Global retail e-commerce revenue 2024, by region
Asia leads the ranking of biggest e-commerce markets worldwide. The total revenue of online retail in Asian countries added up to nearly two trillion U.S. dollars in 2024. This was approximately 500 million U.S. dollars higher than the e-commerce revenue reached in the Americas. Australia, Oceania, and Africa achieved far lower e-commerce revenues in 2024, with values below 50 billion U.S. dollars. Asia’s leading position can mostly be ascribed to China, which achieved a revenue of over 1.4 billion U.S. dollars in 2024.
How dominant is Asia in e-commerce?
The e-commerce market is highly developed on the Asian continent, and will continue to grow. For instance, India is among the countries with the highest Compound Annual Growth Rate (CAGR) for its e-commerce market. Between 2024 and 2029, the market value is forecast to grow with over 11 percent annually. The Latin-American e-commerce market is also forecast to grow quickly in the coming years.
Large Asian e-commerce markets have a strong influence over the rest of the world. A concrete example of an Asian e-commerce channel that is being adopted in the West is the TikTok Shop, connecting social media and e-commerce to form social commerce.