Thailand's ecommerce market grew 51.8% in 2025. That is not a rounding error. That is the fastest ecommerce growth rate of any major market in Southeast Asia — and one of the fastest in the world.
But what does that actually mean? Is $35.5 billion a lot? And how does Thailand compare to the rest of the region?
Here is what the data actually shows.
Southeast Asia's total platform ecommerce market reached $157.6 billion in GMV in 2025 — up 22.8% year on year and nearly three times the size it was in 2020. According to Momentum Works' Ecommerce in Southeast Asia 2026 report, the region is on track to reach $350 billion by 2030 and $630 billion by 2035.
That is a market that is not slowing down. It is accelerating.
The six core markets tracked by Momentum Works — Indonesia, Thailand, Malaysia, Vietnam, Philippines and Singapore — tell very different stories about where growth is happening and why.
Indonesia — $58 billion GMV — +2.2% growth
Indonesia is by far the largest ecommerce market in Southeast Asia with approximately 37% of total regional GMV. But growth has slowed dramatically to just 2.2% in 2025 — largely due to Bukalapak's exit from physical goods and Tokopedia's GMV rationalisation following its merger with TikTok Shop. For a market of 270 million people, this slowdown signals a maturing market hitting structural limits rather than a collapsing one.
Thailand — $35.5 billion GMV — +51.8% growth
Thailand is the fastest growing ecommerce market in Southeast Asia in 2025 — and it is not particularly close. From a base of approximately $23 billion in 2024, Thailand added more than $12 billion in GMV in a single year. Shopee holds approximately 50% market share, TikTok Shop has risen rapidly to around 32%, and Lazada holds the remaining 18%.
Thailand now accounts for approximately 23% of Southeast Asia's total ecommerce GMV despite having a fraction of Indonesia's population. In Thailand, ecommerce now accounts for approximately 30% of total retail sales.
Malaysia — $19 billion GMV — +47.6% growth
Malaysia is the co-leader in ecommerce growth alongside Thailand, posting 47.6% year on year growth in 2025. It is the second fastest growing market in the region and often overlooked in discussions dominated by Indonesia and Thailand.
Vietnam — $16 billion GMV — +20%+ growth
Vietnam is one of the most interesting markets in the region. Strong double-digit growth, a young and digital-first consumer base, and a rapidly developing content commerce ecosystem. Shopee and TikTok Shop together captured approximately 97% of Vietnam's online retail market in Q1 2025 according to Metric data.
Philippines — $14 billion GMV — +20%+ growth
The Philippines follows a similar trajectory to Vietnam with strong double-digit growth driven by increasing smartphone penetration and growing consumer confidence in online purchasing.
Singapore — $9 billion GMV — +20%+ growth
Singapore is the smallest total ecommerce market among the six core countries — but this needs context. Singapore has a population of just 6 million compared to Indonesia's 270 million and Thailand's 70 million. When measured by average order value rather than total volume, Singapore leads the region at approximately $137 per order — the highest in Southeast Asia.
Singapore has the most mature and premium ecommerce market in the region. Lazada is specifically gaining market share in Singapore faster than anywhere else following its shift to a brand-centric strategy. For premium and international brands, Singapore is often the best starting point in the region precisely because of its higher spending per buyer.
Important note: these figures represent platform marketplace GMV only — Shopee, Lazada and TikTok Shop — across six core markets as tracked by Momentum Works. They do not include all digital commerce, cross-border transactions, or B2B ecommerce, which would produce significantly higher totals.
Southeast Asia's ecommerce market has consolidated into a near-pure three-platform race. Shopee, Lazada and TikTok Shop (including Tokopedia) collectively controlled 98.8% of platform GMV in 2025 — up from 84% just one year earlier.
Shopee remains the dominant platform with approximately 53% regional market share and the number one position in all six core markets. Shopee added more than $14 billion in GMV during 2025 alone.
TikTok Shop is the fastest growing platform, expanding 66% in 2025 to reach $45.6 billion in GMV — tenfold growth in just three years. TikTok Shop's content-to-commerce model, driven by short video and live streaming, generated $49.7 billion in content commerce GMV across Southeast Asia in 2025 — 32% of all platform GMV, up from 20% in 2024.
Lazada declined 28% in 2025, losing market share to both Shopee and TikTok Shop. However, Lazada is making a deliberate strategic shift toward premium and branded products and is gaining specific traction in Singapore and Thailand with this approach.
The data tells a clear story. Southeast Asia is one of the fastest growing ecommerce markets in the world. Thailand specifically is the growth leader within an already fast-growing region.
But the numbers also reveal something equally important: the market has consolidated. Three platforms dominate. The window for easy, low-cost customer acquisition on these platforms is closing as fees rise and competition intensifies.
The brands that will grow sustainably in this environment are not just those that list products on Shopee and Lazada. They are the ones that build visibility outside the platforms — through content, through social media, through AI tools like ChatGPT — so that discovery happens before buyers ever open a marketplace app.
For brands considering entering Thailand or Southeast Asia, or for those already selling who want to understand the competitive landscape, the iBoost Online ecommerce store audit is a starting point for building a strategy grounded in what the data actually shows.
Sources: [1] Momentum Works — Ecommerce in Southeast Asia 2026, April 2026. thelowdown.momentum.asia [2] SMU Academy — Top E-commerce Trends and Platforms in Singapore, 2026. academy.smu.edu.sg [3] Cube Asia — Shopee, Lazada and TikTok Shop in Southeast Asia 2026. cube.asia [4] Nation Thailand — Thai shoppers flock online amid economic slowdown, October 2025. nationthailand.com