Market Overview

The Latin America mobile commerce market size was valued at USD 110.26 Billion in 2024 and is projected to reach USD 848.51 Billion by 2033, exhibiting a CAGR of 25.45% during the forecast period 2025-2033. This growth is driven by increasing smartphone adoption, expanding internet penetration, and a shift towards digital payment modes, alongside the rising influence of social media platforms.

Study Assumption Years

• Base Year: 2024
• Historical Year/Period: 2019-2024
• Forecast Year/Period: 2025-2033

Latin America Mobile Commerce Market Key Takeaways

• The market size in 2024 is USD 110.26 Billion.
• The market is expected to grow at a CAGR of 25.45% during 2025-2033.
• The forecast period is from 2025 to 2033.
• Smartphone shipments in Latin America increased by 20% to 33.5 million units in Q2 2024.
• Around 94% of Chile's population had internet access in 2023.
• Facebook holds a 49.3% market share and YouTube 10.56% in social media usage in Latin America as of July 2024.
• Increasing smartphone affordability bridges urban-rural digital divide, enhancing mobile commerce adoption.

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Market Growth Factors

Smartphone sales increased. In Latin America, smartphone shipments grew 20% to 33.5 million units in Q2 2024. Smartphones expanded across a range of price points throughout the region, making them more available for people in order to purchase in urban and rural markets. Cheap smartphones have the potential for bridging the urban-rural divide and connecting rural populations with m-commerce. Smartphone features such as touch screens, voice recognition, and AR capability make mobile shopping cost-efficient, increase impulse buying, and ease customer-business interactions via social media. That digital payment systems, such as mobile wallets, are accepted more drives the market upward.

High Internet Penetration Rate: The internet reached into 94% of the country's population during 2023. Data packages are cheap in Latin America. Chile continues to develop fiber-optic and broadband networks. New 4G and 5G technologies have increased access to urban and rural areas. Faster speeds have led to reductions in website and app load times, and have increased mobile commerce. Reducing the cost of telecommunications services allows wider access to data plans, including prepaid and family plans. Greater connectivity lets consumers contact brands and access content online. Greater connectivity also lets developers design responsively for the web and market in real-time to ease navigation and purchase.

Social media: In July 2024, 49.3% of the Latin American population went to Facebook and 10.56% went to YouTube. Social media permits businesses to interact directly with consumers, present products visually, and generate traffic for online stores. To create shoppable posts and stories and to access a checkout option leads to purchasing smoothly. Ads aimed at user behaviors can also increase consumer buys. Social commerce allows consumers to interact with brands and access products without exiting social media platforms, creating positive prospects for mobile commerce.

Market Segmentation

Transaction Type Insights: The market is categorized based on transaction types including M-Retailing, M-Ticketing, M-Building, and Others.

Payment Mode Insights: Payment modes analyzed are Near Field Communication (NFC), Premium SMS, Wireless Application Protocol (WAP), and Others.

Type of User Insights: User classifications include Smart Device Users and Feature Phone Users.

Country Insights: The report covers key regional markets such as Brazil, Mexico, Argentina, Colombia, Chile, Peru, and Others.

Regional Insights

Latin America is the focal region for this market, with dominant countries being Brazil, Mexico, Argentina, Colombia, Chile, and Peru. For instance, Chile had approximately 94% internet penetration in 2023, facilitating mobile commerce growth. The region is expected to exhibit a high CAGR of 25.45% from 2025 to 2033, driven by rising smartphone shipments and increasing digital payments, which collectively bolster the mobile commerce market expansion.

Recent Developments & News

On February 04, 2025, Moove completed the acquisition of Kovi, a Brazilian company, to strengthen its presence in the Latin American mobile commerce sector. This strategic move enhances Moove’s vehicle financing services for gig economy drivers. Supported by Uber, Moove and Kovi achieved a revenue of USD 275 Million in 2024 and operated a fleet of 36,000 vehicles. The acquisition combines Moove's international expertise with Kovi's established local network, improving mobility solutions in the region.

Competitive Landscape

The competitive landscape of the industry has also been examined along with the profiles of the key players.

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