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Counterpoint Research says global cellular IoT module shipments rose 4% YoY in Q1 2026. China remained the largest market by volume but saw shipments fall 2% YoY, a decline Counterpoint attributes to a seasonal post-Chinese New Year demand pullback among domestic OEMs in asset tracking, POS terminals and telematics, and weaker passenger car sales. Technology mix was divergent: 4G Cat 1 bis modules grew 12% YoY, led by demand in India, MENA and Latin America for smart meters, POS, asset tracking and vehicle connectivity; 5G modules were the fastest-growing segment, up 39% YoY on routers/CPE, connected PCs and automotive uptake, according to chief analyst Tina Lu.