What is the Global market size of the E-Commerce Market?

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).

Global E-Commerce Market Size, Share, Growth Analysis, By Business model(Vertical e-commerce, horizontal e-commerce), By Product offering(Home Appliances, Apparel), By Browsing medium(Desktop/Laptop, Mobile/Tablet), By Business transaction(Business-to-Business, Business-to-Consumer) - Industry Forecast 2024-2031

Report ID: SQMIG45C2068 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 120 | Figures: 77

Global E-Commerce Market Insights

E-Commerce Market size was valued at USD 24029.23 billion in 2019 and is poised to grow from USD 26673.64 billion in 2023 to USD 62415.2 billion by 2031, growing at a CAGR of 11% in the forecast period (2024-2031).

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 E-Commerce Market Report Snapshots

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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. 'Amazon.com Inc.', 'Alibaba Group Holding Limited', 'Walmart Inc.', 'JD.com Inc.', 'eBay Inc.', 'Rakuten Inc.', 'Zalando SE', 'Shopify Inc.', 'MercadoLibre Inc.', 'Etsy Inc.', 'Pinduoduo Inc.', 'Flipkart Internet Private Limited', 'Wayfair Inc.', 'Otto GmbH & Co KG', 'Groupon Inc.', 'Vipshop Holdings Limited', 'Overstock.com Inc.', 'ASOS Plc', 'Qurate Retail Group, Inc.', 'Chewy, Inc.'

Proliferation of the Internet, particularly in developing and underdeveloped countries, is primarily responsible for the exponential growth of e-commerce. Many people benefit from online services, including e-commerce, as a result of the Internet's ease of use. Consumers are drawn to internet subscriptions by rising smartphone penetration, rising government initiatives to digitalize various aspects of its society, and lower and more affordable network services. According to Internetworldstats.com, approximately 5.05 billion people have access to some form of the internet. E-commerce sectors are expanding rapidly as the Internet continues to spread, consumer awareness of e-commerce grows, and consumer spending capacity improves in developing and underdeveloped countries.

Image shopping has emerged as a new ecommerce trend. Users point their camera at a product to purchase it from an online store. There are numerous photo apps available, such as CamFinder, and many more will appear this year. This trend will also lead to the sale of affiliate products via photo shopping.

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.

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