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).

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

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

E-Commerce Market News

In September 2022, Forte Management group, a U.S. based logistics, wholesale distributor and e-commerce growth agency developed a new service which helps create a tier 1 infrastructure for fulfilment, product research, analytics, logistics, and customer care in the e-commerce industry to legitimate the business model and exploit its business acumen.
In September 2022, Flipkart revamped its app to hosts bunch of new features to enhance customer’s shopping experience. These include a grocery tab, brand mall for premium experience, live commerce features such as video cataloguing and interactive shopping for dynamic information such as fit and fabric of clothing
In July 2022, Grasim Industries, an Aditya Birla subsidiary announced to enter B2B e-commerce market in building materials segment. The company will be spending a total of 10,000 crore and will launch its product by as early as 2024.

E-Commerce Market Report Snapshots

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E-Commerce Market size was valued at USD 24029.23 billion in 2022 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).

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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