China, already home to the world’s largest online population, is likely to replace the United States as the biggest e-commerce market by 2015, according to new research.

China’s e-commerce market is currently worth $74 billion – less than half that of the United States at $177 billion – a report by the Boston Consulting Group said.

But it is growing rapidly, spurred by increasing internet use – China now has an online population of more than half a billion – the low cost of shipping, and a passion for shopping among China’s growing middle class.

“China... already has 145 million online shoppers, with exponential growth expected that could bring the number to 329 million by 2015 and make the e-commerce market in China the world’s most valuable,” the report said.

Within five years, online shoppers in China will be spending an average $980 per year – twice their spend today and close to the US average of $1,000, according to the survey of 4,000 shoppers.