E-commerce Market Worth $63.8 Trillion by 2032 at a 15.3% CAGR
The global e-commerce industry is experiencing growth due to factors such as an increase in internet penetration, a surge in the adoption of mobile technology and smartphones, and social media and influencer marketing.
Portland, OR, July 03, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report titled, “E-commerce Market by Model Type (Business-to-Business (B2B) and Business-to-Consumer (B2C)) and Offering (Beauty and Personal Care Products, Consumer Electronics, Fashion and Apparel, Household Products, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global e-commerce industry generated $15.7 trillion in 2022 and is anticipated to reach $63.8 trillion by 2032, witnessing a CAGR of 15.3% from 2023 to 2032.
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Prime Determinants of Growth:
The global e-commerce market is experiencing growth due to factors such as an increase in internet penetration, a surge in the adoption of mobile technology and smartphones, and social media and influencer marketing. On the other hand, trust and security concerns and logistics and infrastructure challenges hampered market growth to some extent. Moreover, the advancement of technology, especially in terms of mobile devices and internet connectivity, has played a crucial role in providing lucrative opportunities for the growth of the e-commerce market.
Report Coverage & Details:
|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||An increase in internet penetration|
|A surge in the adoption of mobile technology and smartphones|
|Social media and influencer marketing|
|Opportunities||Increasing adoption of mobile trading platforms|
|Restraints||Trust and security concerns|
|Logistics and infrastructure challenges|
- The COVID-19 pandemic had a positive impact on the global e-commerce market, leading to accelerated growth and expansion of online shopping platforms.
- However, the pandemic led to an unprecedented surge in online shopping as people turned to e-commerce platforms to fulfil their needs while adhering to social distancing measures and lockdown restrictions. This accelerated the growth of the e-commerce market as more consumers embraced online shopping, which is rapidly progressing.
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The business-to-business (B2B) segment to maintain its leadership status throughout the forecast period-
Based on model type, the business-to-business (B2B) segment held the highest market share in 2022, accounting for nearly two-thirds of the global e-commerce market revenue, and is estimated to maintain its leadership status throughout the forecast period. Because it offers a wide range of products from multiple suppliers, allowing businesses to access a vast catalogue of goods. This enables them to find the right products that meet their specific needs without the limitations of geographical boundaries. However, the business-to-consumer (B2C) segment is projected to manifest the highest CAGR of 17.3% from 2023 to 2032. The B2C e-commerce model offers convenience and enables businesses to reach a global audience. This opens new markets and customer segments, expanding the business’s potential.
The consumer electronics segment to maintain its lead position throughout the forecast period-
Based on offering, the consumer electronics segment held the highest market share in 2022, accounting for more than one-third of the global e-commerce market revenue, and is estimated to maintain its lead position throughout the forecast period. Because it provides reliable after-sales services, including warranty options, return policies, and customer support. These services address concerns about product defects, repairs, or returns, thereby boosting consumer confidence in buying consumer electronics online. However, the household products segment would portray the fastest CAGR of 20.8% from 2023 to 2032. This is because e-commerce platforms provide an extensive range of household products, including cleaning supplies, kitchenware, home decor, furniture, appliances, and more. Consumers have access to a vast catalogue of options, allowing them to find specific items or discover new products easily.
Asia-Pacific to maintain its dominance by 2032-
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global e-commerce market, and is expected to maintain its dominance throughout the forecast period. owing to the rising adoption of smartphones, growing middle class and disposable income, and cross-border trade and globalization in the region. However, the LAMEA region would display the fastest CAGR of 18.3% from 2023 to 2032. owing to urbanization and changing consumer behavior, improving logistics and payment infrastructure, and increasing internet and smartphone penetration in the region.
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Leading Market Players: –
- Amazon.com Inc.
- Wayfair LLC, Shein
- Walmart Inc.
- ALIBABA GROUP HOLDING LIMITED
- JD.com, Inc.
- eBay Inc.
The report provides a detailed analysis of these key players in the global e-commerce market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
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