Southeast Asia’s ecommerce market just hit US$157.6 billion, growing 22.8% in 2025, the fastest pace in four years.
But here’s the twist: the faster it grows, the less room there is for almost everyone in the ecosystem.
Today, we are happy to release the 4th edition of Momentum Works’ annual Ecommerce in Southeast Asia report. This report offers comprehensive insights into the region’s six core markets, alongside analysis of the structural shifts and competitive dynamics reshaping the region’s ecommerce landscape.
Key highlights from the report:
- The three top regional platforms – Shopee, Lazada and TikTok Shop (incl. Tokopedia) – collectively own around 98.8% market share of Southeast Asia’s ecommerce market, leaving limited room for single-country vertical platforms to survive;
- Thailand and Malaysia are the fastest-growing markets, with 51.8% and 47.6% YoY growth, respectively. The Philippines, Vietnam, and Singapore followed with double-digit gains, while Indonesia remained the largest market (37% GMV share) despite slower growth amidst Bukalapak’s exit and Tokopedia’s GMV rationalisation.
- Shopee retained its regional lead with 53% market share and number 1 position in all six markets; TikTok Shop has rapidly closed the gap with combined GMV including Tokopedia reaching 65.7% of Shopee’s, while Lazada is seeing good traction with growing market share in Singapore following its shift towards a brand-led strategy
- Content commerce is now a core infrastructure in Southeast Asia and generated US$49.7 billion in GMV in 2025, which accounted for 32% of total platform GMV (up from 20% in 2024).
- Ecommerce in Southeast Asia has not yet reached its true price floor, as much of today’s affordability is still driven by subsidies and vouchers rather than structurally lower costs.
The report also includes platform & country breakdowns, deep dives into structural shifts in the ecosystem, and exclusive category-level insights from TikTok Shop and Shopee.
Find out the above insights and more by purchasing the Ecommerce in Southeast Asia 2026 report.
You can purchase the full report here.
Some highlights of the report:
Get your copy here!
