Saudi Arabia's E-Commerce Market Set to Double: From USD 15 Billion in 2024 to USD 29 Billion by 2030

The Saudi Arabia E-Commerce Market is experiencing a significant transformation, driven by enhanced digital infrastructure, a tech-savvy population, and robust government support under Vision 2030. Valued at approximately USD 15 billion in 2024, the Saudi Arabia e-commerce market is projected to reach an impressive USD 29 billion by 2030, growing at a compound annual growth rate (CAGR) of around 12% during this forecast period. This growth is attributed to increased internet penetration, which has reached an astonishing 99%, and a cellular mobile connection exceeding 49 million. The rapid adoption of digital payment methods is further catalyzing growth, with the fintech sector expanding quickly. The Saudi Arabian government's encouragement of foreign investment in the e-commerce market has also fostered an environment ripe for innovation and customer-centric services.

"Saudi Arabia E-Commerce Market Forecast"

• The Saudi e-commerce market is expected to grow from USD 15 billion in 2024 to USD 29 billion by 2030.

• The market anticipates a CAGR of 12% from 2025 to 2030.

• Digital payment transactions have surged, reflecting a 24% year-over-year increase in 2023.

• The consumer electronics segment is expected to capture a significant market share during the forecast period.

• Food and grocery delivery services are projected to continue experiencing rapid growth, fueled by changing consumer preferences and increased demand for convenience.

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"Saudi Arabia E-Commerce Market Competitive Landscape"

The competitive landscape in the Saudi Arabia e-commerce market is dominated by several key players who are strategically positioning themselves to capitalize on the growing demand for online shopping. The market's competitive dynamics include:

• Amazon (Saudi Arabia)

• Noon

• Ali Express

• Jahez (BookStore & Food)

• Hungerstation

• Shein (Saudi Arabia)

• Careem

• Extra

• Jazp

• Trendyol

• Temu

• Others

These companies leverage technological advancements and robust marketing strategies to enhance customer engagement and improve service delivery.

"Key Takeaways from the Saudi Arabia E-Commerce Market Report"

The Saudi Arabia e-commerce market is set for substantial growth over the next few years, driven by a youthful population, high internet penetration, and government-fueled investments. The rise of digital payment platforms and increasing consumer preference for online shopping positions the Saudi Arabia e-commerce market as a key area for businesses looking to tap into the MENA region's digital economy. Additionally, logistical challenges remain a concern but present opportunities for innovative solutions in delivery and fulfillment.

"Industry Recent Development"

• In November 2024, Noon entered into a partnership with Beyoung to facilitate its entry into the Middle Eastern market, including Saudi Arabia. This strategic alliance aims to enhance product offerings and expand market reach in an increasingly competitive landscape.

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"Saudi Arabia E-Commerce Market Segmentation"

The Saudi Arabia e-commerce market can be segmented based on:

By Product Type:

> Consumer Electronics

> Apparel and Fashion

> Home and Furniture

> Food and Groceries

> Others

By Payment Mode:

> Cash Payment

> Card Payment

> Digital Wallet

By Business Model:

> Horizontal E-commerce

> Vertical E-commerce

By Browsing Method:

> App-based

> Website-based

By Transaction:

> Business-to-Business (B2B)

> Business-to-Consumer (B2C)

By Region:

> Central Saudi Arabia (e.g., Riyadh, Al-Qassim)

> Northern Saudi Arabia (e.g., Ha'il, Tabuk)

> Western Saudi Arabia (e.g., Madinah, Makkah)

> Southern Saudi Arabia (e.g., Asir, Jazan)

> Eastern Saudi Arabia (e.g., Eastern Province)

1. Based on Browsing Method: App-Based Platforms Dominate the Market

App-based platforms hold a leading position in the Saudi Arabia E-Commerce sector, capturing over 65% of the market share in 2024. This method of browsing is primarily preferred due to the extensive penetration of mobile devices, with more than 98% of internet usage in the country occurring on smartphones. The convenience and ease of navigating through mobile applications allow users to make purchases quickly and efficiently, catering to the tech-savvy population. As major e-commerce players enhance their app offerings, the trend is likely to continue, solidifying app-based browsing as the dominant choice for online shopping.

2. Based on Payment Mode: Card Payments are the Most Preferred Method

With a market share exceeding 45%, card payments are the preferred method for transactions in the Saudi Arabia E-Commerce market. This preference arises from the convenience associated with card usage, allowing customers to avoid carrying large amounts of cash. The prominent adoption of debit and credit cards has been further encouraged by reward programs and offers provided by financial institutions. Though digital payment methods are emerging, card payments remain the established leader in the payment landscape as consumers value the ease and security they provide. As digital wallets and alternative payment options gain traction, the evolving landscape will continue to shape consumer behavior.

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"Frequently Asked Questions (FAQs)"

• What is the projected growth rate of the Saudi Arabia e-commerce market from 2025 to 2030?

• Who are the leading companies dominating the Saudi Arabia e-commerce market?

• What payment methods are most popular among consumers in the Saudi Arabia e-commerce space?

• How does the competition in the Saudi Arabia e-commerce market impact new entrants?

• What are the main challenges faced by e-commerce businesses in Saudi Arabia?

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Other Report:

• Global B2C E-commerce Market size is valued at around USD 5.8 Trillion in 2023 and is projected to grow at a CAGR of around 11.5% during the forecast period, i.e., 2024-30. [Get Free Sample of the Report Today! https://www.marknteladvisors.com/query/request-sample/b2c-e-commerce-market.html ]

• Global Re-Commerce Market is estimated to grow at a CAGR of around 19.22% during the forecast period, i.e., 2023-28. [Get Free Sample of the Report Today! https://www.marknteladvisors.com/research-library/re-commerce-market.html ]

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