Global Retail Market Projected To Grow To USD 18.33 Bn in 2028, CAGR of 18.1% – Inkxpert Reviews Market Trends
- May 15, 2022
The retail market is one of the most important sectors in the world. According to Inkxpert reviews of market study, it is estimated that the global retail market is expected to reach $39,933.3 billion by 2030, with a growth rate of approximately 6.3% per year. The global retail market is dominated by large retailers such as Wal-Mart, Amazon, and Alibaba. Wal-Mart and Amazon have been ranked as two of the most valuable companies in the world as per Inkxpert research. These companies provide an array of products at affordable prices, which attracts customers to their stores. The United States is one of the largest markets for such retailers because it has a large middle class with plenty of disposable income to spend on shopping trips or online purchases.
Market Segmentation by Geography
Market analysis by Inkxpert reviews show that the US accounts for nearly half of all retail sales worldwide. While, China is second, followed by Japan. The US and China account for almost two-thirds of all growth in the global retail market between 2015 and 2022 as indicated by Inkxpert research.
In terms of online retail sales, China will retain its top spot through 2022; however, the US will close the gap significantly over this period as its population ages and spends more on healthcare products and services delivered digitally instead of physically.
Key Growth Drivers
In 2022, the worldwide eCommerce market is estimated to reach $5.55 trillion as per an Inkxpert reviews analysis of the market. The growth in the e-commerce sector has been largely driven by the increasing number of people shopping online, increasing smartphone penetration, and faster internet speeds. In fact, according to Inkxpert reviews, e-commerce sales are expected to reach $6.7 trillion by 2023 and comprise 22.3% of total retail sales that year. As such, many retailers have begun investing heavily in online sales channels to compete with other companies in this space.
The popularity of online shopping has made international trade easier by allowing consumers to shop from home or other places without having to travel abroad. This means that consumers are more likely than ever before to buy foreign goods online instead of purchasing local products from nearby stores or malls.