New Delhi, June 20 (IANS): India recorded strong double-digit growth in the global cellular IoT module market during the January-March quarter, maintaining its position as the world’s fastest-growing market in the segment, according to a report by Counterpoint Research. The report noted that the global cellular IoT module market grew 4 per cent year-on-year in the first quarter of 2026 and is expected to maintain steady growth throughout the year. India’s performance was driven by rising demand for smart meters, point-of-sale (POS) terminals, asset trackers and telematics applications. Counterpoint Research Principal Analyst Tina Lu said government-mandated smart meter deployments and increasing adoption of telematics in commercial fleet management have created a long-term demand cycle that remains largely insulated from geopolitical supply chain disruptions. While China continued to dominate global shipments by volume, its market declined 2 per cent year-on-year due to seasonal factors, weaker domestic demand for asset tracking, POS and telematics applications, and slowing passenger vehicle sales.
The report highlighted significant differences in growth across technologies, with 4G Cat 1 bis module shipments rising 12 per cent year-on-year, supported by demand from developing markets such as India, the Middle East, Africa and Latin America. Meanwhile, 5G emerged as the fastest-growing cellular technology, recording 39 per cent year-on-year growth, driven by applications including routers, customer premises equipment (CPE), connected PCs and automotive solutions. Counterpoint Research Director of IoT Practice Mohit Agrawal said cellular IoT module prices are expected to increase in the second half of 2026 due to rising memory costs and ongoing supply shortages, particularly affecting high-memory-density modules. The report noted that higher prices could slow shipment growth in some segments while sustaining demand for lower-memory-density modules such as Cat 1 and LTE-M. Despite these challenges, the global cellular IoT module market is expected to continue its steady growth trajectory through 2026.