Growth Accelerated by Increasing Adoption of Smartphones and IoT Devices

 


An embedded SIM (eSIM) is a digital SIM integrated directly into devices such as smartphones, wearables, laptops, and other IoT devices. eSIM enables remote SIM provisioning, allowing users to activate a new cellular plan or carrier directly from the device settings without needing a physical SIM card inserted. The rising adoption of smartphones and connected devices has driven the demand for eSIM as it provides higher flexibility and convenience in changing carriers compared to physical SIM cards. The global eSIM Market is estimated to be valued at US$ 14717.07 Mn in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing adoption of smartphones and IoT devices is one of the major trends driving the growth of the eSIM market. According to the Global System for Mobile Communications Association (GSMA), there were 5.1 billion unique mobile subscribers globally in 2020 which is estimated to reach 5.8 billion by 2025. This rapid growth in the mobile subscriber base especially in developing regions is fueling the demand for eSIM as it provides the flexibility of remotely activating and changing cellular plans on devices. eSIM simplifies the process of activating a new carrier plan without needing a physical SIM card replacement. For IoT deployments involving large volume of connected devices, eSIM eliminates the challenges of physically inserting SIM cards and lowers logistics and operational costs. This makes eSIM a preferable option for OEMs and enterprises building IoT solutions.

Segment Analysis

The global eSIM market size can be segmented based on industry verticals into consumer electronics, automotive, energy & utilities, manufacturing, and others. Among these, the consumer electronics sub-segment dominates the market with the highest share owing to the rising adoption of smart devices and IoT technologies. Smartphones account for the major adoption of eSIMs as users do not have to replace physical SIM cards when changing networks or plans.

Key Takeaways

The global eSIM market is expected to witness high growth over the forecast period driven by the rising demand for dual-SIM and multi-SIM smartphones as well as M2M/IoT devices across industries. Automotive is emerging as the fastest growing sub-segment owing to the integration of eSIMs in connected vehicles for telematics and digital cockpit services.

Regional analysis: North America currently dominates the global eSIM market followed by Europe and Asia Pacific. The presence of key automotive OEMs and technology companies in the US and Canada is driving the adoption of eSIMs. Asia Pacific is expected to witness the highest growth fueled by the growing adoption of smartphones and increasing investments in 5G infrastructure and IoT applications in countries such as China and India.

Key players: Key players operating in the eSIM market includes Tesla, Zoox, Waymo, Cruise, Argo AI, Aurora, Motional, Pony.ai, Nuro, Embark, TuSimple, Plus, Inceptio Technology, WeRide, Pronto.ai, Vay, Phantom Auto, Ottopia, Cognata, and AutnomouStuff. These players are focusing on developing advanced eSIM solutions and establishing partnerships with telecom operators and device manufacturers to strengthen their market positions.

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