Global Cellular IoT Module Shipments to Cross 780 Mn Units in 2024

  • 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.

San Diego, Buenos Aires, London, New Delhi, Hong Kong, Beijing, Seoul – February 10, 2021

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.

Commenting on regional dynamics, Associate Director Jan Stryjak said, “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).”

Client Services and Consulting Director Rick Cui added, “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.”

Exhibit 1: Global Cellular IoT Module Forecast Insight

Global Cellular IoT Module Forecast Counterpoint

Commenting on pricing and revenue, Research Analyst Soumen Mandal said, “5G is expected to overtake 4G revenue by 2022 as 5G network deployments around the world are increasing while the average selling price (ASP) is decreasing. This trend of reducing 5G module prices will help in faster transition to 5G technology from 3G and 4G. The NB-IoT module ASP is expected to fall below $3 by 2024. But still, the 2G module ASP will be lower than the NB-IoT module ASP. As major telecom operators are shutting down 2G/3G networks in a phased manner, 2G will be replaced by NB-IoT while 3G will be replaced by LTE Cat 1 and 5G depending on applications.”

Vice-President Research Neil Shah noted, “Qualcomm is expected to hold nearly half of the global cellular IoT chipset market by 2024. With its leadership in 5G market, supply shortages being faced by Hisilicon and sanctions imposed by the US, Qualcomm is going to maintain its legacy in this market. The strengthening partnerships with long-tail module vendors like Gosuncn, MobileTek, AM Telecom, Cheerzing, USR (WenHeg), Wutong (Broadmobi), Yuge Technology and Wistron NeWeb are also helping Qualcomm to increase its market share. Mediatek recently launched 5G-powered T700 and T750 chipsets targeting the PC and FWA router segments respectively. We may witness strong competition between Qualcomm and Mediatek for the 5G cellular IoT chipset market, just as we see in the smartphone chipset market. Unisoc is targeting NB-IoT-based applications like smart meter and telematics, and may emerge as the leading player in the NB-IoT chipset market in China next year.”

Currently, Counterpoint is tracking more than 35 IoT module vendors, 10 chipset players and 18 applications across 10 major regions, with forecast up to 2024. The comprehensive and in-depth ‘Global Cellular IoT Module Vendor Shipments, ASP, Revenues Forecast by Regions by Tech, Q3 2020’ and ‘Global Cellular IoT Chipset Shipments by Module Vendor by Tech Forecast, Q3 2020’ reports are a part of Counterpoint’s IoT Service. They are available for download for subscribing clients.


Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.

Analyst Contacts:

Soumen Mandal
The Branding Source: New logo: Twitter

Neil Shah
The Branding Source: New logo: Twitter           

Jan Stryjak
The Branding Source: New logo: Twitter  

Rick Cui

Counterpoint Research
The Branding Source: New logo: Twitter

Related Posts:

Counterpoint research is a young and fast growing research firm covering analysis of the tech industry. Coverage areas are connected devices, digital consumer goods, software & applications and other adjacent topics. We provide syndicated research reports as well as tailored. Our seminars and workshops for companies and institutions are popular and available on demand. Consulting and customized work on the above topics is provided for high precision projects.

Apple Snack Pack


Understanding iPhone

Term of Use and Privacy Policy

Counterpoint Technology Market Research Limited


In order to access Counterpoint Technology Market Research Limited (Company or We hereafter) Web sites, you may be asked to complete a registration form. You are required to provide contact information which is used to enhance the user experience and determine whether you are a paid subscriber or not.
Personal Information When you register on we ask you for personal information. We use this information to provide you with the best advice and highest-quality service as well as with offers that we think are relevant to you. We may also contact you regarding a Web site problem or other customer service-related issues. We do not sell, share or rent personal information about you collected on Company Web sites.

How to unsubscribe and Termination

You may request to terminate your account or unsubscribe to any email subscriptions or mailing lists at any time. In accessing and using this Website, User agrees to comply with all applicable laws and agrees not to take any action that would compromise the security or viability of this Website. The Company may terminate User’s access to this Website at any time for any reason. The terms hereunder regarding Accuracy of Information and Third Party Rights shall survive termination.

Website Content and Copyright

This Website is the property of Counterpoint and is protected by international copyright law and conventions. We grant users the right to access and use the Website, so long as such use is for internal information purposes, and User does not alter, copy, disseminate, redistribute or republish any content or feature of this Website. User acknowledges that access to and use of this Website is subject to these TERMS OF USE and any expanded access or use must be approved in writing by the Company.
– Passwords are for user’s individual use
– Passwords may not be shared with others
– Users may not store documents in shared folders.
– Users may not redistribute documents to non-users unless otherwise stated in their contract terms.

Changes or Updates to the Website

The Company reserves the right to change, update or discontinue any aspect of this Website at any time without notice. Your continued use of the Website after any such change constitutes your agreement to these TERMS OF USE, as modified.
Accuracy of Information: While the information contained on this Website has been obtained from sources believed to be reliable, We disclaims all warranties as to the accuracy, completeness or adequacy of such information. User assumes sole responsibility for the use it makes of this Website to achieve his/her intended results.

Third Party Links: This Website may contain links to other third party websites, which are provided as additional resources for the convenience of Users. We do not endorse, sponsor or accept any responsibility for these third party websites, User agrees to direct any concerns relating to these third party websites to the relevant website administrator.

Cookies and Tracking

We may monitor how you use our Web sites. It is used solely for purposes of enabling us to provide you with a personalized Web site experience.
This data may also be used in the aggregate, to identify appropriate product offerings and subscription plans.
Cookies may be set in order to identify you and determine your access privileges. Cookies are simply identifiers. You have the ability to delete cookie files from your hard disk drive.