Global cellular IoT module shipments grew 4% YoY in Q1 2026, due to soft demand from the Chinese market. According to Counterpoint Research's Global Cellular IoT Module and Chipset Tracker, Q1 2026, China continued to dominate global shipments in terms of volume. However, the Chinese market recorded a 2% YoY decline. This decline was primarily due to normal Q1 seasonality patterns, as the Chinese New Year holiday period and applications such as asset tracking, POS and telematics experienced softened demand from domestic OEMs. Declining passenger vehicle sales further compounded this weakness. 

Commenting on the technology dynamics, Principal Analyst Tina Lu said, "Growth varied significantly across technologies. While most technologies declined, 4G Cat 1 bis module shipments grew 12% YoY, driven by strong demand from smart meters, POS terminals, asset trackers and telematics applications across developing markets such as India, the Middle East & Africa and Latin America. Additionally, 5G emerged as the fastest-growing cellular technology with 39% YoY growth, particularly driven by applications such as router/CPE, connected PCs and automotive." 

Lu added, “Regional markets showed mixed performance. China's market declined by a lower single-digit percentage YoY due to weaker demand during the Chinese New Year holiday period, compounded by declining domestic passenger vehicle sales. In contrast, India recorded strong double-digit YoY growth, supported by rising demand from smart meters, POS terminals, asset trackers and telematics applications. India maintained its position as the world's fastest-growing cellular IoT module market. Government-mandated smart meter deployments and increasing telematics adoption in commercial fleet management have created a multi-year demand cycle that remains largely insulated from geopolitical supply chain pressures.”  
 

Global Cellular IoT Module Shipments Share by Vendor, Q1 2026 vs Q1 2025​  

 

Vendor Performance 

• Quectel retained its global leadership position across both China and international markets, achieving 5% YoY growth. China Mobile recorded strong double-digit growth through operator-driven deployments in smart meters, POS terminals, connected two-wheelers, asset trackers and surveillance cameras. Fibocom secured the third position, supported by rising shipments in smart metering, router/CPE and telematics applications. 
• Outside China, Telit Cinterion maintained its position as the leading international vendor, growing at a strong double-digit rate. The company benefited from its established presence in high-volume verticals such as asset tracking, smart metering, IP cameras and healthcare across Europe and North America. 
• Eagle Wireless emerged as a notable player in the IoT module market, expanding beyond automotive applications while strengthening its global footprint. 

Commenting on the market dynamics, Director of IoT Practice Mohit Agrawal said, “Cellular IoT module ASPs are expected to increase in the second half of 2026, as rising memory costs will force vendors to increase module prices to maintain profitability. Ongoing memory shortages are expected to increase module prices, particularly for high-memory-density modules, which could affect shipment growth in these segments while sustaining demand for lower-memory-density modules. Furthermore, these elevated prices are also expected to start extending into the low-end segment, including Cat 1 and LTE-M modules. Despite these challenges, the global cellular IoT module market is expected to maintain steady growth in 2026.” 

Agrawal added, “From a technology perspective, challenges remain, particularly around the pace of standalone 5G network rollout in markets outside of China, where SA coverage gaps may delay RedCap’s substitution of 4G Cat 4 in regions such as parts of Latin America, the Middle East, and Southeast Asia. In addition, ongoing memory shortage could slow 5G and 5G RedCap module ASP declines and extend Cat 4 relevance longer than current trends suggest.” 

For detailed research, refer to the following reports available for subscribers: 

• Global Cellular IoT Module and Chipset Tracker by Application, Q1 2026 
• Global Cellular IoT Module Tracker, Q1 2026 

Counterpoint’s ‘Global Cellular IoT Module and Chipset Tracker by Application’ tracks over 2,000 IoT module SKUs on a quarterly basis and provides forecasts on shipments, revenues and ASP performances for over 80 IoT module vendors, over 12 chipset players and over 18 IoT applications across 10 major geographies. 

About Counterpoint Research 

Counterpoint Research is a global market research firm specializing in products across the technology ecosystem. We advise a diverse range of clients – from smartphone OEMs to chipmakers and channel players to Big Tech – through our offices located in the world's major innovation hubs, manufacturing clusters and commercial centers. Our analyst team, led by seasoned experts, engages with stakeholders across the enterprise – from the C-suite to professionals in strategy, analyst relations (AR), market intelligence (MI), business intelligence (BI), product and marketing – to deliver services spanning market data, industry thought leadership and consulting. Our core areas of coverage include AI, Automotive, Consumer Electronics, Displays, eSIM, IoT, Location Platforms, Macroeconomics, Manufacturing, Networks and Infrastructure, Semiconductors, Smartphones and Wearables. Visit our Insights page to explore our publicly available market data, insights and thought leadership, and to understand our focus, meet our analysts and start a conversation. 

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