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

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.