New Delhi, June 20 (AHN) The global cellular IoT module market is expected to maintain steady growth in 2026, after growing 4 per cent (year-on-year) in Q1 2026 -- with India clocking robust double-digit growth, according to a new report.

India recorded strong double-digit growth in the January-March quarter, supported by rising demand from smart meters, POS terminals, asset trackers and telematics applications, according to Counterpoint Research.

“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,” said Principal Analyst Tina Lu.

China continued to dominate global shipments in terms of volume. However, the Chinese market recorded a 2 per cent YoY decline, reports Counterpoint Research.

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.

“Growth varied significantly across technologies. While most technologies declined, 4G Cat 1 bis module shipments grew 12 per cent YoY, driven by strong demand from smart meters, POS terminals, asset trackers and telematics applications across developing markets such as India, the Middle East and Africa and Latin America,” said Principal Analyst Tina Lu.

Additionally, 5G emerged as the fastest-growing cellular technology with 39 per cent YoY growth, particularly driven by applications such as router/CPE, connected PCs and automotive.

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, said Director of IoT Practice. Mohit Agrawal.

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, he mentioned.

—AHN

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