Dublin, Dec. 12, 2024 (GLOBE NEWSWIRE) — The “Business Travel Market Opportunities and Strategies to 2033” report has been added to ResearchAndMarkets.com’s offering.
This report describes and explains the business travel market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global business travel market reached a value of nearly $812.9 billion in 2023, having grown at a compound annual growth rate (CAGR) of 6.41% since 2018. The market is expected to grow from $812.9 billion in 2023 to $1.43 trillion in 2028 at a rate of 11.97%. The market is then expected to grow at a CAGR of 12.57% from 2028 and reach $2.58 trillion in 2033.
Growth in the historic period resulted from the strong economic growth in emerging markets, expansion of multinational corporations, increased number of business events and increase in exhibitions. Factors that negatively affected growth in the historic period include increase in travel costs and expenses.
Going forward, the increasing international trade activities, rise in corporate travel budgets, growth in small and medium enterprises (SMEs) will drive the market. Factors that could hinder the growth of the business travel market in the future include geographical instability and conflicts.
The business travel market is segmented by type into managed business travel and unmanaged business travel. The managed business travel market was the largest segment of the business travel market segmented by type, accounting for 68.04% or $553.1 billion of the total in 2023. Going forward, the unmanaged business travel segment is expected to be the fastest growing segment in the business travel market segmented by type, at a CAGR of 14.98% during 2023-2028.
The business travel market is segmented by service into transportation, food and lodging and business activity. The food and lodging market was the largest segment of the business travel market segmented by service, accounting for 44.54% or $362.1 billion of the total in 2023. Going forward, the business activity segment is expected to be the fastest growing segment in the business travel market segmented by service, at a CAGR of 15.90% during 2023-2028.
The business travel market is segmented by age group into marketing travel fare travelers below 40 years and travelers above 40 years. The marketing travel fare travelers below 40 years market was the largest segment of the business travel market segmented by age group, accounting for 55% or $447.1 billion of the total in 2023. Going forward, the marketing travel fare travelers below 40 years segment is expected to be the fastest growing segment in the business travel market segmented by age group, at a CAGR of 13.06% during 2023-2028.
The business travel market is segmented by purpose into marketing, meetings, trade shows or exhibitions, product launch and other purposes. The marketing market was the largest segment of the business travel market segmented by purpose, accounting for 36.07% or $293.2 billion of the total in 2023. Going forward, the marketing segment is expected to be the fastest growing segment in the business travel market segmented by purpose, at a CAGR of 13.40% during 2023-2028.
The business travel market is segmented by industry into government and corporate. The corporate market was the largest segment of the business travel market segmented by industry, accounting for 67.09% or $543.4 billion of the total in 2023. Going forward, the corporate segment is expected to be the fastest growing segment in the business travel market segmented by industry, at a CAGR of 13.67% during 2023-2028.
Asia-Pacific was the largest region in the business travel market, accounting for 33.59% or $273.1 billion of the total in 2023. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the business travel market will be Asia Pacific and South America where growth will be at CAGRs of 13.86% and 12.30% respectively. These will be followed by Africa and Middle East where the markets are expected to grow at CAGRs of 12.01% and 11.57% respectively.
The global business travel market is high fragmented, with a large number of small players in the market. The top ten competitors in the market made up to 2.5% of the total market in 2023. The market fragmentation can be attributed to the presence of small players in different geographies. Carlson Wagonlit Travel (CWT) Solutions Inc was the largest competitor with a 0.95% share of the market, followed by Booking Holdings Inc. with 0.34%, Expedia Group, Inc with 0.27%, BCD Group with 0.25%, Global Business Travel Inc. with 0.22%, Airbnb Inc. with 0.18%, JPMorgan Chase & Co (Frosch Travel) with 0.10%, Corporate Travel Management Ltd. with 0.07%, Travel Leaders Group with 0.07% and Fareportal Inc. with 0.05%.
The top opportunities in the business travel market segmented by type will arise in the managed business travel segment, which will gain $355.4 billion of global annual sales by 2028. The top opportunities in the business travel market segmented by service will arise in the food and lodging segment, which will gain $235.3 billion of global annual sales by 2028. The top opportunities in the business travel market segmented by industry will arise in the corporate segment, which will gain $489.5 billion of global annual sales by 2028. The top opportunities in the business travel market segmented by age group will arise in the marketing travel fare travelers below 40 years segment, which will gain $378.7 billion of global annual sales by 2028. The top opportunities in the business travel market segmented by purpose will arise in the marketing segment, which will gain $256.6 billion of global annual sales by 2028. The business travel market size will gain the most in the USA at $137.4 billion.
Market-trend-based strategies for the business travel market include development of innovative travel digital tools, launching premium travel products, strategic partnerships and acquisitions, launching innovative tools to enhance efficiency and reduce operational complexity and enhancing event planning with advanced travel control features and integration capabilities.
Player-adopted strategies in the business travel market include focus on enhancing operational capabilities through the launch of new product developments, new travel solution developments and strengthening market position through strategic partnerships.
To take advantage of the opportunities, the analyst recommends business travel companies to focus on innovative digital tools for business travel, focus on streamlining travel management solutions, focus on enhancing event planning with integrated travel solutions, focus on the unmanaged business travel segment, focus on the business activity segment, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, focus on the corporate market segment and focus on travelers below 40 years.
Markets Covered:
1) by Type: Managed Business Travel; Unmanaged Business Travel
2) by Service: Transportation; Food & Lodging; Business Activity
3) by Age Group: Travelers Below 40 Years; Travelers Above 40 Years
4) by Purpose: Marketing; Meetings; Trade Shows or Exhibitions; Product Launch; Other Purposes
5) by Industry: Government; Corporate
Key Companies Profiled: Carlson Wagonlit Travel (CWT) Solutions Inc.; Booking Holdings Inc.; Expedia Group, Inc. BCD Group; Global Business Travel Inc.
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; business travel indicators comparison.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 295 |
| Forecast Period | 2023-2033 |
| Estimated Market Value (USD) in 2023 | $812.9 Billion |
| Forecasted Market Value (USD) by 2033 | $2.58 Trillion |
| Compound Annual Growth Rate | 12.3% |
| Regions Covered | Global |
The major companies profiled in this business travel market report include:
- Carlson Wagonlit Travel (CWT) Solutions Inc.
- Booking Holdings Inc.
- Expedia Group, Inc. BCD Group
- Global Business Travel Inc.
- Airbnb Inc.
- JPMorgan Chase & Co (Frosch Travel)
- Corporate Travel Management Ltd.
- Travel Leaders Group.
- Fareportal Inc.
- Tumodo
- Aviareps
- Trip.com Group
- Tuniu
- Cncn Travel
- eLong
- Lvmama
- Tongcheng Network Technology Co.
- Tujia
- Xiaozhu
- Klook
- Huoli
- China International Travel Service Corporation Limited
- MakeMytrip
- Yatra
- Cleartrip
- EaseMyTrip
- Goibibo
- Thomas Cook
- Travel Perk
- ab-in-den-Urlaub.de
- Fluege.De
- American Express Global Business Travel
- FCM Travel Solutions
- Comtravo
- Vola.ro
- eSky.ro
- Aviasales
- Ozon Travel
- Ostrovok.ru.
- FROSCH Group Travel
- Spotnana Technology, Inc.
- Deem, Inc.
- Navan, Inc.
- Egencia
- CWT
- AmTrav
- Onfly
- Agile Engine
- CVC Corp
- Gimmonix
- Gulliver Business Travel
- Talma
- Seera Group
- Almosafer travel
- BiletBank
- dnata Travel
- Al-Futtaim Travel
- Musafir
- Club Travel Group
- Travelstart
- Travel Leaders
- eGate Travel Solutions
- Wakanow
- Dove Travels
For more information about this report visit https://www.researchandmarkets.com/r/vplm8t
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