E-commerce Market Is Projected to Gain $63.8 Trillion by 2032, Growing at a 15.3% CAGR: Allied Market Research
The global e-commerce market growth is attributed to increasing internet penetration, the rise of mobile technologies and smartphones, the use of social media platforms and influencers in the realm of marketing, and the impact of COVID-19.
Wilmington, Delaware, Nov. 09, 2023 (GLOBE NEWSWIRE) — Allied Market Research released a report titled, “E-commerce Market by Model Type (Business-to-Consumer (B2C), and Business-to-Business (B2B)) and by Offering (Fashion and Apparel, Beauty and Personal Care Products, Household Products, Consumer Electronics, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global e-commerce industry is expected to gain $63.8 trillion by 2032, having witnessed a value of $15.7 trillion in 2022, exhibiting a remarkable CAGR of 15.3% from 2023 to 2032.
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Prime Factors Influencing Market Growth:
The global e-commerce market growth is attributed to increasing internet penetration, the rise of mobile technologies and smartphones, and the use of social media platforms and influencers in the realm of marketing. However, trust and security issues, as well as logistics and infrastructure disputes limit the market growth. On the contrary, the development of technology, particularly in the form of mobile devices and access to the internet, has been a major factor that provides lucrative opportunities for the e-commerce sector.
Report Coverage & Details:
|Forecast Period||2023 to 2032|
|Market Size in 2022||$15.7 Trillion|
|Market Size in 2032||$63.8 Trillion|
|No. of Pages in Report||225|
|Segments Covered||Model type, Offering, and Region|
|Drivers||Increasing internet penetration|
|The rise of mobile technologies and smartphone|
|The use of social media platforms and influencers in the realm of marketing|
|Opportunities||Increasing adoption of mobile trading platforms|
|Restraints||Trust and security issues|
|Logistics and infrastructure disputes|
The business-to-business (B2B) segment to retain its lion’s share over the projection period-
In terms of model type, the business-to-business (B2B) segment dominates the largest market share in 2022, holding nearly two-thirds of the global e-commerce market revenue, and is expected to retain its lion’s share over the projection period. Because it provides a wide variety of products from multiple vendors, businesses have access to a massive inventory of products. This allows them to find the products that meet their needs without the restrictions of location. On the other hand, the business-to-consumer (B2C) segment would display the fastest CAGR of 17.3% from 2023 to 2032. The B2C e-commerce model provides comfort and allows businesses to reach a global customer base. This enables the opening of new markets and targeting new customer segments, thus increasing business potential.
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The consumer electronics segment to lead the trail throughout the forecast timeframe–
In terms of offering, the consumer electronics segment held the major market share in 2022, contributing to more than one-third of the global e-commerce market revenue, and is estimated to lead the trail throughout the forecast timeframe. The company offers predictable after-sale services, such as warranties, return policy, and customer service, to address customers’ worries about product malfunctions, repairs, and returns, thus increasing consumer trust in online consumer electronics purchases. The household products segment, however, would cite the fastest CAGR of 20.8% from 2023 to 2032. This is because e-commerce platforms provide a broad range of household products, including home decor, appliances, cleaning supplies, kitchenware, furniture, and more. A comprehensive selection of products is available to customers, enabling them to find specific items or explore new products with ease.
Asia-Pacific to maintain its dominance throughout the forecast period-
In terms of region, Asia-Pacific held the highest market share in 2022, acquiring nearly half of the global e-commerce market revenue, and is projected to maintain its dominance by 2032. This is due to the rise in smartphone penetration, an increasing middle class and spendable income, and an increase in international trade and globalization in this region. On the other hand, the LAMEA region would exhibit the highest CAGR of 18.3% from 2023 to 2032. This is due to rapid urbanization and changing consumers’ preferences, logistics and payment systems being improved, and growing usage of the internet and smartphones in this region.
Industry-Leading Players: –
- Wayfair LLC
- Walmart Inc.
- Amazon.com Inc.
- ALIBABA GROUP HOLDING LIMITED
- JD.com, Inc.
- eBay Inc.
This report offers an in-depth examination of the leading players in the global e-commerce market. These players have employed various tactics, including the launch of new products, collaborations, geographical expansions, and agreements, to gain a major market share and remain leading in various regions. The report serves to identify the competitive dynamics of the market, the performance of the business, the top segments, the product portfolios, and the strategic moves of market participants.
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the e-commerce market analysis from 2022 to 2032 to identify the prevailing e-commerce market opportunity.
- Market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the e-commerce market segmentation assists to determine the prevailing e-commerce market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the e-commerce market share.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as e-commerce market trends, key players, market segments, application areas, and market growth strategies.
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E-commerce Market Report Highlights
By Model Type
- Business-to-consumer (B2C)
- Business-to-business (B2B)
- Beauty and Personal Care Products
- Consumer Electronics
- Fashion and Apparel
- Household Products
- North America (U.S., Canada)
- Europe (UK, Germany, France, Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Australia, South Korea, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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LAMEA E-commerce Market: https://www.alliedmarketresearch.com/lamea-e-commerce-market-A126920
Asia-Pacific E-commerce Market: https://www.alliedmarketresearch.com/asia-pacific-e-commerce-market-A126914
China E-commerce Market: https://www.alliedmarketresearch.com/china-e-commerce-market-A126915
LAMEA Management Consulting Services Market: https://www.alliedmarketresearch.com/lamea-management-consulting-services-market-A85192
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