eCommerce: Top 10 Companies by Market Cap

Most Valuable eCommerce Companies 2024: Key Insights

• Market Dominance: The top 10 eCommerce companies by market cap(italization), including major players like Amazon, account for 94% of the 97 most valuable with a combined value of US$2.3 trillion.

• Amazon Remains on Top: Amazon, rebounding from a low market cap in 2022, nearly doubled its value to US$1.55 trillion. The U.S. eCommerce giant outpaces its closest Chinese competitors, Pinduoduo and Alibaba, which hold the 2nd and 3rd spots.

• Rising Star MercadoLibre: MercadoLibre, an Argentina-based eCommerce marketplace, ranks fourth with a market cap of US$79 billion, while China's Meituan and the U.S.'s Copart follow at fifth and sixth places with market caps of US$63 billion and US$45 billion, respectively.

• Rounding out the Top 10: JD.com as the 7th largest eCommerce company is followed by South Korea's Coupang, with eBay and Singapore's Sea completing the top 10 list.

Market capitalization, or market cap, is the overall value of all a company's shares. To find it you multiply the price of one share by the total number of shares. For instance, if a company has 20 million shares priced at US$50 each, its market cap would be US$1 billion. Market cap matters because it helps investors see how big one company is compared to another.

The ranking of the top 10 eCommerce companies by companiesmarketcap.com currently includes players from the U.S., China, Argentina and Singapore. While the total eCommerce market capitalization of the 97 companies on the list is US$2.45 trillion, the top 10 alone own a market cap of US$2.30 trillion, meaning that about 94% is owned by the ten largest eCommerce companies. The undisputed number 1 is, of course, the U.S. eCommerce giant Amazon.

Top 3: Amazon, PDD and Alibaba

The top spot is held by Amazon with a market capitalization of US$1.55 trillion. After a down year in 2022, where the marketplace giant finished with a market cap of US$869.7 billion, Amazon was able to nearly double its market cap in the span of a year, securing the top spot ahead of its Chinese rivals by a wide margin.

While Amazon is in a league of its own, China's market leaders Pinduoduo and Alibaba are in 2nd and 3rd places on the list. After finishing 2022 as the 4th largest eCommerce in the world, Pinduoduo takes the second place with a market capitalization of US$198 billion in 2024. Another Chinese eCommerce giant, Alibaba, is in the third place with a market cap of US$185 billion.

Asian Companies Dominate the Top 10

MercadoLibre takes the fourth place, reaching a market cap of US$79 billion as of January 2024. With its marketplace, payment platform and online stores, the Argentina-based company is a key player in the Latin American eCommerce scene.

The next Chinese company in our list, Meituan, is placed 5th with a market cap of US$63 billion – despite losing half of its market cap last year. Placed behind Meituan, Copart is the second U.S. based eCommerce company in the top 10 with a market cap of US$45 billion.

JD.com kicks off 2024 as the 7th largest eCommerce company by market capitalization with US$42 billion, ahead of the only Korean company in the top 10. The Korean company in question, Coupang, is listed with a market cap of US$28 billion.

While eBay follows Coupang closely at number 9, with a market cap of US$23 billion, the Singapore-based company Sea rounds out the list, valued at US$22 billion.

Top eCommerce Companies: Wrap-Up

Despite recent questions about Amazon's viability, the U.S. eCommerce leader remains on top of all the others in terms of market cap, which reflects consumer sentiment and investor confidence.

The fact that the following eCommerce companies on the list operate two of China's largest marketplaces is certainly no coincidence. Rather, their favorable positioning demonstrates the enormous reach and profitability of the business model when applied correctly.

As the distance between the bottom ranks is shrinking, it will be interesting to see which emerging players will make the list the next time. Are Temu and Shein worthy of the top spots?

Sources: companiesmarketcap.com, ECDB