According to the latest data from Counterpoint, global cellular IoT module shipments fell 2% year-on-year in the third quarter of 2023. Weak demand, rising interest rates, and cautious spending by enterprise IoT players are some of the important factors behind the slowdown in this market. 5G’s share of the global cellular IoT module market exceeded 5% for the first time, indicating traction in 5G adoption. 5G adoption is currently limited due to a lack of killer use cases and higher prices. We are only seeing early adoption in the router/CPE, PC, and automotive markets. The IoT module market is undergoing a technology transition from 4G Cat 1 and NB-IoT to 4G Cat 1 bis. The low-cost, energy-efficient 4G Cat 1 bis is becoming increasingly popular in many applications such as POS, smart meters, telematics, and asset tracking. Market leader Quectel and one of the leading international suppliers Telit Cinterion both saw a decline in shipments. This trend reflects the current state of the IoT module market in China and globally. Quectel's performance in the global market improved slightly quarter-on-quarter. In contrast, the other two suppliers in the top five (China Mobile and Guangtong) both achieved positive growth. This growth was mainly driven by smart meters, asset trackers and POS for China Mobile and router/CPE applications for Guangtong. China Mobile recently established a subsidiary, BILIN'zhlian, to accelerate the growth of its module business. Some Chinese brands, such as Unionman, OpenLuat and Lierda, performed well from a niche market perspective. Applications in smart meters, asset tracking and POS drove their growth. |
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