eCommerce market in Cyprus
Market development
eCommerce revenue development in Cyprus
Cyprus is the 86th largest market for eCommerce with a predicted revenue of US$553.4 million by 2024, placing it ahead of Cuba. Revenue is expected to show a compound annual growth rate (CAGR 2024-2028) of 2.0%, resulting in a projected market volume of US$599.6 million by 2028. With an expected increase of 2.3% in 2024, the Cypriot eCommerce market contributed to the worldwide growth rate of 10.4% in 2024. Like in Cyprus, global eCommerce sales are expected to increase over the next years. Seven markets are considered by ECDB within the Cypriot eCommerce market. Hobby & Leisure is the largest market and accounts for 26.4% of the Cypriot eCommerce revenue. It is followed by Electronics with 20.8%, Fashion with 16.7%, Furniture & Homeware with 11.8%, Care Products with 9.3%, DIY with 8.6%, and Grocery with the remaining 6.3%.
eCommerce revenue development in Cyprus
eCommerce revenue growth in Cyprus
2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | |
---|---|---|---|---|---|---|---|---|
Revenue (in mUS$) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
Growth (in %) | 90.4 | 6.2 | 43.2 | 73.8 | 65.4 | 31.5 | 50.2 | 54.2 |
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