Global cellular IoT module shipments record first-ever annual decline – Counterpoint Research

Quectel, the leading module vendor, experienced a decline in its market share primarily because of weakened demand in markets outside China. The company has partnered with Syrma SGS Technology to manufacture IoT modules in India.

China Mobile and Fibocom experienced double-digit YoY growth. China Mobile's growth was driven by smart meters, asset trackers and POS applications, while Fibocom's growth was driven by POS and telematics applications.

This year’s merger between Telit and Thales propelled Telit Cinterion into the top five vendors of IoT modules. To further solidify its presence in India, Telit partnered with VVDN for local production.

Several Chinese brands like Unionman, OpenLuat, Lierda and Neoway have shown significant growth within specialized markets like smart meter, asset tracking and POS.