Retail e-commerce market volume worldwide 2024, by region

Asia leads globally in e-commerce, exceeding 3.7 trillion U.S. dollars in volume in 2024. The United States ranked second with over one trillion U.S. dollars in market volume, and Europe came next, with a market volume of 682 billion U.S. dollars in the same year. 

U.S. e-commerce: A growing slice of the retail pie 

While the United States maintains a strong position in the global e-retail market, there's still considerable room for expansion. E-commerce sales in the U.S. reached a record high of over 291 billion dollars in the second quarter of 2024, accounting for 16 percent of total retail sales. This represents a steady increase from previous years, yet indicates that traditional brick-and-mortar retail still dominates the American market.

Latin America: An emerging e-commerce frontier 

Latin America is rapidly emerging as a key player in the global e-retail landscape, with a projected market volume of 319 billion U.S. dollars by 2024. Brazil and Mexico lead the region, accounting for 29 percent and 26 percent of the Latin American e-commerce market, respectively. The region is also seeing a gradual increase in cross-border online sales, expected to reach 17 percent of total e-commerce by 2025. Mobile commerce is proving to be a game-changer in Latin America, with m-commerce sales tripling since 2019 to reach approximately 97 billion U.S. dollars by the end of 2024.