Press release
Global Demand Drives E-commerce Market to USD 169.54 Trillion by 2034 at 18.7% CAGR
E-commerce Market
The e-commerce market research report by Polaris Market Research offers an in-depth comprehension of the rapidly growing sector. It assesses the current state of the market and its projected growth trajectory. An examination of the key market dynamics, competitive landscape, and key regions has also been provided.
The e-commerce market size was valued at USD 30.64 trillion in 2024. It is projected to grow to USD 169.54 trillion by 2034, exhibiting a compound annual growth rate (CAGR) of 18.7% during 2025-2034.
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What Is E-Commerce?
E-commerce, or electronic commerce, refers to the buying and selling of products and services online. It involves the exchange of products or services between businesses, consumers, or both. It encompasses all activities related to buying and selling online, including payment processing, order fulfillment, and customer service. E-commerce transactions occur on various digital platforms, such as websites, mobile apps, social media, and online marketplaces. E-commerce allows businesses to reach a global audience and offer products/services to customers regardless of location, as long as there is an internet connection.
What's Propelling Market Forward?
• Growing Advancement in Technology: Innovations such as artificial intelligence (AI) and machine learning (ML) are enabling e-commerce platforms to offer personalized recommendations, thereby improving user experience and encouraging repeat purchases. The introduction of faster internet allows for seamless browsing, quick load times, and smooth mobile transactions, which attracts more shoppers toward e-commerce platforms. Secure digital payment solutions build consumer trust and reduce checkout timing, promoting more shoppers to buy goods and services online.
• Increasing Penetration of Smartphones Worldwide: Smartphones enable users to engage in e-commerce by allowing them to browse, compare, and purchase products anywhere or anytime. This takes away the need for physical store visits. Mobile payment solutions further streamline the process, encouraging impulse purchases and frequent transactions. Thus, the growing penetration of smartphones globally is propelling the e-commerce market forward.
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Who Are Major Market Players?
The global e-commerce market is characterized by intense competition. It is driven by strategic initiatives such as acquisitions, partnerships, mergers, and collaborations. A few of the leading market players are:
• Alibaba.com
• Amazon.com, Inc.
• ASOS
• BigBasket
• Costco Wholesale Corporation
• Dangdang
• eBay Inc.
• FirstCry
• JioMart
• Lazada
• Meesho
• MercadoLibre S.R.L.
• Nykaa
• Shopee
• Shopify
• Tata CLiQ
• Walmart
• Wayfair LLC
• Zalando
How Is Market Segmentation Done?
Polaris Market Research has segmented the e-commerce market report based on business model, product category, platform type, and payment mode:
By Business Model Outlook
• Business-to-Consumer (B2C)
• Business-to-Business (B2B)
• Consumer-to-Consumer (C2C)
• Consumer-to-Business (C2B)
• Direct-to-Consumer (D2C)
• Others
By Product Category Outlook
• Electronics & Media
• Fashion & Apparel
• Home & Furniture
• Beauty & Personal Care
• Food & Grocery
• Automotive
• Health & Wellness
• Others
By Platform Type Outlook
• Web-based
• Mobile-based
• Others
By Payment Mode Outlook
• Digital Wallets
• Credit/Debit Cards
• Cash on Delivery (COD)
• Bank Transfers
• Others
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Which Region Leads Market Growth?
By region, the report offers market insights into orth America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Asia Pacific led the global market in 2024, driven by rising disposable incomes, an expanding digital population, and widespread mobile internet access. In addition, the presence of government initiatives promoting digital inclusion, e-commerce platforms, and cross-border trade further contribute to the regional market dominance.
North America is expected to expand at a rapid pace in the coming years, owing to the high smartphone penetration rate and advanced logistics systems. The growing integration of AI and machine learning into personalized shopping experiences further contributes to the robust regional market growth.
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