China’s Pinduoduo is set to overtake rivals JD.com and Alibaba in terms of gross merchandise value (GMV) growth by 2024, according to a Morgan Stanley report.

For 2022, both Pinduoduo and JD.com are evenly placed with 15.3% and 15% growth rates, respectively. However, the report estimates that by 2024, Pinduoduo will surge ahead at 17.6% while JD.com will maintain its pace at 15.5%. Alibaba will grow 8% during the same period.