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According to a new research report from the IoT analyst firm Berg Insight, annual shipments of cellular IoT modules amounted to 612 million units in 2025, up 33 percent from the previous year. Annual sales increased by 19 percent to US$ 5.6 billion in the year. The figures exclude automotive NAD modules. Until 2030, shipments of cellular IoT modules are forecasted to grow at a compound annual growth rate (CAGR) of 7 percent to reach 878 million units.
The cellular IoT module market returned to strong growth across all major regions in the year after a period of weaker demand, largely due to high inventory levels among customers. Additional momentum came from new local policies in select countries such as Spain and China. The growth has continued into 2026, though challenges related to memory prices are mounting as memory manufacturers increasingly allocate production capacity to high-bandwidth memory products for AI servers and data centre infrastructure.
The most immediate impact on the module market has been price pressure rather than shortages, with all product segments affected to varying degrees. 5G modules are the most exposed as these typically have higher memory content and rely on more advanced DRAM technologies, while 4G LTE modules based on legacy memory technologies are less impacted. Nevertheless, few products are fully protected from the current market situation, which has led module vendors to introduce periodic price reviews and contractual mechanisms to manage the fluctuations in component costs.
The five largest cellular module vendors – Quectel, Fibocom, Telit Cinterion, MeiG and China Mobile IoT – held a market share of 73 percent in terms of revenues. The China-based vendors Quectel, China Mobile IoT, Sunsea AIoT, Lierda and Fibocom rank as the volume leaders, benefitting from the massive scale of the domestic market. ZXInfoTek has also rapidly emerged as a prominent vendor with a strong position in the POS terminal segment.
Berg Insight estimates that annual shipments of cellular IoT chipsets, excluding automotive-grade chipsets, amounted to 706 million units in 2025. ASR Microelectronics, Qualcomm, Eigencomm, UNISOC, Xinyi and MediaTek were the main cellular IoT chipset suppliers. China-based players had a strong year in terms of volume and ASR, Eigencomm and Xinyi reported solid LTE Cat-1 bis/NB-IoT growth. Qualcomm retains a substantial share of the LTE-M, high-end 4G LTE and 5G eMBB chipset segments.
