The Southeast Asian e-commerce market is expected to more than double in the next six years to reach US$370 billion by 2030, according to a report from US technology giant Google, Singapore’s sovereign wealth fund Temasek Holdings, and consultancy Bain & Co.
The study, published on Tuesday, covers the digital economies of six major Southeast Asian nations: Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. Together, their gross merchandise value (GMV) is set to rise 15 per cent this year to reach US$263 billion, while revenues are expected to expand 14 per cent to US$89 billion.
TikTok Shop, which nearly quadrupled its annual GMV to US$16.3 billion last year, is currently the second-largest e-commerce platform in Southeast Asia, according to a separate report by Singapore-based consultancy Momentum Works. Bargain-shopping platforms Shein and Temu are also expanding their footprints.