Jeff Bezos may have his eyes on becoming the first tech billionaire in space but his mind is definitely focused on e-retailer Amazon, which is on track to overtake Walmart as the largest US retailer in 2022.

According to analysts at JPMorgan research, Amazon’s US retail business is the fastest growing at scale.

Between 2014 and 2020, Amazon’s US gross merchandise volume, or GMV, has grown significantly faster than both US adjusted retail sales and e-commerce, the analysts said.

They said Amazon’s GMV in 2020 climbed 41 percent year over year to US$316 billion, while Walmart’s GMV is estimated to have grown 10 percent year over year to $439 billion in 2020. Based on current estimates, the report said Amazon could surpass Walmart in 2022.