Core Insights - The global cellular IoT module shipments are projected to grow by 10% year-on-year in Q3 2025, driven by strong demand in smart meters, asset tracking, routers/CPE, and automotive applications [4][7] - Emerging markets, particularly India with a 40% year-on-year growth, are leading the growth, while mature markets like China and Europe show moderate increases [4][6][7] Market Trends - The transition from traditional RF/PLC systems to cellular networks is accelerating, laying the groundwork for capability-centric IoT deployments [4] - The average selling price (ASP) is declining, making cash flow strength a key differentiator among suppliers [4][7] - Cat-1 bis technology has solidified its position as a major contributor to global shipments, accounting for nearly half of the total [7][8] Supplier Performance - Quectel maintains its leading position globally, benefiting from strong market shares in both China and overseas [6] - China Mobile ranks second, driven by domestic demand, while SIMCom and Longsung rank third, propelled by shipments of POS and smart meters [6] - Lierda has seen a 73% year-on-year growth, leveraging Cat-1 bis technology and increased adoption in South Korea and Southeast Asia [6] Technological Developments - AI-enabled IoT modules are experiencing significant demand across various sectors, including monitoring, automotive, industrial, and retail [8] - The industry is shifting focus towards higher-value, AI-powered IoT solutions, with suppliers investing in edge intelligence, security software, and 5G-ready combinations [7][8] - RedCap is entering the commercial phase, but substantial scaling will depend on its pricing competitiveness with Cat-4/Cat-6 levels and broader 5G standalone network coverage [8]