Cellular IoT Market Grows 20% YoY, China Reigns Supreme

A series of mishaps resulted in the cellular IoT market shrinking in the first quarter of 2022, but in spite of the fact that this is the case the second quarter has shown some grown growth rates. The continued macroeconomic obstacles that are occurring around the world did nothing to stop the global IoT market from seeing a healthy 20% growth in total shipments with all things having been considered and taken into account.

This information comes from Counterpoint’s latest report, and it shows that low-tier cellular IoT tech is growing at an extremely rapid rate, and with all of that having been said and now out of the way it is important to note that this is driving a lot of the growth that the industry is currently experiencing. Smart partnerships across the supply chain have also helped IoT manufacturers to keep prices on the lower side which is vital when trying to navigate an economy that is being ravaged by out of control inflation.

China continues to be the single biggest market for IoT products, representing around 50% of the sales that this industry has seen so far. However, India is also rapidly turning into an IoT hub, with an incredible year over year growth rate of 264%. That suggests that India might surpass China as the biggest IoT market in the world over the next decade or so. China’s status as the biggest manufacturer of IoT products continues to hold strong though, and while India might replace it as the biggest consumer of such products it will be a different matter for it to supplant China’s position as the foremost manufacturing hub for the industry.

38.9% of IoT shipments were honored by Quectel, which makes it the biggest player in the industry right now. Coming in at a distant second is Fibocom with 8.7%, and other companies have similar proportions of the wider industry in terms of shipments. That suggest that Quectel will shape much of the future growth of the industry, and it will be interesting to see what kind of impact they have and who if anyone manages to topple their dominance.

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