As more and more consumers turn to convenient online shopping, Thailand will become the second largest e-commerce market in Southeast Asia. The market potential in Thailand is obvious. With so many big players entering the market, will Thailand still have enough market share for them to share?
Although Singapore is currently the second largest e-commerce market in Southeast Asia, Thailand is expected to surpass Singapore and take second place in 2020. In 2018, the size of Thailand’s e-commerce market will reach US$3.54 billion, and the average annual compound growth rate is expected to be 13.2% from 2018 to 2022, reaching US$5.83 billion in 2022.
However, Statista also predicts that the growth rate of e-commerce revenue in Southeast Asia will slow down, with Thailand’s growth rate falling from 19.65% in 2018 to 9.75%. Although this is a natural phenomenon under the maturing market and slowing growth for Southeast Asia as a whole, for Thailand, its growth rate in 2022 will only rank fifth.