The ranking of the top 50 semiconductor suppliers by 2024 in the McLean Report is shown in Figure 1. This ranking is based on calendar year sales and covers integrated circuit (IC) and O-S-D (optoelectronics, sensors/actuators, and discrete devices) equipment. If the company's fiscal year does not match the calendar year, the sales amount has been adjusted to January to December. The list includes 19 US headquarters enterprises, 11 Japanese enterprises, 7 suppliers in Taiwan, China, 6 European enterprises, 4 suppliers in Chinese Mainland and 3 Korean enterprises.
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Figure 1 Top 50 Semiconductor Sales Leaders by 2024 (including foundries, in millions of US dollars)
In 2024, the total semiconductor sales of the top 50 suppliers will increase by 26%, which is 4 percentage points higher than the 22% growth in the global semiconductor market. Winbond, Powerchip and Vanguard returned to the top 50 list, and CXMT, a DRAM supplier from Chinese Mainland, performed amazingly when it was first shortlisted, ranking 34th.
Overall, 44 out of the top 50 companies have experienced changes in their rankings. The largest increase was seen by fabless IC supplier Realtek, which jumped 10 places to 29th place thanks to its strong sales of connected media and network ICs. In addition, Monolith Power Systems rose 5 places to 37th place due to a surge in sales of power management ICs for AI and server applications.
The company with the most significant decline in ranking in 2024 is Sharp, which dropped 10 places to 43rd place; Microchip has slipped from 19th place in 2023 to 25th place in 2024.
The ranking of the McLean Report covers integrated device manufacturers (IDMs), fabless companies, and foundries, but does not include semiconductor sales data from system vendors such as Apple, Amazon, Google, Meta, etc. These companies design their own chips and specialize in their own systems, without selling ICs to the public market.
The top 50 rankings in Figure 1 also include 8 pure OEM factories. The McLean Report includes foundries in the top 50 semiconductor suppliers ranking, as it consistently considers this ranking as a "top supplier list" rather than a "market share ranking," and explicitly points out that some semiconductor sales may be subject to double counting.
Figure 2 Top 50 semiconductor suppliers excluding foundries
The following companies will replace the 8 pure OEM factories:
US and Taiwan Semiconductor (Dior), $1.31 billion
Taiwan, China Nanya, US $1.06 billion
Socionext, Japan, $1.03 billion
Chinese Mainland GigaDevice, 1.02 billion US dollars
Nuvoton, Taiwan, China, US $981 million
Semtech, USA, $890 million
Sanken Electronics, Japan, 832 million US dollars
Taiwan, China based Macronex, 806 million US dollars
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Figure 2 Top 50 Semiconductor Sales Leaders by 2024 (excluding foundries, in millions of US dollars)
As shown in Figure 3, in 2024, US headquarters companies accounted for 57% of the top 50 semiconductor suppliers' sales excluding foundries, with Korean companies ranking second with a 21% share. The reason why the Korean market share is particularly impressive is that its 21% share is contributed by only three companies - Samsung, SK hynix, and LX Semicon. It is worth noting that, if the pure OEM factory is not included, enterprises in Taiwan, China account for 5% of the market share; However, if the sales of pure OEM factories are included, the proportion of Taiwan, China in the top 50 suppliers will jump to 17%.
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Figure 3 Top 50 semiconductor suppliers by headquarters location before 2024 (excluding foundries)
The market share of South Korea is particularly likely to change year by year due to the cyclical fluctuations in the storage market. In 2024, South Korea will occupy 21% of the market share, an increase of 5 percentage points from 16% in 2023, thanks to the strong growth of DRAM sales of 88% and the growth of NAND flash memory market of 69%.
Supplier share of semiconductor market in 2024
Semiconductor sales are dominated by a few large enterprises, and this trend is more evident in 2024 than ever before. Excluding foundries, the top 10 leading companies in 2024 account for two-thirds of semiconductor sales, an increase of nearly 20 percentage points compared to the top 10 companies in 2010 (Figure 4). The 50 largest suppliers set a record, accounting for 92% of global semiconductor sales.
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Figure 4 Supplier share of semiconductor market in 2024 (excluding foundries, totaling $676.6 billion)
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Top 50 companies ranked by growth rate
The sales growth rate of the top 50 suppliers spans 260 percentage points, from a 214% increase in CXMT to a 46% decline in Sharp (Figure 5). Among the top 50 companies, 23 achieved sales growth, with 17 experiencing double-digit growth. Meanwhile, in 2024, 27 companies experienced a decline in sales, ranging from 2% for Intel and Powerchip to 46% for Sharp.
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Figure 5 Leading semiconductor sales companies ranked by growth rate in 2024
Leading semiconductor sales companies in the first quarter of 2025 and outlook for the second quarter
The ranking of leading semiconductor sales companies in the first quarter of 2025 in the McLean Report is shown in Figure 6. When necessary, sales have been accounted for based on the first quarter of the calendar year (January to March).
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Leading semiconductor sales companies in the first quarter of 2025 and outlook for the second quarter
As expected, NVIDIA easily maintained its position as the world's largest semiconductor supplier in the first quarter of 2025, with sales increasing by 23% month on month and 89% year-on-year. Although the company and its products have become targets of the US government's tariff policies towards China, demand for its data center artificial intelligence processors remains strong. CEO Huang Renxun bluntly stated that the sales restrictions on Nvidia processors in the United States have failed to achieve their goals and have caused more harm than good to the US semiconductor industry. He estimates that US export controls have caused the company to lose at least $15 billion in sales revenue, which was originally intended for the research and development of next-generation artificial intelligence processors. Even if the rapid growth of sales this year slows down, Nvidia may still remain at the top of the list for the rest of 2025.
In the first quarter of 2025, only Nvidia and MediaTek, ranked 10th among the top 10 suppliers, achieved month on month revenue growth. MediaTek stated that the sales growth is mainly due to increased market demand and increased customer adoption of artificial intelligence, 5G, and Wi Fi 7 technologies.
Broadcom, ranked 8th, had flat sales in the first quarter, but all other top 10 companies experienced a decline in sales, ranging from AMD's 1% decline to Samsung's 20% decline. Sales of Samsung and SK Hynix have declined due to weak seasonal demand and easing price pressure on DRAM and NAND flash memory devices.
Similarly, Intel's 11% revenue decline is partly attributed to seasonal weakness, but it also indicates that Intel still needs a lot of work to reshape consumer and original equipment manufacturer (OEM) confidence in its current (and future) product lineup and roadmap. Intel is counting on its industry-leading 18A process to provide a much-needed boost to its profitability in the second half of 2025, while continuing to seek new external customers to drive the development of its foundry business.
Overall, the ranking of the top 10 companies has not changed compared to the previous quarter, but there have been some adjustments in the downstream rankings of the list. Despite a 9% decrease in sales, NXP's ranking still rose two places to 13th place. STMicroelectronics (ST) fell from 13th to 16th place after a 24% decrease in revenue. ST stated that the delayed recovery of industrial applications and inventory adjustments, as well as the slowdown in automotive IC sales (especially in Europe), led to weak sales in the first quarter. Kioxia's sales decreased by 35%, dropping three places to 19th place in the first quarter ranking.
Among the top 25 companies, 8 achieved quarter on quarter sales growth in the first quarter of 2025, 14 suppliers experienced a decline in sales, and Broadcom's sales remained stable.
After showing strong quarterly revenue performance at the end of 2024, most storage vendors on the list experienced a general decline in sales in the first quarter. Samsung, SK Hynix, SanDisk, and Kaixia all experienced double-digit revenue declines in the first quarter of 2025, while Micron's sales declined by 2%.
After experiencing a difficult 2024, some microcontroller (MCU) and analog device suppliers can claim that the darkest days are over. Texas Instruments (TI), Analog Devices, and Renesas all achieved a month on month growth in modem sales in the first quarter of 2025. In addition, TI and Adeno expect to continue achieving single digit growth in the second quarter.
19 out of the top 25 suppliers have provided revenue guidance for the second quarter of 2025. Nvidia (9%), Micron (9%), STMicroelectronics (8%), TSMC (7%), and Texas Instruments (7%) are expected to see a significant rebound in sales in the second quarter. However, the average guidance of the top 25 companies shows a 3% month on month increase in sales in the second quarter.
The companies providing Q2 revenue guidance have been cautious in their outlook, acknowledging market uncertainty, potential impact of tariffs, ongoing regional conflicts, high interest rates, and other geopolitical tensions that may lead to sudden changes in forecasts.
Sales in the first quarter decreased by 2% compared to the previous quarter, and with an average quarterly guidance of 3% in the second quarter, this further supports TechInsights' semiconductor market forecast that annual growth will slow down due to the "mild impact" of tariffs and trade restrictions policies.
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