eCommerce market in Cyprus
Cyprus is the 66th largest market for eCommerce with a predicted revenue of US$979.9 million by 2024, placing it ahead of Lithuania. Revenue is expected to show a compound annual growth rate (CAGR 2024-2028) of 11.4%, resulting in a projected market volume of US$1,507.5 million by 2028. With an expected increase of 11.6% in 2024, the Cypriot eCommerce market contributed to the worldwide growth rate of 7.4% in 2024. Like in Cyprus, global eCommerce sales are expected to increase over the next years. Seven markets are considered by ECDB within the Cypriot eCommerce market. Hobby & Leisure is the largest market and accounts for 26.5% of the Cypriot eCommerce revenue. It is followed by Electronics with 21.4%, Fashion with 17.1%, Furniture & Homeware with 12.0%, DIY with 8.8%, Care Products with 7.8%, and Grocery with the remaining 6.4%.
Market development
eCommerce revenue development in Cyprus
Cyprus is the 66th largest market for eCommerce with a predicted revenue of US$979.9 million by 2024, placing it ahead of Lithuania. Revenue is expected to show a compound annual growth rate (CAGR 2024-2028) of 11.4%, resulting in a projected market volume of US$1,507.5 million by 2028. With an expected increase of 11.6% in 2024, the Cypriot eCommerce market contributed to the worldwide growth rate of 7.4% in 2024. Like in Cyprus, global eCommerce sales are expected to increase over the next years. Seven markets are considered by ECDB within the Cypriot eCommerce market. Hobby & Leisure is the largest market and accounts for 26.5% of the Cypriot eCommerce revenue. It is followed by Electronics with 21.4%, Fashion with 17.1%, Furniture & Homeware with 12.0%, DIY with 8.8%, Care Products with 7.8%, and Grocery with the remaining 6.4%.
eCommerce revenue development in Cyprus
eCommerce revenue growth in Cyprus
Net eCommerce revenue split by sub-category
2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue (in mUS$) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
Growth (in %) | 24.1 | 29.0 | 76.0 | 77.3 | 87.0 | 7.0 | 44.4 | 92.4 |
Market comparison
The Cypriot eCommerce market in a global comparison
Market comparison by growth, online share, and revenue in 2023
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