A recent report found that the ecommerce platform gross merchandise value (GMV) in Southeast Asia grew rapidly over the last year, building on the steady growth from the previous years. While many markets in the region are growing, Thailand and Malaysia have grown the fastest, and the ecommerce industry in the area is dominated by a few major players.
Southeast Asian Ecommerce Has Experienced Rapid Growth
According to the fourth edition of the Ecommerce in Southeast Asia report, released by Momentum Works, the ecommerce market has exploded in the region. The report says that the ecommerce platform GMV in Southeast Asia was at $157.6 billion in 2025, which was a 22.8% increase from 2024’s $128.4 billion.
Even before the massive jump in 2025, the market had been growing rapidly. In fact, it has grown by at least 10% in each of the past few years, and has nearly tripled in value since 2020, when the ecommerce platform GMV in the region was only $54.2 billion.
In addition to the ecommerce platform GMV, the report also estimates that non-platform GMV in the region is estimated to be around $27.8 billion. This includes the transactions that happen on social platforms, chat platforms, multi-brand retailer sites and apps, and cross-border channels. As a result, the total ecommerce GMV in the Southeast Asia region is around $185.5 billion.
Thailand and Malaysia are Growing the Fastest
Throughout the Southeast Asian region, each of the markets is growing. In fact, most of them enjoyed double-digit growth in 2025. Thailand (51.8% growth) and Malaysia (47.6% growth) led the way, followed by:
- The Philippines (32% growth)
- Vietnam (27.3% growth)
- Singapore (21% growth)
- Indonesia (2.2% growth)
As these results show, the ecommerce industries in multiple markets have seen extreme growth in the past year, highlighting that ecommerce is thriving in Southeast Asia. Also, while it has the smallest growth, the Indonesian market is the largest in the region by far, at $57.7 billion, which represents 37% of the region’s entire platform GMV in 2025.
The Major Players in the Market
The report also went over some of the key ecommerce players in the Southeast Asian region and how they’ve performed recently. At the top of the mountain is Shopee, which has dominated the region for years. In 2025, Shopee had $83.2 billion GMV, up from $66.8 billion in 2024.
While Shopee still leads the pack, TikTok Shop is closing the gap quickly. Despite only having $22.6 billion GMV in 2024, TikTok Shop exploded in 2025 with a GMV of $45.6 billion. This means it doubled in only a year, and I wouldn’t be surprised if it continues to grow dramatically over the next few years.
The next largest company in the space is Lazada, which had $18 billion GMV in 2025. While other platforms exist in the region, these three are unquestionably at the top and make up an overwhelming majority of the ecommerce platform GMV in Southeast Asia.
Future Outlook
While there’s no way to know for sure, many people expect that ecommerce will continue to grow in the region. The rapid growth being seen in Southeast Asia is also a sign for global ecommerce brands to ensure they’re taking the market seriously. If not, they miss out on a market that may become one of the largest and most valuable in the world.
