Global Cellular IoT Module Shipments will exceed 780 Mio. Units in 2024

Global cellular IoT module shipments will cross 780 million units in 2024 to reach $11.5 billion in revenues, according to the latest research from Counterpoint’s Global Cellular IoT Module and Chipset Forecast. The COVID-19 outbreak and recent supply shortages in semiconductor material have adversely affected the cellular module market. However, the pandemic has accelerated the pace of IoT adoption, with organizations prioritizing it as a path towards digitalization. NB-IoT will lead the cellular IoT module shipments by 2024, followed by 4G and 5G. LTE-M will have a lower market share due to good presence only in North America, Japan and Australia.

Key Findings of the Report

  • North America will overtake Europe in 2024 to become the second largest market after China.
  • 5G will lead in terms of value while NB-IoT will lead in terms of volume in the market.
  • Quectel and Qualcomm will maintain their top positions in cellular IoT module vendor and chipset player market shares respectively.

“The growth of NB-IoT will keep China ahead of other regions in the cellular IoT module market. However, India is expected to experience the highest growth (38%) in shipments. The commercial deployment of NB-IoT by the country’s major telecom operators, such as Jio, Vi, Airtel and BSNL, will help usher growth in cellular module shipments in India. North America will emerge as the second largest region in this market by surpassing Europe. 5G module shipments will start picking up in developed countries like the US, Japan and South Korea while the Middle East and Africa, Russia, India and other Asian countries will bet on lower-cost LPWA technologies (LTE-M and NB-IoT).”

Associate Director Jan Stryjak

“Chinese players Quectel, Sunsea and Fibocom are expected to hold nearly 45% share in the cellular IoT module shipments in 2024. Neoway and Meig are the dark horses in this market and projected to increase share. After becoming successful in the homegrown Chinese market, these brands are entering other regions with a wide range of products, and cloud services. The complete product offerings from modules to cloud services will help in the growth of these module vendors.”

Client Services and Consulting Director Rick Cui