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.
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.
Table1: 2022 Rank Changes (Company Counts)
 Automotive ManufacturingAutomotive Components and EquipmentElectrical ComponentsSolarMachineryTech Products and EquipmentConsumer ElectronicsSemiconductorElectronic ComponentsTotal
Rank up188161141448790
South Korea1340000019
South Korea1100010014
Rank down1121100213116924143
South Korea0200002127
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 2022Rank 2021CompanyCountryIndustryRevenue 2022Revenue Growth Rate
11Toyota MotorJapanAutomotive Manufacturing271.1-3.8%
22Samsung ElectronicsSouth KoreaTech Products and Equipment235-3.6%
33Hon Hai Precision IndustryTaiwanTech Products and Equipment221.73.3%
44Honda MotorJapanAutomotive Manufacturing125.2-3.9%
55SAIC MotorChinaAutomotive Manufacturing110.3-8.8%
66Hyundai MotorSouth KoreaAutomotive Manufacturing110.37.4%
77SonyJapanConsumer Electronics81.4-9.4%
911Foxconn Industrial InternetChinaTech Products and Equipment75.811.1%
108Nissan MotorJapanAutomotive Manufacturing74.4-6.2%
119Legend Holdings CorpChinaTech Products and Equipment72-5.2%
1214KiaSouth KoreaAutomotive Manufacturing679.7%
1310Lenovo GroupChinaTech Products and Equipment66.1-6.4%
1413LG ElectronicsSouth KoreaConsumer Electronics64.90.4%
1512PanasonicJapanConsumer Electronics62.6-5.2%
1629BYDChinaAutomotive Manufacturing62.385.7%
1716MideaChinaConsumer Electronics51.7-3%
1848CATLChinaElectrical Components48.3138.1%
1918DensoJapanAutomotive Components and Equipment47-5.2%
2019PegatronTaiwanTech Products and Equipment44.3-2.1%
2121Quanta Computer IncTaiwanTech Products and Equipment436.2%
2217XiaomiChinaTech Products and Equipment41.8-18%
2322Tata MotorsIndiaAutomotive Manufacturing40.24%
2424Hyundai MobisSouth KoreaAutomotive Components and Equipment40.210.3%
2526Haier Smart HomeChinaConsumer Electronics36.33%
2620Compal Electronics IncTaiwanTech Products and Equipment36.1-18.4%
2723SK HynixSouth KoreaSemiconductor34.9-6.8%
2830Suzuki MotorJapanAutomotive Manufacturing33.62.9%
2932WistronTaiwanTech Products and Equipment33.17%
3025AisinJapanAutomotive Components and Equipment32.6-8.1%
3128Mitsubishi Heavy IndustriesJapanMachinery32-6.3%
3241Luxshare Precision IndustryChinaElectronic Components31.631.9%
3331CanonJapanTech Products and Equipment30.7-4%
3433Sumitomo Electric IndustriesJapanAutomotive Components and Equipment29.4-2.3%
3534Gree Electric AppliancesChinaConsumer Electronics28.3-3.9%
3636BAIC MotorChinaAutomotive Manufacturing28.33.6%
3735Mazda MotorJapanAutomotive Manufacturing27.9-1.1%
3840SubaruJapanAutomotive Manufacturing26.96.8%
3927BOE TechnologyChinaElectronic Components26.7-22.3%
4038TCL TechnologyChinaConsumer Electronics24.9-2.3%
4145Huayu Automotive SystemsChinaAutomotive Components and Equipment23.58.1%
4244Isuzu MotorsJapanAutomotive Manufacturing23.58%
4347ASE Technology HoldingTaiwanSemiconductor22.510.1%
4465Geely ChinaAutomotive Manufacturing21.938.7%
4539China International Marine Containers GroupChinaMachinery21.1-16.9%
4643FUJIFILM HoldingsJapanTech Products and Equipment21.1-6.7%
4846Great Wall MotorChinaAutomotive Manufacturing20.4-3.7%
4958Astra InternationalIndonesiaAutomotive Manufacturing20.324.4%
5037LG DisplaySouth KoreaElectronic Components20.3-22.2%
5166LG Energy SolutionSouth KoreaElectrical Components19.725.7%
5242Sharp/JapanJapanConsumer Electronics19.6-14.1%
5377LONGi Green Energy TechnologyChinaSolar1951.9%
5454Mitsubishi MotorsJapanAutomotive Manufacturing18.66.3%
5651ZTEChinaTech Products and Equipment18.33%
5750InventecTaiwanTech Products and Equipment18.2-2.2%
5849Asustek ComputerTaiwanTech Products and Equipment18.1-5.7%
5959Chongqing Changan AutomobileChinaAutomotive Manufacturing18.110.6%
6057Yamaha MotorJapanAutomotive Manufacturing17.23.7%
6155Tokyo ElectronJapanSemiconductor17-0.8%
6261TDKJapanElectronic Components16.94.1%
6356NidecJapanElectrical Components16.90.7%
6480Guangzhou AutomobileChinaAutomotive Manufacturing16.439%
6567BYD Electronic InternationalChinaTech Products and Equipment15.914.9%
6679Samsung SDISouth KoreaElectrical Components15.631.4%
6778GoerTekChinaTech Products and Equipment15.627.8%
6862KyoceraJapanElectronic Components15.4-5.3%
6963RicohJapanTech Products and Equipment15.4-4.7%
7072LG InnotekSouth KoreaElectronic Components15.116.2%
7164Sichuan Changhong ElectricChinaConsumer Electronics14.7-8.3%
7281Mahindra & MahindraIndiaAutomotive Manufacturing14.626%
7387TBEAChinaElectrical Components14.535%
7484Maruti Suzuki IndiaIndiaAutomotive Manufacturing14.124.6%
7553Dongfeng Motor GroupChinaAutomotive Manufacturing13.8-21.4%
7660Murata ManufacturingJapanElectronic Components13.6-16.7%
7785LSSouth KoreaElectrical Components13.620.6%
7871Techtronic IndustriesChinaMachinery13.30.4%
7983Delta ElectronicsTaiwanElectronic Components12.914.3%
8068Kawasaki Heavy IndustriesJapanMachinery12.8-6.7%
81121Trina SolarChinaSolar12.682%
8274JTEKTJapanAutomotive Components and Equipment12.5-1.1%
8373Hangzhou Hikvision Digital TechnologyChinaTech Products and Equipment12.4-2.5%
84135Jinko SolarChinaSolar12.395.5%
8575Toyota BoshokuJapanAutomotive Components and Equipment11.9-5.6%
8789Hisense Home Appliances GroupChinaConsumer Electronics11.15.5%
8869Tianneng Power International LtdChinaAutomotive Components and Equipment11.1-16.8%
89130JA Solar TechnologyChinaSolar10.867.7%
9090Inspur Electronic Information IndustryChinaTech Products and Equipment10.4-0.5%
9196Universal Scientific Industrial ShanghaiChinaTech Products and Equipment10.218.2%
93133Tianjin Zhonghuan SemiconductorChinaSolar1055.9%
94122Wiwynn CorpTaiwanTech Products and Equipment9.841.7%
9591Seiko EpsonJapanTech Products and Equipment9.8-5.2%
9693MINEBEA MITSUMIJapanMachinery9.5-4.3%
9797FIH MobileChinaTech Products and Equipment9.49.5%
9982AcerTaiwanTech Products and Equipment9.3-18.5%
10086TPV TechnologyChinaTech Products and Equipment9.3-15.8%
101100Samvardhana Motherson InternationalIndiaAutomotive Components and Equipment9.38.5%
10294TCL Electronics HoldingsChinaConsumer Electronics9.2-5.3%
103105Wintech TechnologyChinaTech Products and Equipment8.75.7%
104101Sumitomo Heavy Industries LtdJapanMachinery8.60.8%
10570AUOTaiwanElectronic Components8.4-36.9%
106103Konica Minolta IncJapanTech Products and Equipment8.2-1.6%
107118Skyworth Group LtdChinaConsumer Electronics8.215.7%
108106Qisda CorpTaiwanTech Products and Equipment8.1-0.2%
109102Furukawa Electric Co LtdJapanElectrical Components8.1-4.5%
110144Sunwoda ElectricChinaElectrical Components7.833.1%
11176InnoluxTaiwanElectronic Components7.6-39.5%
11298Fuji ElectricJapanElectrical Components7.6-11.5%
113116Joyson Electronic ChinaAutomotive Components and Equipment7.44.4%
114104Samsung Electro-Mechanics Co LtdSouth KoreaElectronic Components7.4-10.4%
115147NIOChinaAutomotive Manufacturing7.329.9%
117107NSK LtdJapanMachinery7.2-7.9%
118112Toyoda Gosei Co LtdJapanAutomotive Components and Equipment7.2-2.3%
119108Shenzhen Transsion Holdings Co LtdChinaTech Products and Equipment7-9.4%
120117Alps Alpine Co LtdJapanElectronic Components7-1.9%
12199Beiqi Foton MotorChinaAutomotive Manufacturing7-18.8%
122119Lens Technology Co LtdChinaElectronic Components6.9-1.7%
123131Hengtong Optic-electric Co LtdChinaTech Products and Equipment6.97.7%
124138Zhejiang Chint Electrics Co LtdChinaElectrical Components6.913.1%
125128KeyenceJapanTech Products and Equipment6.95.7%
126113Hisense Visual Technology Co LtdChinaConsumer Electronics6.8-6.6%
127129Hanon SystemsSouth KoreaAutomotive Components and Equipment6.74%
128177Li AutoChinaAutomotive Manufacturing6.759.1%
129120Koito Manufacturing Co LtdJapanAutomotive Components and Equipment6.5-6.8%
130123OmronJapanElectronic Components6.5-5.2%
131249Hunan Yuneng New Energy Battery MaterialChinaElectrical Components6.4480.7%
132125Hyundai Wia CorpSouth KoreaAutomotive Components and Equipment6.4-3.4%
134111Kingboard Holdings LtdChinaElectronic Components6.4-13.6%
135132SMC CorpJapanMachinery6.3-3%
136140Tianneng Battery Group Co LtdChinaAutomotive Components and Equipment6.23.2%
137124Baosheng Science and Technology Innovation Co LtdChinaElectrical Components6.2-7.4%
138114Micro-Star International Co LtdTaiwanTech Products and Equipment6.1-15.6%
139159Kinpo ElectronicsTaiwanConsumer Electronics6.121.5%
140146Walsin Lihwa CorpTaiwanElectrical Components6.18.1%
141134Brother Industries LtdJapanTech Products and Equipment6.1-5.5%
142139Fujikura LtdJapanElectrical Components6-0.6%
143115Jiangsu Zhongtian Technology Co LtdChinaElectrical Components6-16.6%
144141China Railway Signal & Communication Corp LtdChinaTech Products and Equipment60.4%
145127Makita CorpJapanMachinery6-8.9%
146192Sungrow Power SupplyChinaElectrical Components5.956.8%
147142Lite-On Technology CorpTaiwanTech Products and Equipment5.9-1.2%
148153Mando CorpSouth KoreaAutomotive Components and Equipment5.98.3%
149148Zhen Ding Technology Holding LtdTaiwanElectronic Components5.83%
150145NTN CorpJapanMachinery5.7-1.4%
151137NOK CorpJapanAutomotive Components and Equipment5.5-9.8%
152136Anhui Jianghuai Automobile Group Corp LtdChinaAutomotive Manufacturing5.5-12.9%
153234EVE EnergyChinaElectrical Components5.4104.3%
154155Avary Holding Shenzhen Co LtdChinaElectronic Components5.43.4%
155221GCL-Poly Energy HoldingsChinaSolar5.474.2%
156241Shanghai Aiko Solar EnergyChinaSolar5.3116.9%
157191Wuxi Taiji Industry Co LtdChinaSolar5.237.9%
158150Ebara CorpJapanMachinery5.2-5.4%
159158Futaba Industrial Co LtdJapanAutomotive Components and Equipment5.23.1%
160149NHK Spring Co LtdJapanAutomotive Components and Equipment5.2-6.7%
161165Lingyi iTech Guangdong CoChinaElectronic Components5.28.3%
162156JS Global Lifestyle Co LtdChinaConsumer Electronics5.1-2.1%
163236Chongqing Sokon Industry Group Co LtdChinaAutomotive Manufacturing5.193.9%
164164JCET GroupChinaSemiconductor5.16%
165143Sunny OpticalChinaElectronic Components5-14.8%
166185Cal-Comp Electronics Thailand PCLThailandTech Products and Equipment4.924.1%
167167Chaowei Power Holdings LtdChinaAutomotive Components and Equipment4.83.4%
168193Unimicron Technology CorpTaiwanElectronic Components4.825.8%
169154Tianma MicroelectronicsChinaElectronic Components4.7-10.4%
170160Suzhou Dongshan Precision Manufacturing Co LtdChinaElectronic Components4.7-5%
171178Yadea Group Holdings LtdChinaAutomotive Manufacturing4.710.2%
172244Xinjiang Daqo New EnergyChinaSolar4.7174%
173180Fiberhome Telecommunication Technologies Co LtdChinaTech Products and Equipment4.611.7%
174169FIT Hon Teng LtdTaiwanElectronic Components4.60.9%
175157Zhejiang Dahua Technology Co LtdChinaTech Products and Equipment4.6-11.2%
176162Nikon CorpJapanConsumer Electronics4.5-7.1%
177151Jiangling Motors Corp LtdChinaAutomotive Manufacturing4.5-18.1%
178110Konka Group Co LtdChinaConsumer Electronics4.5-41.8%
179246Ningbo Ronbay New Energy Technology Co LtdChinaElectrical Components4.5178.2%
180168Daifuku Co LtdJapanMachinery4.5-2.3%
181175Bajaj AutoIndiaAutomotive Manufacturing4.52.2%
182227Risen Energy Co LtdChinaSolar4.448.8%
183238XTC New Energy Materials XiamenChinaElectrical Components4.373.3%
184166NGK Insulators LtdJapanMachinery4.3-8%
185179Hero MotoCorpIndiaAutomotive Manufacturing4.31.7%
186174NGK Spark Plug Co LtdJapanAutomotive Components and Equipment4.3-3.1%
187163General Interface Solution Holding LtdTaiwanElectronic Components4.3-11.2%
188197Fuyao Glass Industry Group Co LtdChinaAutomotive Components and Equipment4.214%
189170Tokai Rika Co LtdJapanAutomotive Components and Equipment4.2-7.1%
190247Ecopro BM Co LtdSouth KoreaElectrical Components4.1217.1%
191176Yaskawa Electric CorpJapanMachinery4.1-4.6%
192172Yageo CorpTaiwanElectronic Components4.1-6.8%
193198Tian Di Science & Technology Co LtdChinaMachinery4.111.3%
194211Sundaram-ClaytonIndiaAutomotive Components and Equipment4.119.7%
196215XPengChinaAutomotive Manufacturing4.123.3%
197182Sumitomo Riko Co LtdJapanAutomotive Components and Equipment4-0.1%
198187Chicony Electronics Co LtdTaiwanTech Products and Equipment3.91.2%
200205NinestarChinaTech Products and Equipment3.98.7%
201190Realtek SemiconductorTaiwanSemiconductor3.8-0.1%
202188GS Yuasa CorpJapanElectrical Components3.8-1.8%
203183Hitachi Zosen CorpJapanMachinery3.8-5.5%
204181Toshiba TEC CorpJapanTech Products and Equipment3.8-6.6%
205161Novatek MicroelectronicsTaiwanSemiconductor3.8-23%
206220Ennoconn CorpTaiwanTech Products and Equipment3.718.9%
207173Gigabyte Technology Co LtdTaiwanTech Products and Equipment3.7-17.1%
208200DMG Mori Co LtdJapanMachinery3.70.5%
209232UMW HoldingsMalaysiaAutomotive Manufacturing3.634.6%
210201China First Heavy IndustriesChinaMachinery3.6-0.9%
211208Johnson Electric HoldingsChinaAutomotive Components and Equipment3.61.2%
212186Shimadzu CorpJapanTech Products and Equipment3.6-8.3%
213224DRB-HicomMalaysiaAutomotive Manufacturing3.618.3%
214199SCREEN HoldingsJapanSemiconductor3.5-2.8%
215171Tsinghua Tongfang Co LtdChinaTech Products and Equipment3.5-21.1%
216189Shanghai Mechanical and Electrical Industry Co LtdChinaMachinery3.5-9.2%
217230Shenzhen Inovance TechnologyChinaMachinery3.522.5%
218245Gotion High-techChinaElectrical Components3.4110.5%
219233Delta Electronics ThailandThailandElectronic Components3.428.2%
220222Sumco CorporationJapanSemiconductor3.410.1%
221243Wuxi Shangji Automation Co LtdChinaMachinery3.393.2%
222196TPK Holding Co LtdTaiwanElectronic Components3.3-11.3%
223206Yokogawa Electric CorpJapanTech Products and Equipment3.3-7.1%
224209Stanley Electric Co LtdJapanAutomotive Components and Equipment3.3-6.4%
225223Shenzhen Desay Battery Technology CoChinaElectrical Components3.36.7%
226235SL CorpSouth KoreaAutomotive Components and Equipment3.323%
227216Far East Smarter Energy Co LtdChinaElectrical Components3.3-0.7%
228210Simplo Technology Co LtdTaiwanElectronic Components3.3-6.1%
229207KYB CorpJapanAutomotive Components and Equipment3.3-8.5%
230202Ibiden Co LtdJapanElectronic Components3.2-10.5%
231203Winbond ElectronicsTaiwanSemiconductor3.2-10.4%
232240Wistron NeWeb CorpTaiwanTech Products and Equipment3.232.2%
233239TongFu MicroelectronicsChinaSemiconductor3.229.4%
234237Zhejiang Sanhua Intelligent ControlsChinaMachinery3.227.6%
235219Cheng Uei Precision Industry Co LtdTaiwanElectronic Components3.21.1%
236248Beijing Easpring Material TechnologyChinaElectrical Components3.2144.7%
237214Guangzhou Shiyuan Electronic Technology Co LtdChinaElectronic Components3.2-5.5%
238242AIMA Technology GroupChinaAutomotive Manufacturing3.129.8%
239212Rinnai CorpJapanConsumer Electronics3.1-8.8%
240226Sungwoo Hitech Co LtdSouth KoreaAutomotive Components and Equipment3.15.2%
241231AAC Technologies Holdings IncChinaTech Products and Equipment3.111.8%
242225Shanghai QiFan Cable Co LtdChinaElectrical Components3.14.2%
243195Foxconn Technology Co LtdTaiwanTech Products and Equipment3.1-18.6%
244213Zhejiang Supor Co LtdChinaConsumer Electronics3.1-10.2%
245229Changhong Meiling Co LtdChinaConsumer Electronics3.17.5%
246218TS Tech Co LtdJapanAutomotive Components and Equipment3.1-4.8%
247228THK Co LtdJapanMachinery33.7%
248194Will SemiconductorChinaSemiconductor3-19.7%
249217Coway Co LtdSouth KoreaConsumer Electronics3-6.5%
250250L&FSouth KoreaElectronic Components3253.7%
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.