J&T Express, a leading ecommerce logistics company in Southeast Asia and China, released its Q2 2025 results on 8 July.
Founded in Indonesia by Chinese entrepreneurs, the company quickly rose to dominance across Southeast Asia, before boldly entering China’s hyper-competitive logistics market in 2019 – where it now commands over 11% market share.
More recently, J&T has taken its China-honed expertise to emerging markets such as Saudi Arabia, UAE, Egypt, Mexico, and Brazil. In Latin America, it has expanded beyond Chinese ecommerce platforms to serve regional giant MercadoLibre.
The Q2 results validate many trends outlined in our Ecommerce in Southeast Asia 3.0 report.
Here are a few key thoughts:
- J&T handled 3.2 billion parcels in Southeast Asia in H1 2025, up 58% year-on-year. Average daily volume rose from 11 million in Q2 2024 to 19 million in Q2 2025. Where is this growth coming from?Three leading platforms control >84% of Southeast Asia’s GMV.With Shopee having stopped increasing volume allocations to J&T and Lazada remaining stable, TikTok Shop is the main driver of this 3PL growth. In fact, J&T’s data gives us a good proxy for TikTok Shop’s volume trajectory;J&T cited 26 parcels per capita in 2024, projecting it will double to 52 by 2029. This is a realistic projection, in line with increased platform penetration, logistics efficiency gains, and AI-driven optimisation;J&T estimates ecommerce penetration of 25% for Southeast Asia in 2025.This is very generous in our opinion. In contrast, our estimate put the figure at 12.8% in 2024;J&T’s Chinese market share estimates point to narrowing gaps among the top four franchise-based logistics players – ZTO, YTO, Yunda, and STO. Our fieldwork in China confirms this trend. JD Logistics, which operates a direct model, has maintained stable market share since 2022. While the franchise model for logistics exists outside China, the highly refined Chinese version remains unique in many ways;J&T has made “Strengthen the brand, continuously expand non-platform customers, and improve profitability” one of its top five strategic priorities. This move aligns with the ecommerce logistics trends we observed in Momentum Works Ecommerce in Southeast Asia 3.0 report;In new markets – including Brazil and Mexico – revenue per parcel grew from US$1.32 in 2023 to US$2.05 in 2024 – three times higher than Southeast Asia’s US$0.71 and over 6x China’s US$0.32.This is 3 times higher than US$0.71 in Southeast Asia and 7 times of U$0.32 in China. These markets are clearly less competitive, for now.
In addition to Ecommerce in Southeast Asia 3.0, you can also refer to our Who is J&T report for a deeper understanding about the company and why it could break through in highly competitive markets.
The post Who is driving J&T Express’s volume surge in 2025? first appeared on The Low Down - Momentum Works.
