EMS Market Steadies in September, Setting Stage for Continued Growth
The Global Electronics Association announced today the September 2025 findings from its North American Electronics Manufacturing Services (EMS) Statistical Program. The book-to-bill ratio stands at 1.31.
Total North American EMS shipments in September 2025 were down 1.2% compared to the same month last year. Compared to the preceding month, September shipments were up 1.1%. September’s year-to-date (YTD) shipments decreased by 0.8% year-over-year (YOY).
EMS bookings in September decreased 3.2% year-over-year and decreased 10.9% from the previous month. September’s YTD bookings increased by 0.7% compared to the same period last year.
“September data show momentum consolidating in North America’s EMS sector,” said Dr. Shawn DuBravac, Global Electronics Association’s chief economist. “Conditions are stabilizing at a healthy level, pointing to sustainable growth heading into the final quarter of 2025.”
September results indicate the EMS market is settling into a steadier rhythm after several months of elevated activity. Bookings cooled from August’s peak but remained solid, showing that underlying demand continues to hold firm. Shipments edged higher as production throughput improved, suggesting manufacturers are finding better balance between order intake and delivery capacity.
The rise in the three-month book-to-bill ratio points to consistent demand strength, while the softer one-month figure reflects a natural recalibration following prior gains. Taken together, the data portray a market neither overheating nor contracting but maintaining a constructive pace of expansion. Supply conditions continue to improve, aided by greater labor availability and easing component pressures.
While shipment volumes are still running slightly behind last year, the gap continues to narrow. Booking trends on a year-to-date basis remain positive, indicating durable end-market demand and a supportive production pipeline heading into year-end.
Detailed Data Available
Companies that participate in the Global Electronics Association’s North American EMS Statistical Program have access to detailed findings on EMS sales growth by type of production and company size tier, order growth and backlogs by company size tier, vertical market growth, the EMS book-to-bill ratio, 3-month and 12-month sales outlooks, and other timely data.
Interpreting the Data
The book-to-bill ratios are calculated by dividing the value of orders booked over the past three months by the value of sales billed during the same period from companies in the Global Electronics Association’s survey sample. A ratio of more than 1.00 suggests that current demand is ahead of supply, which is a positive indicator for sales growth over the next three to 12 months. A ratio of less than 1.00 indicates the reverse.
Year-on-year and year-to-date growth rates provide the most meaningful view of industry growth. Month-to-month comparisons should be made with caution as they reflect seasonal effects and short-term volatility. Because bookings tend to be more volatile than shipments, changes in the book-to-bill ratios from month to month might not be significant unless a trend of more than three consecutive months is apparent. It is also important to consider changes in both bookings and shipments to understand what is driving changes in the book-to-bill ratio.
The Global Electronics Association’s monthly EMS industry statistics are based on data provided by a representative sample of assembly equipment manufacturers selling in the USA and Canada. The Association publishes the EMS book-to-bill ratio by the end of each month.