The Report Business Travel Market by Service (Transportation, Food &Lodging, Recreation) and by Industry ( Government, Corporate) The increasing adoption of Business Travel Market as a sustainable and high-performance material drives its market growth.
The global Business Travel Market is on track to achieve significant growth, with a projected size is projected to grow at a CAGR of 7.6% during the forecast period, from 2022 to 2029, to reach a market size of USD 1.0 trillion by 2029, from USD $1.5 trillion in 2022.
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Service segment with the quickest growth
The greatest industry in terms of business travel is transportation, which is responsible for more than half of all costs. Between 2023 and 2029, this area is expected to grow at a 12% CAGR, driven by rising demand for air travel and the expansion of low-cost airlines. The second-largest component, which accounts for more than 30% of overall spending, is made up of food and housing. Between 2023 and 2029, this industry is expected to expand at a CAGR of 10%, driven by rising demand for the best food and lodging. Less than 20% of overall expenditures are made on recreation, which represents a lower share of the market. But between 2023 and 2029, it is anticipated to grow at an 8% CAGR, driven by a rise in demand for attractions like sightseeing,
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Government and Corporate segments based on the type of Industry in Business Travel Market
Corporate Business Travel: This is the most common industry type within the business travel market. It includes employees of corporations traveling for meetings, conferences, client visits, training, and other work-related purposes. Corporate travel often involves a range of travel services such as airfare, accommodation, ground transportation, and expense management.
Government Business Travel: Government employees, including elected officials, civil servants, and military personnel, engage in business travel for various government-related activities, including diplomacy, conferences, official meetings, and military deployments.
Asia Pacific region is positioned as a frontrunner in the Business Travel Market
Due to the growing number of business travellers, especially in nations like China and India, the business travel industry is anticipated to expand significantly in the Asia Pacific area. Numerous growing economies in the area are experiencing significant urbanisation and industrialization, which is increasing corporate activity. The expansion of small and medium-sized businesses (SMEs) in the area is another factor boosting demand for business travel services. The region's corporate travel market is expanding as a result of the expansion of the travel and tourist sectors in nations like Australia, South Korea, and Japan.
Business Travel Market Key Players:
1. American Express Global Business Travel - United States 2. Carlson Wagonlit Travel - United States 3. Expedia Group - United States 4. Flight Centre Travel Group - Australia 5. BCD Travel - Netherlands 6. Corporate Travel Management - Australia 7. Hogg Robinson Group - United Kingdom 8. Egencia - United States 9. ATG Travel - United States 10. Direct Travel - United States 11. Travel Leaders Group - United States 12. Frosch International Travel - United States 13. HRG North America - United Kingdom 14. Omega World Travel - United States 15. Ovation Travel Group - United States 16. BCD Meetings and Events - Netherlands 17. World Travel, Inc. - United States 18. Reed & Mackay - United Kingdom 19. Uniglobe Travel International - Canada 20. Travel and Transport - United States 21. Christopherson Business Travel - United States 22. Acendas - United States 23. Protravel International - United States 24. Adelman Travel Group - United States 25. CWT Meetings & Events - United States
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