Cellular Module Market Size, Share & Industry Analysis, By Module Type (2G / 3G, 4G LTE, LTE-M, NB-IoT, and 5G), By Form Factor (Surface Mount (LGA, BGA), Plug-in Card (M.2, mini-PCIe), USB / Dongle, and Others), By Application (Automotive & Transportation, Industrial & Manufacturing, Smart Utilities, Healthcare, Consumer Electronics, Smart Cities & Infrastructure and Others) and Regional Forecast, 2025-2032

The global cellular module market size was valued at USD 3.76 billion in 2024. The market is projected to grow from USD 4.55 billion in 2025 to USD 17.83 billion by 2032, exhibiting a CAGR of 21.54% during the forecast period. 

A cellular module is referred to a compact device that allows machines and IoT systems to connect with cellular networks such as 4G, LTE-M, and 5G for data communication without Wi-Fi. These are crucial for vehicles, smart devices and industrial usage. 

The market is experiencing a steady growth owing to the increasing adoption of IoT technology, development of smart cities, expansion of 5G network and surging demand for connected automotive and healthcare solutions. Additionally, the growth of low-power wide area (LPWA) technologies is also fueling the demand for energy efficient modules. 

Various key players including Quectel Wireless Solutions Co., Ltd., Fibocom Wireless Inc., Telit Cinterion, China Mobile IoT Company Limited and LG Innotek Co., Ltd. are thriving to gain leading position in the market by adopting various strategies such as mergers, adoption of innovative technologies, and new launches. 

MARKET DYNAMICS

Market Drivers

Growing IoT Device Adoption and Industrial Digitalization Drives the Market Development 

The increase in adoption of industrial digitalization and IoT devices boosts the cellular module market growth. With industries looking for smart manufacturing, automation and real-time monitoring, an effective and reliable connectivity is becoming highly crucial. Cellular modules have emerged as a feasible solution as it enables seamless machine to machine communication across a large scale operation without requiring Wi-Fi. Additionally, Industry 4.0 initiatives and different smart factories depend on cellular modules to connect with equipment, sensors, and control systems, thus enhancing efficiency, productivity and decision making. 

• For instance, according to the National Institute of Standards and Technology, by 2025, the overall impact of IoT devices on the global economy will be between USD 4 trillion and USD 11 trillion. 

Market Restraints

Certification Complexity and High Integration Costs Hampers the Market Growth

Certification complexity and the higher integration costs are major restraints for the market growth. Every module is required to comply with the regional regulatory standards and network certifications that could vary across operators and countries, resulting in an expensive and time-consuming approval procedures. 

Additionally, device manufacturers are also required to ensure compatibility with different cellular technologies, thus increasing the design complexity and expenses of testing. Integrating such modules into the diverse IoT devices thus demanding customized hardware and software adaptations, further adding to the development costs. 

Market Opportunities

Expansion of 5G RedCap, Private Networks, and Automotive IoT Offers Lucrative Growth Opportunities 

The growth of 5G private networks and the surge in automotive IoT offers a significant opportunity for the market. 5G private networks provide improved reliability, speed, and low latency, thus enabling industries to deploy customized and secure connectivity for smart factories, utilities and logistics. Cellular modules are crucial components for integrating such networks into machinery and devices.

CELLULAR MODULE MARKET TRENDS 

Integration of 5G, eSIM/iSIM, and AI-Driven Edge Computing Has Emerged as a Prominent Market Trend

Integration of 5G, AI driven edge computing, and Esim/iSIM to improve flexibility, connectivity and performance. 5G allows for low latency communication for real time applications, whereas Esim/iSIM technologies tend to simplify device activation and remote management, aiding global scalability. 

Additionally, AI-powered edge computing enables data processing directly within the devices, thus decreasing the cloud dependency and enhancing response time. These factors collaboratively transform the cellular module market. 

Asia Pacific Cellular Module Market Size, 2019-2032 (USD billion) 

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SEGMENTATION ANALYSIS

By Module Type

Increasing demand for Growing Network Coverage Boosts 4G LTE Segment Growth

Based on module type, the market is segmented into 2G / 3G, 4G LTE, LTE-M, NB-IoT, and 5G. 

In 2024, 4G LTE segment held the largest cellular module market share and with a revenue share of USD 1.98 billion. This segment growth is attributed to the growing network coverage, and lower module costs. Additionally, this module type also provides a mature certification ecosystem that helps in meeting most of the IoT performance needs. 

Additionally, 5G segment held the highest CAGR of 24.69% in 2024. This growing is majorly driven by the increasing use cases of RedCap and private 5G unlock mid-tier IoT. This demands a higher throughput, longer device lifecycles and lower latency. 

By Form Factor

Rugged and Compact Designs of Surface Mount (LGA, BGA) to Drive the Segment Growth

The market is divided into Surface Mount (LGA, BGA), Plug-in Card (M.2, mini-PCIe), USB / Dongle, and others, based on form factor. 

Among these, Surface Mount (LGA, BGA) segment dominated the market with a revenue share of USD 2.52 billion in 2024. The segment also held a highest CAGR of 22.43% in 2024. This form factor allows for rugged and compact designs and higher volume SMT manufacturing for cost sensitive and space constrained IoT endpoints.

On the other hand, the Plug-in Card (M.2, mini-PCIe) segment is growing significantly. The growth is due to industrial gateways, and PCs favor field-replaceable modules for generational upgrades and flexibility across carriers. 

By Application

Strict and Mandated Safety or Telematics Capabilities Drive Automotive & Transportation Segment Growth

The market is divided into automotive & transportation, industrial & manufacturing, smart utilities, healthcare, consumer electronics, smart cities & infrastructure, and others, based on application. 

Among these, the automotive & transportation segment dominated the market with a revenue share of USD 0.86 billion in 2024. This segmental growth is attributed to the strict and mandated safety or telematics capabilities, growing C-V2X readiness and effective fleet management. 

On the other hand, the smart utilities segment held highest CAGR of 25.07% in 2024. This growth is attributed to the large scale AMI rollouts and rapid grid modernization that adopt LTE-M/NB-IoT/5G for metering low power, long life and infrastructure monitoring. 

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CELLULAR MODULE MARKET REGIONAL OUTLOOK

Geographically the market is segmented into North America, Europe, Asia Pacific, South America and Middle East & Africa.

North America and Europe

The North America and Europe regions are growing substantially with an expected share of USD 0.67 billion and USD 0.88 billion in 2025, respectively. This growing is majorly due to the early 5G adoption in economically developed counties including the U.S. Additionally, strong automotive and industrial OEM landscape coupled with regulatory programs accelerating connected deployments boosts the regional growth. The U.S. leads the North American market with an expected revenue share of USD 0.4 billion in 2025. U.K., Germany, and France are some of the major contributors to the market growth with an expected revenue share of USD 0.21 billion, USD 0.18 billion, and USD 0.16 billion respectively by 2025. 

Asia Pacific

Asia Pacific dominated the market with a revenue share of USD 1.57 billion in 2023 and USD 1.90 billion in 2024. The market is also expected to reach USD 2.3 billion in 2025. This dominance is due to the presence of wide module manufacturing base, growing demand for the product across developed countries such as India, China and Japan. Additionally, sustained investments in 4G or 5G technologies with policy aids also boosts the market growth. India and China are the major contributors for the market growth with an expected revenue share of USD 0.42 billion and USD 0.66 billion by 2025.

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The South America and Middle East & Africa regions are growing with an expected share of USD 0.40 billion and USD 0.30 billion respectively in 2025. This market growth is attributed to the growing greenfield networks, utility digitization converges and smart city programs with growing 4G or 5G and NTN coverage. GCC countries are predicted to have a market share of USD 0.10 billion by 2025. 

COMPETITIVE LANDSCAPE

Key Industry Players

Growing Focus of Adopting Innovative Technologies to Sustain their Dominating Market Positions

The cellular module industry consists of different players operating including Quectel Wireless Solutions Co., Ltd., Fibocom Wireless Inc., Telit Cinterion, China Mobile IoT Company Limited, LG Innotek Co., Ltd. and others. These firms are adopting different key strategies to maintain their market position. These strategies could include mergers and collaborations, adoption of innovative technologies, new product launches and others. 

LIST OF KEY CELLULAR MODULE COMPANIES PROFILED

• Quectel Wireless Solutions Co., Ltd. (China)
• Fibocom Wireless Inc. (China)
• Telit Cinterion (U.S.)
• China Mobile IoT Company Limited (China)
• LG Innotek Co., Ltd. (South Korea)
• u-blox Holding AG (Switzerland)
• Sierra Wireless, Inc. (Canada)
• SIMCom Wireless Solutions Limited (China)
• Murata Manufacturing Co., Ltd. (Japan)
• Huawei Technologies Co., Ltd. (China)

KEY INDUSTRY DEVELOPMENTS

• In November 2025, Seeed Studio launched a new module series based on Nordic Semiconductor’s next generation nRF54L15 ultra-low power wireless SoC. The modules are designed to enable a broad range of IoT applications where compact size, low power consumption, and multiprotocol wireless connectivity are essential – such as wireless sensors, wearables, and smart home devices. The platform also supports ‘Edge AI’ and rapid prototyping, helping developers and startups create compact AIoT (Artificial Internet of Things) projects with onboard processing capabilities.
• In October 2025, MikroElektronika, the Serbian embedded solutions manufacturer, launched a new low-power wireless connectivity module aimed at accelerating the development of Internet of Things (IoT) and Industrial IoT (IIoT) applications.
• In March 2025, Telit Cinterion launched the LE310 LTE Cat 1 bis module series and SL871K2 L1 GNSS module, designed for affordable, low-power asset tracking applications with an ultra-compact form factor.
• In March 2025, u-blox, a global leader in positioning and short-range communication technologies, has announced the transfer of its cellular IoT module business to Trasna, a leading semiconductor and IoT solutions provider. This strategic move reinforces u-blox’s focus on its core locate business while enabling Trasna to strengthen its IoT connectivity chip-to-cloud offering in the OEM sector.
• In September 2024, u-blox launches first satellite IoT-NTN cellular module with embedded GNSS solving remote connectivity challenges. The SARA-S528NM10, powered by the UBX-S52 cellular/satellite chipset and M10 GNSS platform for low-power and concurrent positioning, expands the company’s cellular portfolio for the satellite IoT market based on the 3GPP Rel 17 specification for global connectivity.

REPORT COVERAGE

The global report provides a detailed analysis of the market and focuses on key aspects such as prominent cellular module vendors, deployment modes, types, and end users of the product. Besides this, it offers insights into the cellular module market trends and highlights key industry developments and market share analysis for key companies. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years. 

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Report Scope & Segmentation