According to the latest research report titled, "E-commerce Market Report (2023 - 2028)" by Mordor Intelligence, the market is estimated at USD 8.80 trillion in 2024 and growing at a CAGR of 15.80% during the forecast period.
The global population of smartphone users is on the rise alongside the expanding reach of the internet. E-commerce possibilities, including digital content, financial services, travel and leisure, and online retail (e-tailing), are becoming increasingly accessible to the growing internet-connected clientele. This surge in popularity aligns with the upward trajectory of internet usage.
Established businesses and large corporations are drawn to online ventures due to the cost-effectiveness of communication and infrastructure. E-commerce serves as an efficient means for organizations to connect with clients, providing crucial exposure. The driving force behind e-commerce is further propelled by the utilization of online marketing tools such as Google advertisements and Facebook ads.
Report Summary
- Market Size (2024): USD 8.80 trillion
- Market Size (2028): USD 18.81 trillion
- CAGR (2024 - 2029): 15.80%
- Study Period: (2019-2029)
- Fastest Growing Market: Asia-Pacific
- Fastest Growing Market: North America
- Forecast Units: Value (USD Trillion)
- Report Scope: Market Dynamics, Revenue Forecast & Segmentation, Competitive Landscape & Recent Developments, Market Growth, Future Opportunities, and Trends
- Key Market Drivers: Advancements in Technology, Initiatives by the Government, and Increasing Consumer Interest in Convenient Shopping solutions
Which are the Top Companies in The E-commerce Market?
In the realm of e-commerce, numerous local and global enterprises have extended their reach, leading to intense competition. Product launches, high expenses on R&D, acquisitions, and partnerships are few of the growth strategies adopted by top companies to sustain the intense competition.
Prominent players in the e-commerce market are:
- Amazon.com Inc.
- Alibaba Group Holding Limited
- Airbnb, Inc.
- Walmart Inc.
- JD.com Inc.
- Rakuten Inc.
- Inter Ikea Systems B.V.
- Costco Wholesale Corporation
- Flipkart
- Best Buy Co. Inc.
Other Reports that Might be of Your Interest
- France E-commerce Market Report: The France E-commerce Market size is estimated at USD 78.44 billion in 2023, and is expected to reach USD 112.56 billion by 2028, growing at a CAGR of 7.49% during the forecast period (2023-2028).
- Brazil E-commerce Market Report: The Brazil E-commerce Market size is expected to grow from USD 44.46 billion in 2023 to USD 105.69 billion by 2028, at a CAGR of 18.91% during the forecast period (2023-2028).
Key Highlights from The E-commerce Market Report
1. Growing Use of Smartphones is Driving The E-commerce Sales
- The growth of the e-commerce sector is expected to be supported by rising internet penetration and smartphone use
- The proliferation of smartphones has contributed to the rise of mobile commerce. In South Korea, 44.3% of internet users made weekly online purchases via mobile phones in Q3 2022, with notable percentages in Chile, Malaysia, and Taiwan
- According to Ericsson, 5G population coverage is expected to reach 85%, and 5G networks are anticipated to handle around 70% of mobile traffic by 2028
- In October 2022, Chinese 5G mobile phone shipments accounted for 80.1% of total shipments, reaching nearly 19.52 million
- Northern Europe leads in internet penetration with approximately 97%, followed by Western Europe at 93.5%, contributing to a global average of around 64.6%
- Consumers are reliant on digital devices now more than ever, and it is expected that mobile will inch closer to becoming consumers' preferred channel for online shopping within the next five years
- Major retailers are enhancing the consumer experience through specialized apps and e-commerce sites, while some expect mobile users to adapt to existing platforms
- In May 2022, Alibaba, which is a Chinese e-commerce company, expanded its Lazada marketplace into Europe
2. Initiatives by The Government
A notable trend in the e-commerce market is the growing emphasis on government and corporate initiatives aimed at bolstering online sales. The Indian Union Ministry recently revealed plans to establish Bharat Craft, an e-commerce platform in India inspired by Alibaba, to provide a marketplace for MSMEs (Micro, Small, and Medium Enterprises) to promote and sell their products, contributing to the nation's economic advancement.
At the national level, governmental entities are enhancing their policies and strategies to ensure the long-term sustainability and protection of consumers. Elevated environmental and social standards will positively influence the environmental and social norms of countries, impacting the viability of e-commerce businesses within their borders. The imposition of stringent sanctions, for instance, will pose challenges for companies entering the e-commerce sector, whereas more lenient sanctions will facilitate easier entry for businesses.
What are the Latest Developments in the E-commerce Market?
- In February 2023: To democratize online buying in the South Asian market, Amazon recently announced that the company is joining an Indian e-commerce initiative. The goals of Open Network for Digital Commerce (ONDC) by Amazon include allowing small companies to become digital and giving customers throughout the nation ease and choice, which are strongly linked with Amazon's vision and commitment to India.
- In January 2023: Walmart launched a new e-commerce site targeting small and midsized enterprises and not-for-profit organizations with more than 100,000 products ranging from office supplies to automobiles and heating and air conditioning components. Moreover, Walmart's Business+ membership program offers free shipping and other perks.
Mordor Intelligence Report on the E-commerce Market segments the market based on product type, application, and geography:
- By B2C ecommerce (Market Size & Forecast based on Value (USD Trillion), 2023-2028)
- Market Size (GMV) Estimates and Forecasts
- By Application (Market Size & Forecast based on Value (USD Trillion), 2023-2028)
- Beauty & Personal Care
- Consumer Electronics
- Fashion & Apparel
- Food & Beverage
- Furniture & Home
- Other Applications (Toys, DIY, Media, etc.)
- By B2B ecommerce (Market Size & Forecast based on Value (USD Trillion), 2023-2028)
- Market Size (GMV) Estimates and Forecasts
- By Geography (Market Size & Forecast based on Value (USD Trillion), 2023-2028)
- North America
- United States
- Canada
- Europe
- Germany
- United Kingdom
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle East and Africa
In a nutshell, the Mordor Intelligence Market Research Report provides in-depth market insight to industry players, investors, researchers, consultants, and business strategists, looking for comprehensive details on the E-commerce industry. Get a glance at the E-commerce Market Report (2023 - 2028).
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