USD 24029.23 billion
Report ID: SQSG45C2018 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 120 | Figures: 77
Global E-Commerce Market size was valued at USD 24029.23 billion in 2021 and is poised to grow from USD 26673.64 billion in 2022 to USD 62415.2 billion by 2030, growing at a CAGR of 11% in the forecast period (2023-2030).
E-commerce upgrades your brand from a traditional brick and mortar store to a popular brand. Making your business online is important as it is highly convenient and easy to run, its gives your business a wider exposure and global consumer base. The E-commerce market is growing mainly due to the factors such as rising penetration of smartphones and internet, increasing use of social media for promoting E-commerce sites and the introduction of new payment methods. E-commerce helps firm conduct business without the need for physical infrastructure thereby reducing the capital requirements of the company. Online e-commerce portal provide the consumers with a hassle-free shopping experience while including a wide variety of items to choose from.
Growing number of small and medium-sized businesses is also expected to drive up demand over the forecast period. Small and medium-sized businesses are expanding rapidly, particularly in India, South Africa, and Russia. Initiatives such as Make in India and Start-up India have increased the number of start-ups in the country that use the online marketplace for business, thereby driving E-Commerce market growth. Furthermore, rising consumer wealth is expected to drive E-Commerce market growth over the forecast period.
US E-Commerce Market is poised to grow at a sustainable CAGR for the next forcast year.
Global Market Size
USD 24029.23 billion
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Global e-commerce market is segmented based on type of business model, product offered, browsing medium, business transactions, and region. Based on type of business model, e-commerce market is segmented into horizontal and vertical E-commerce. According to the type of product offering, e-commerce market is further segmented into home appliances, apparel, footwear and accessories, books, beauty & cosmetics, groceries and others. According to the browsing medium e-commerce market is bifurcated into laptop/desktop segment and mobile/tablet segment. On the basis of business transaction e-commerce market is sub segmented into business to business (B2B), business to consumer (B2C) and consumer to consumer (C2C). Based on the region the global E-commerce market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
E-Commerce Market Analysis by Browsing Medium
The desktop/laptop segment held the largest E-Commerce market share. Consumers habitually use desktop/laptop for online shopping as it has larger screen which accentuates the shopping experience. The mobile/tablet segment is currently seeing a high growth in the E-Commerce market because of the increasing sale of mobiles and tablets as compared to laptop or desktops. Also, the portability of mobiles and tablets being more than desktops/laptops and increasing penetration and faster internet available on mobiles and tablets is further driving segment growth.
E-Commerce Market Analysis by Business Transaction
The B2B segment dominated the global e-commerce market in 2021 and is expected to continue this trend during the forecast period. It is the fastest growing segment at a CAGR of 27% due to emphasis on technologies such as AR, VR and AI. Digital commerce software that can be used in combination with ERP software and inventory management solutions are expected to drive the E-Commerce market growth. Companies are inclined towards selling & buying their goods on B2B e-commerce platform due to benefits available like value added services, bulk discounts and different payment options available.
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Asia Pacific dominated the e-commerce market in 2021, with a share of 55.3%, and is expected to grow at the fastest rate from 2022 to 2028. This is due to a growing preference among businesses to conduct business via a B2B e-commerce platform. Furthermore, expanding infrastructure and an increase in internet users are expected to drive regional E-Commerce market growth.
Furthermore, the region is expected to see an increase in demand for B2B e-commerce adoption, which can be attributed to the proliferation of smartphones. Furthermore, the Chinese E-Commerce market is undergoing a consumer revolution, with international products benefiting from innovative marketing, research, and advertising techniques. Brand awareness is becoming increasingly important in attracting Chinese consumers. Luxury goods and service providers are expanding rapidly in China.
North America and Europe are expected to grow steadily over the forecast period. Consumers in the United States are open to foreign brands and products. They are more conscious of overconsumption and environmental issues. Consumers are very particular about the product's quality, composition, and price. North America has one of the highest rates of internet penetration. The Middle East, Africa, and Latin America are expected to grow significantly in the coming years as a result of a growing young population and a rapidly evolving online shopping market.
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E-Commerce Market Driver
E-Commerce Market Restraint
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Global e-commerce market is highly fragmented due to presence of many players and is expected to face very high competition during the coming years. Major e-commerce companies include Alibaba Group Holding Limited, Amazon.com Inc., Apple Inc., B2W Companhia Digital, Ebay Inc., Groupon Inc., Rakuten and Walmart Inc. among others. Many players are sustaining their businesses through organic and inorganic growth strategies. Business expansion through strategic partnership, mergers and acquisitions and others are among the key strategies adopted by these players. Various new entrants, innovative methods of shopping, and other factors has created a more dynamic environment for global e-commerce market.
Top Players in the Global E-Commerce Market
E-Commerce Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global e-commerce market analysis, in terms of business model, the segment of vertical e-commerce is growing at a fast rate owing to increasing preference to specialized e-commerce which offer wide range of solutions to personalized consumer needs. In terms of product offering, the fashion segment held the larger share of the global e-commerce market. The hassle free shopping experience offered by e-commerce, easy returns and refunds and the availability of higher disposable income with the middle class are the factors for this segment growth. In terms of browsing medium, the mobile & tablet segment is growing at a rapid rate because of more access and affordability to internet services and smartphones. In terms of business transaction, the B2B segment dominated the E-Commerce market share. It could be attributed to innovation in AI, AR technologies, more E-Commerce market exposure and availability of e-commerce software to complement enterprise planning and inventory controlling software.
|Market size value in 2021||USD 24029.23 billion|
|Market size value in 2030||USD 26673.64 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global E-Commerce Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global E-Commerce Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global E-Commerce Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global E-Commerce Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
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Product ID: SQSG45C2018