With revenue from the global e-commerce sector forecast to hit $4.3 trillion in 2025, e-commerce has become a dominant part of worldwide trade. The segment is extremely competitive, featuring nearly 10 major retailers across the globe, and generates trillions of dollars in revenue annually. In this maelstrom of competition, several countries have emerged as top players with the largest e-commerce markets.
China’s massive e-commerce market has no equal in the world with $1.47 trillion in annual sales. The East Asian nation is home to e-commerce giants like Alibaba Group Holding Ltd. (NYSE: BABA) and its subsidiaries Tmall, Alibaba.com, and Taobao as well as brands like Shein, JD.com, and Temu which have given it an edge over every other country on the globe. The Chinese e-commerce market is projected to grow at a compound annual growth rate (CAGR) of 7.62% from 2025 to 2029 and is one of the fastest-growing markets on the globe.
The United States’ e-commerce market is the second-largest worldwide after China surpassed it around a decade ago. Major American players like Walmart, Apple, eBay, and Apple give the U.S. a major internet presence and have millions of customers within and outside the country. With $1.22 trillion in annual revenue, America’s e-commerce market has a projected CAGR of 8.99% from 2024 to 2029.
While Japan may have a significantly lower average online spend per shopper compared to China and the U.S., its population of 125 million makes its e-commerce market the third largest in the world. Tokyo-based e-commerce platform Rakuten is the largest in Japan with a little over $15 billion in revenue. Amazon Japan, Yahoo, Yahoo Auctions, and domestic firms like Yodobashi also have a major presence. Japan reports $169 billion in annual sales and its e-commerce market has a projected CAGR of 9.23% from 2024 to 2029.
The United Kingdom generates around $130 billion in sales and is home to several large e-commerce brands like Asos, eBay UK, and Amazon UK. In spite of the country’s small size compared to the U.S. and China, the UK has an extremely high rate of total e-commerce retail sales. The market is projected to grow at 7.8% through the rest of the decade.
Germany is the fifth-largest e-commerce market in the world and the second-largest in Europe after the UK. Amazon, eBay, and domestic retailers Zalando and Otto are the market’s top players. The European country reports $98 billion in annual online sales and its e-commerce market is projected to grow at 8.9% from 2024 to 2029.
As the years go by, these rankings could keep changing as other countries claim a bigger share of the e-commerce market.
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