	Electrical Components	13.6	20.6%
78	71	Techtronic Industries	China	Machinery	13.3	0.4%
79	83	Delta Electronics	Taiwan	Electronic Components	12.9	14.3%
80	68	Kawasaki Heavy Industries	Japan	Machinery	12.8	-6.7%
81	121	Trina Solar	China	Solar	12.6	82%
82	74	JTEKT	Japan	Automotive Components and Equipment	12.5	-1.1%
83	73	Hangzhou Hikvision Digital Technology	China	Tech Products and Equipment	12.4	-2.5%
84	135	Jinko Solar	China	Solar	12.3	95.5%
85	75	Toyota Boshoku	Japan	Automotive Components and Equipment	11.9	-5.6%
86	95	Renesas	Japan	Semiconductor	11.5	27%
87	89	Hisense Home Appliances Group	China	Consumer Electronics	11.1	5.5%
88	69	Tianneng Power International Ltd	China	Automotive Components and Equipment	11.1	-16.8%
89	130	JA Solar Technology	China	Solar	10.8	67.7%
90	90	Inspur Electronic Information Industry	China	Tech Products and Equipment	10.4	-0.5%
91	96	Universal Scientific Industrial Shanghai	China	Tech Products and Equipment	10.2	18.2%
92	88	IHI	Japan	Machinery	10	-5.9%
93	133	Tianjin Zhonghuan Semiconductor	China	Solar	10	55.9%
94	122	Wiwynn Corp	Taiwan	Tech Products and Equipment	9.8	41.7%
95	91	Seiko Epson	Japan	Tech Products and Equipment	9.8	-5.2%
96	93	MINEBEA MITSUMI	Japan	Machinery	9.5	-4.3%
97	97	FIH Mobile	China	Tech Products and Equipment	9.4	9.5%
98	109	UMC	Taiwan	Semiconductor	9.4	22.7%
99	82	Acer	Taiwan	Tech Products and Equipment	9.3	-18.5%
100	86	TPV Technology	China	Tech Products and Equipment	9.3	-15.8%
101	100	Samvardhana Motherson International	India	Automotive Components and Equipment	9.3	8.5%
102	94	TCL Electronics Holdings	China	Consumer Electronics	9.2	-5.3%
103	105	Wintech Technology	China	Tech Products and Equipment	8.7	5.7%
104	101	Sumitomo Heavy Industries Ltd	Japan	Machinery	8.6	0.8%
105	70	AUO	Taiwan	Electronic Components	8.4	-36.9%
106	103	Konica Minolta Inc	Japan	Tech Products and Equipment	8.2	-1.6%
107	118	Skyworth Group Ltd	China	Consumer Electronics	8.2	15.7%
108	106	Qisda Corp	Taiwan	Tech Products and Equipment	8.1	-0.2%
109	102	Furukawa Electric Co Ltd	Japan	Electrical Components	8.1	-4.5%
110	144	Sunwoda Electric	China	Electrical Components	7.8	33.1%
111	76	Innolux	Taiwan	Electronic Components	7.6	-39.5%
112	98	Fuji Electric	Japan	Electrical Components	7.6	-11.5%
113	116	Joyson Electronic	China	Automotive Components and Equipment	7.4	4.4%
114	104	Samsung Electro-Mechanics Co Ltd	South Korea	Electronic Components	7.4	-10.4%
115	147	NIO	China	Automotive Manufacturing	7.3	29.9%
116	152	SMIC	China	Semiconductor	7.3	33.7%
117	107	NSK Ltd	Japan	Machinery	7.2	-7.9%
118	112	Toyoda Gosei Co Ltd	Japan	Automotive Components and Equipment	7.2	-2.3%
119	108	Shenzhen Transsion Holdings Co Ltd	China	Tech Products and Equipment	7	-9.4%
120	117	Alps Alpine Co Ltd	Japan	Electronic Components	7	-1.9%
121	99	Beiqi Foton Motor	China	Automotive Manufacturing	7	-18.8%
122	119	Lens Technology Co Ltd	China	Electronic Components	6.9	-1.7%
123	131	Hengtong Optic-electric Co Ltd	China	Tech Products and Equipment	6.9	7.7%
124	138	Zhejiang Chint Electrics Co Ltd	China	Electrical Components	6.9	13.1%
125	128	Keyence	Japan	Tech Products and Equipment	6.9	5.7%
126	113	Hisense Visual Technology Co Ltd	China	Consumer Electronics	6.8	-6.6%
127	129	Hanon Systems	South Korea	Automotive Components and Equipment	6.7	4%
128	177	Li Auto	China	Automotive Manufacturing	6.7	59.1%
129	120	Koito Manufacturing Co Ltd	Japan	Automotive Components and Equipment	6.5	-6.8%
130	123	Omron	Japan	Electronic Components	6.5	-5.2%
131	249	Hunan Yuneng New Energy Battery Material	China	Electrical Components	6.4	480.7%
132	125	Hyundai Wia Corp	South Korea	Automotive Components and Equipment	6.4	-3.4%
133	126	FANUC	Japan	Machinery	6.4	-2.9%
134	111	Kingboard Holdings Ltd	China	Electronic Components	6.4	-13.6%
135	132	SMC Corp	Japan	Machinery	6.3	-3%
136	140	Tianneng Battery Group Co Ltd	China	Automotive Components and Equipment	6.2	3.2%
137	124	Baosheng Science and Technology Innovation Co Ltd	China	Electrical Components	6.2	-7.4%
138	114	Micro-Star International Co Ltd	Taiwan	Tech Products and Equipment	6.1	-15.6%
139	159	Kinpo Electronics	Taiwan	Consumer Electronics	6.1	21.5%
140	146	Walsin Lihwa Corp	Taiwan	Electrical Components	6.1	8.1%
141	134	Brother Industries Ltd	Japan	Tech Products and Equipment	6.1	-5.5%
142	139	Fujikura Ltd	Japan	Electrical Components	6	-0.6%
143	115	Jiangsu Zhongtian Technology Co Ltd	China	Electrical Components	6	-16.6%
144	141	China Railway Signal ＆ Communication Corp Ltd	China	Tech Products and Equipment	6	0.4%
145	127	Makita Corp	Japan	Machinery	6	-8.9%
146	192	Sungrow Power Supply	China	Electrical Components	5.9	56.8%
147	142	Lite-On Technology Corp	Taiwan	Tech Products and Equipment	5.9	-1.2%
148	153	Mando Corp	South Korea	Automotive Components and Equipment	5.9	8.3%
149	148	Zhen Ding Technology Holding Ltd	Taiwan	Electronic Components	5.8	3%
150	145	NTN Corp	Japan	Machinery	5.7	-1.4%
151	137	NOK Corp	Japan	Automotive Components and Equipment	5.5	-9.8%
152	136	Anhui Jianghuai Automobile Group Corp Ltd	China	Automotive Manufacturing	5.5	-12.9%
153	234	EVE Energy	China	Electrical Components	5.4	104.3%
154	155	Avary Holding Shenzhen Co Ltd	China	Electronic Components	5.4	3.4%
155	221	GCL-Poly Energy Holdings	China	Solar	5.4	74.2%
156	241	Shanghai Aiko Solar Energy	China	Solar	5.3	116.9%
157	191	Wuxi Taiji Industry Co Ltd	China	Solar	5.2	37.9%
158	150	Ebara Corp	Japan	Machinery	5.2	-5.4%
159	158	Futaba Industrial Co Ltd	Japan	Automotive Components and Equipment	5.2	3.1%
160	149	NHK Spring Co Ltd	Japan	Automotive Components and Equipment	5.2	-6.7%
161	165	Lingyi iTech Guangdong Co	China	Electronic Components	5.2	8.3%
162	156	JS Global Lifestyle Co Ltd	China	Consumer Electronics	5.1	-2.1%
163	236	Chongqing Sokon Industry Group Co Ltd	China	Automotive Manufacturing	5.1	93.9%
164	164	JCET Group	China	Semiconductor	5.1	6%
165	143	Sunny Optical	China	Electronic Components	5	-14.8%
166	185	Cal-Comp Electronics Thailand PCL	Thailand	Tech Products and Equipment	4.9	24.1%
167	167	Chaowei Power Holdings Ltd	China	Automotive Components and Equipment	4.8	3.4%
168	193	Unimicron Technology Corp	Taiwan	Electronic Components	4.8	25.8%
169	154	Tianma Microelectronics	China	Electronic Components	4.7	-10.4%
170	160	Suzhou Dongshan Precision Manufacturing Co Ltd	China	Electronic Components	4.7	-5%
171	178	Yadea Group Holdings Ltd	China	Automotive Manufacturing	4.7	10.2%
172	244	Xinjiang Daqo New Energy	China	Solar	4.7	174%
173	180	Fiberhome Telecommunication Technologies Co Ltd	China	Tech Products and Equipment	4.6	11.7%
174	169	FIT Hon Teng Ltd	Taiwan	Electronic Components	4.6	0.9%
175	157	Zhejiang Dahua Technology Co Ltd	China	Tech Products and Equipment	4.6	-11.2%
176	162	Nikon Corp	Japan	Consumer Electronics	4.5	-7.1%
177	151	Jiangling Motors Corp Ltd	China	Automotive Manufacturing	4.5	-18.1%
178	110	Konka Group Co Ltd	China	Consumer Electronics	4.5	-41.8%
179	246	Ningbo Ronbay New Energy Technology Co Ltd	China	Electrical Components	4.5	178.2%
180	168	Daifuku Co Ltd	Japan	Machinery	4.5	-2.3%
181	175	Bajaj Auto	India	Automotive Manufacturing	4.5	2.2%
182	227	Risen Energy Co Ltd	China	Solar	4.4	48.8%
183	238	XTC New Energy Materials Xiamen	China	Electrical Components	4.3	73.3%
184	166	NGK Insulators Ltd	Japan	Machinery	4.3	-8%
185	179	Hero MotoCorp	India	Automotive Manufacturing	4.3	1.7%
186	174	NGK Spark Plug Co Ltd	Japan	Automotive Components and Equipment	4.3	-3.1%
187	163	General Interface Solution Holding Ltd	Taiwan	Electronic Components	4.3	-11.2%
188	197	Fuyao Glass Industry Group Co Ltd	China	Automotive Components and Equipment	4.2	14%
189	170	Tokai Rika Co Ltd	Japan	Automotive Components and Equipment	4.2	-7.1%
190	247	Ecopro BM Co Ltd	South Korea	Electrical Components	4.1	217.1%
191	176	Yaskawa Electric Corp	Japan	Machinery	4.1	-4.6%
192	172	Yageo Corp	Taiwan	Electronic Components	4.1	-6.8%
193	198	Tian Di Science ＆ Technology Co Ltd	China	Machinery	4.1	11.3%
194	211	Sundaram-Clayton	India	Automotive Components and Equipment	4.1	19.7%
195	204	Advantest	Japan	Semiconductor	4.1	13.6%
196	215	XPeng	China	Automotive Manufacturing	4.1	23.3%
197	182	Sumitomo Riko Co Ltd	Japan	Automotive Components and Equipment	4	-0.1%
198	187	Chicony Electronics Co Ltd	Taiwan	Tech Products and Equipment	3.9	1.2%
199	184	Rohm	Japan	Semiconductor	3.9	-2.7%
200	205	Ninestar	China	Tech Products and Equipment	3.9	8.7%
201	190	Realtek Semiconductor	Taiwan	Semiconductor	3.8	-0.1%
202	188	GS Yuasa Corp	Japan	Electrical Components	3.8	-1.8%
203	183	Hitachi Zosen Corp	Japan	Machinery	3.8	-5.5%
204	181	Toshiba TEC Corp	Japan	Tech Products and Equipment	3.8	-6.6%
205	161	Novatek Microelectronics	Taiwan	Semiconductor	3.8	-23%
206	220	Ennoconn Corp	Taiwan	Tech Products and Equipment	3.7	18.9%
207	173	Gigabyte Technology Co Ltd	Taiwan	Tech Products and Equipment	3.7	-17.1%
208	200	DMG Mori Co Ltd	Japan	Machinery	3.7	0.5%
209	232	UMW Holdings	Malaysia	Automotive Manufacturing	3.6	34.6%
210	201	China First Heavy Industries	China	Machinery	3.6	-0.9%
211	208	Johnson Electric Holdings	China	Automotive Components and Equipment	3.6	1.2%
212	186	Shimadzu Corp	Japan	Tech Products and Equipment	3.6	-8.3%
213	224	DRB-Hicom	Malaysia	Automotive Manufacturing	3.6	18.3%
214	199	SCREEN Holdings	Japan	Semiconductor	3.5	-2.8%
215	171	Tsinghua Tongfang Co Ltd	China	Tech Products and Equipment	3.5	-21.1%
216	189	Shanghai Mechanical and Electrical Industry Co Ltd	China	Machinery	3.5	-9.2%
217	230	Shenzhen Inovance Technology	China	Machinery	3.5	22.5%
218	245	Gotion High-tech	China	Electrical Components	3.4	110.5%
219	233	Delta Electronics Thailand	Thailand	Electronic Components	3.4	28.2%
220	222	Sumco Corporation	Japan	Semiconductor	3.4	10.1%
221	243	Wuxi Shangji Automation Co Ltd	China	Machinery	3.3	93.2%
222	196	TPK Holding Co Ltd	Taiwan	Electronic Components	3.3	-11.3%
223	206	Yokogawa Electric Corp	Japan	Tech Products and Equipment	3.3	-7.1%
224	209	Stanley Electric Co Ltd	Japan	Automotive Components and Equipment	3.3	-6.4%
225	223	Shenzhen Desay Battery Technology Co	China	Electrical Components	3.3	6.7%
226	235	SL Corp	South Korea	Automotive Components and Equipment	3.3	23%
227	216	Far East Smarter Energy Co Ltd	China	Electrical Components	3.3	-0.7%
228	210	Simplo Technology Co Ltd	Taiwan	Electronic Components	3.3	-6.1%
229	207	KYB Corp	Japan	Automotive Components and Equipment	3.3	-8.5%
230	202	Ibiden Co Ltd	Japan	Electronic Components	3.2	-10.5%
231	203	Winbond Electronics	Taiwan	Semiconductor	3.2	-10.4%
232	240	Wistron NeWeb Corp	Taiwan	Tech Products and Equipment	3.2	32.2%
233	239	TongFu Microelectronics	China	Semiconductor	3.2	29.4%
234	237	Zhejiang Sanhua Intelligent Controls	China	Machinery	3.2	27.6%
235	219	Cheng Uei Precision Industry Co Ltd	Taiwan	Electronic Components	3.2	1.1%
236	248	Beijing Easpring Material Technology	China	Electrical Components	3.2	144.7%
237	214	Guangzhou Shiyuan Electronic Technology Co Ltd	China	Electronic Components	3.2	-5.5%
238	242	AIMA Technology Group	China	Automotive Manufacturing	3.1	29.8%
239	212	Rinnai Corp	Japan	Consumer Electronics	3.1	-8.8%
240	226	Sungwoo Hitech Co Ltd	South Korea	Automotive Components and Equipment	3.1	5.2%
241	231	AAC Technologies Holdings Inc	China	Tech Products and Equipment	3.1	11.8%
242	225	Shanghai QiFan Cable Co Ltd	China	Electrical Components	3.1	4.2%
243	195	Foxconn Technology Co Ltd	Taiwan	Tech Products and Equipment	3.1	-18.6%
244	213	Zhejiang Supor Co Ltd	China	Consumer Electronics	3.1	-10.2%
245	229	Changhong Meiling Co Ltd	China	Consumer Electronics	3.1	7.5%
246	218	TS Tech Co Ltd	Japan	Automotive Components and Equipment	3.1	-4.8%
247	228	THK Co Ltd	Japan	Machinery	3	3.7%
248	194	Will Semiconductor	China	Semiconductor	3	-19.7%
249	217	Coway Co Ltd	South Korea	Consumer Electronics	3	-6.5%
250	250	L&F	South Korea	Electronic Components	3	253.7%

Methodology & Key Facts

ASC 250 ranks and analyzes the top 250 companies operating in the IT industry from major Asian economies after compiling financial performance data from nearly 5,000 firms based in countries/regions such as China (including Hong Kong), Japan, South Korea, Taiwan, India, and Southeast Asia that run businesses including consumer electronics, semiconductors, electronic components, automotive manufacturing, electrical components, and solar panel manufacturing.

Among the top 250 companies in the ASC 250 study, 107 are based in China (42.8%), 74 in Japan (29.6%), 37 in Taiwan (14.8%), and 20 in South Korea (8%).

Of the top 100 firms, China-based companies account for 40, an increase of 3 compared to 2021, while the number of Japanese companies decreases by 3 on year to 31. The numbers of Taiwan- and South Korea-based companies are 14 and 10, respectively.

In the ranking from 101 to 250, the number of companies based in China, Japan, Taiwan, and South Korea is as follows: 67 (45%) for China, 43 (29%) for Japan, 23 (15%) for Taiwan, and 9 (6%) for South Korea.

Combined sales for the top 250 companies reached US$4,272.6 billion in 2022, up from US$4,157.8 billion a year earlier.

In the past year, combined sales for China-based companies stood at US$1,424.8 billion in 2022, growing 9.2% annually and up from US$1,305.1 billion a year ago, with the share in ASC 250's total sales also growing from 31.1% in 2021 to 33.4% in 2022.

Total sales generated by Japan-based companies were US$1,361.7 billion in 2022, declining 3.9% from 2021's US$1,416.8 billion, with the sales share dropping from 34.1% to 31.9% during the period.

The overall net profit of the top 250 firms in 2022 was US$272.5 billion, a 0.1% annual fall from US$272.9 billion in 2021.

The combined net profit of China-based companies on ASC 250 amounted to US$69.9 billion, growing 4.9% from US$66.7 billion in 2021, with their share in the top 250 companies' profit increasing to 25.7% in 2022.

The combined net profit of Japan-based companies on the list was US$79.7 billion, a decline of 13.4% from US$92.0 billion in 2021. Their share in overall profitability decreased significantly from 33.7% in 2021 to 29.3% in 2022.

The 37 Taiwan-based companies on the list recorded a total net profit of US$58.1 billion in 2022, a growth of 10.1% compared to US$52.7 billion in 2021.