From India’s smart meters to China’s surveillance boom, global IoT module shipments grew 17% in Q2 2025, powered by 5G gains and shifting vendor dynamics.
Global shipments of cellular IoT modules rose 17% year-on-year (YoY) in the second quarter of 2025, marking the sixth consecutive quarter of expansion, according to Counterpoint Research.
The rebound highlights strong demand across key industries following the slowdown seen in 2023. Analysts expect growth to continue through the second half of the year, supported by smart utilities, automotive deployments and the early adoption of 5G RedCap.
The report highlighted that India and China were the only regions to maintain six consecutive quarters of growth. India’s demand was led by smart metering and point-of-sale systems, while China’s momentum was driven by asset tracking and surveillance cameras.
Meanwhile, Latin America stood out as the fastest-growing market, recording 32% YoY growth, driven by smart meter rollouts, router adoption, and the adoption of tracking solutions.
Shipments of 5G modules climbed 57% YoY, now accounting for 8% of the market, mainly in routers, PCs and automotive. However, 4G Cat 1 bis continues to dominate mass-market IoT due to cost-effectiveness and wide coverage.
5G RedCap shipments jumped nearly 800% from a low base, signalling the start of commercial adoption, with demand concentrated in China’s router, surveillance and energy sectors.
Among the market players, Quectel retained its leading global share at 37%, unchanged from last year. China Mobile increased its share to 11%, while Sunsea rose to 8% following strong growth in industrial PCs and smart metering. Lierda advanced to 8%, up from 5% a year ago, aided by Cat 1 bis momentum and expansion into South Korea. Fibocom remained stable at 7%.
The biggest shift came from the ‘Others’ category, which dropped from 35% to 29%, reflecting consolidation as larger players strengthened their positions.
Outside China, Telit Cinterion held second place behind Quectel, driven by steady demand in Europe and North America. In the US, Quectel is localising production through a partnership with Ohio-based Eagle Electronics, which will begin shipping modules in Q3 2025.
Qualcomm maintained its leadership in 5G and high-end 4G, powering automotive, PCs and routers. ASR and Eigencomm followed, targeting the cost-sensitive 4G Cat 1 bis market in metering, tracking and consumer devices.
Counterpoint stated that the market is now shifting towards AI-enabled IoT modules, with vendors such as Quectel, Meig and Fibocom betting on smarter, feature-rich solutions as the next wave of growth.
