The Global eSIM Market, was valued at US$ 10843.5 Million in 2021 and is expected to surpass US$ 42158.6 Million by 2030, registering a CAGR of 16.5% during the forecast period (2022-2030), according to the Global eSIM Market, By Application (Connected Cars, Laptops, M2M, Smartphones, Tablets, Wearables, Others (Drones, Smart Meters, Smart Grids)), By Vertical (Automotive, Consumer Electronics, Energy & Utilities, Manufacturing, Retail, Transportation & Logistics), by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), published by Coherent Market Insights.
Growing demand for smart solutions such as smart cities, smart meters, and electric vehicles is expected to drive market growth during the forecast period. This is attributed to connectivity and flexibility offered by IoT infrastructure and enhanced demand for smart cities and infrastructure growth in developing economies. For instance, in January 2018, Sierra Wireless, Canada based multinational company who design and manufacture wireless communication equipment launched AirPrime HL78 modules, industries multi-mode Low Power Wide Area (LPWA) cellular modules for asset tracking and connected industrial equipment for various applications in agriculture, healthcare, smart city and in smart wearable’s. The expansion of networks, reduced cost of hardware components such as actuators and sensors are some of the major factors that will lead to the introduction of services such as connected cars, automatic security systems, deployment of smart grids, and many others. For instance, in November 2018, Workz Group, Dubai based company that provides SIM provisioning solutions announced a partnership with the African government to implement embedded eSIM enabled water meter in the country. The new smart project track leakages monitor energy in real-time by using eSIM technology. Hence, the growing demand for smart solutions for various industries such as automotive, agriculture, healthcare, energy& power provides lucrative growth opportunities for market players. However, a lack of technical expertise is expected to hinder the market growth during the forecast period.
Impact of COVID-19:
Several countries across the globe have been affected by COVID-19 and governments have implemented nationwide lockdown to curb the spread of the disease. Furthermore, growth of the eSIM market has also been impacted due to the pandemic. So demand for electronics devices which include consumer electronics and industrial electronics devices also got hampered. Moreover, China which is one of the major suppliers of raw materials used for manufacture of electronic devices and finished products had to shut down their business for time being. According to data released by the Chinese customs department, China’s exports had declined rapidly by nearly 17% in the first two months of 2020 compared to 2019. The electronics industry had faced huge reduction in production, disruption of supply, and price fluctuations. Hence, the sales of electronics companies have fallen, and led to a reduction in demand for eSIM market.
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Key Trends and Analysis of the Global eSIM Market: