Chinese OSAT vendors showed a growth spurt in 2024

Market news | May 19, 2025

By Peter Clarke

Analog semiconductor OSAT Test and Measurement

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Two Chinese providers of outsourced semiconductor assembly and test (OSAT) services showed double-digit percentage revenue growth in 2024, in a generally flat market, according to TrendForce.

However, the market analyst’s top ten ranking was unchanged from 2023 with ASE Holdings and Amkor maintaining their leading positions. Despite falling revenues and market shares these two still control 59.8 percent of the OSAT market.

China has four OSAT providers in the top ten, with JCET and Huatian Technology (TSHT) achieving 19 and 26 percent annual growth respectively. Tongfu Microelectronics (TFME) ranked four and WiseRoad ranked seven also put in solid 5 percent growth.

Global top ten OSAT companies ranked by 2024 revenues. Source: TrendForce.

TrendForce states that Chinese OSAT providers are supported by government policies and domestic demand and are poised to upset the rankings in a market place that is coming under scrutiny for strategic reasons.

South Korea’s only representative in the top ten – Hana Micron – also showed strong growth at 24 percent albeit from a small baseline.

The combined revenue of the top ten OSAT companies was US$41.56 billion in 2024 up 3 percent year-on-year.

The OSAT market is coming under stress from multiple directions.

One is sluggish demand for traditional services across smartphones, consumer electronics, automotive, and industrial sectors. At the same time the manufacturers are being challenged to support increasingly stringent technological requirements from heterogeneous integration and wafer-level packaging (WLP) to die stacking. In addition competition is intensifying from China and operations being formed in locations such as India.