Market Size of Hong Kong E-commerce Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 8.70 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Hong Kong E-commerce Market Analysis
The Hong Kong e-commerce market is anticipated to register a CAGR of 8.7% over the forecast period from 2022 to 2027.
- E-commerce in the country is experiencing significant growth due to an increase in the adoption of digitalization by retailers in the region. Also, internet penetration in the region has increased as the advancement in information communication technologies has fueled the adoption of broadband services in households and businesses.
- However, the region is characterized by an aversion toward online shopping compared to Mainland China. The high density of population in the region is expected to create new opportunities as the region experiences a transition toward online shopping.
- The E-commerce uptake is increasing with the rising smartphone use and younger generations involved in online shopping via social media channels. Mobile e-commerce is enhanced with 5G networks available in the country, increasing on-the-go internet speeds and facilitating more mobile e-commerce.
- Further, the country has a robust and efficient logistical system and is a regional logistical center of Asia. The robust logistical system eased the adoption of e-commerce by retailers in the country.
- The advent of COVID-19 has raised severe challenges in terms of logistics and transportation of goods due to stringent lockdowns in the region. However, the pandemic also created a need for the adoption of e-commerce and fueled the growth in the region.
