eCommerce in North America grows by 15% annually

April 18, 2023

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North America is one of the most flourishing regions in the world, comprising the U.S. and Canada, two of the wealthiest and economically strong countries globally, and the emerging market Mexico, which holds great economic potential given its large population of almost 130 million. North America is thus a multifaceted and promising region also when it comes to the sectors of the digital economy such as eCommerce. While the U.S. and Canada have eCommerce penetration rates of 80% and 75%, respectively, there is still a lot of eCommerce potential to be tapped in Mexico, where currently 49% of the population are active online shoppers. At the same time, the online shopping population in Mexico is rather young compared the U.S. and Canada, according to the newly released ecommerceDB Trend Report “eCommerce in North America”, which hints at a promising eCommerce future also for Mexico. The report “eCommerce in North America” features further exciting insights into the North American eCommerce market: 

eCommerce in North America grows by 15% annually_final-1

Out of the main geographical regions in the world, North America is the second strongest in terms of eCommerce market size. Only Asia is bigger, with total eCommerce revenues of US$1.7 trillion in 2022. Although North America follows at quite a distance, registering revenues of US$1.0 trillion in 2022, the region is forecast to grow stronger, namely by 15% annually between 2022 and 2026, and is therefore likely to catch up a little, reaching a total market size of US$1.8 trillion by 2026. Europe, the third strongest eCommerce region globally, is forecast to grow strongest out of the top 3 regions, at a CAGR of 16%, but will stay behind North America in market size terms. The North American eCommerce market is quite heterogenic, with significant differences between the three countries in terms of total revenues, growth, and also product category data, as another analysis of the trend report “eCommerce in North America” shows: 

eCommerce in North America grows by 15% annually_final-2

With total revenues of US$857 billion according to the Statista Digital Market Outlook, the U.S. contributed by far the biggest share to the overall eCommerce market in North America in 2022. Canada and Mexico lead in terms of growth, though. While for the U.S., a CAGR of 15% is projected for the period 2022 to 2026, Canada and Mexico are forecast to grow by 17% and 20% annually in the same time frame, respectively. But also when digging deeper into market data, the three countries show significant differences. In Canada, for example, fashion is the biggest market segment with 28% of revenues in 20022, while in Mexico, fashion plays a rather minor role, contributing only 17% to total eCommerce revenue. Just like in the U.S., the biggest market segment in Mexico is food & personal care, making up an eCommerce market share of 26% in both countries. 

Do you want to find out more about the North American eCommerce market? Check out the ecommerceDB Trend Report “eCommerce in North America” and get deep insights into market data, key players, and consumer insights!