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Business Travel Trends and Forecast
The future of the global business travel market looks promising with opportunities in the government and corporate markets. The global business travel market is expected to reach an estimated $1203.9 billion by 2030 with a CAGR of 9.3% from 2024 to 2030. The major drivers for this market are increasing popularity of leisure travel, rising Infrastructure spending, expansion of the the travel retail business quickly, and governments providing financial and other support to businesses that travel for business purposes.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Business Travel by Segment
The study includes a forecast for the global business travel by service, type, end use, and region.
Business Travel Market by Service [Shipment Analysis by Value from 2018 to 2030]:
• Transportation
• Food and Lodging
• Recreation
Business Travel Market by Type [Shipment Analysis by Value from 2018 to 2030]:
• Managed Business Travel
• Unmanaged Business Travel
Business Travel Market by End Use [Shipment Analysis by Value from 2018 to 2030]:
• Government
• Corporate
• Others
Business Travel Market by Region [Shipment Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Business Travel Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies business travel companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the business travel companies profiled in this report include-
• Airbnb
• American Express Company
• BCD Travel
• Booking Holdings
• Carlson Wagonlit Travel
• Expedia Group
• Fareportal
• Flight Centre Travel Group
• Hogg Robinson Group
• Travel Leaders Group
Business Travel Market Insights
Lucintel forecasts that managed business travel will remain the larger segment over the forecast period because more businesses are choosing to outsource their travel management to TMCs in order to save money, save time, and improve the traveler experience.
APAC will remain the largest region over the forecast period because of robust economic expansion, increased internet and technology adoption, and rise of IoT are all beneficial to travelers and travel agencies in this area.
Features of the Global Business Travel Market
Market Size Estimates: Business travel market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Business travel market size by service, type, end use, and region in terms of value ($B).
Regional Analysis: Business travel market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different service, type, end use, and regions for the business travel market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the business travel market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the business travel market size?
Answer: The global business travel market is expected to reach an estimated $1203.9 billion by 2030.
Q2. What is the growth forecast for business travel market?
Answer: The global business travel market is expected to grow with a CAGR of 9.3% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the business travel market?
Answer: The major drivers for this market are increasing popularity of leisure travel, rising Infrastructure spending, expansion of the the travel retail business quickly, and governments providing financial and other support to businesses that travel for business purposes.
Q4. What are the major segments for business travel market?
Answer: The future of the global business travel market looks promising with opportunities in the government and corporate markets.
Q5. Who are the key business travel market companies?
Answer: Some of the key business travel companies are as follows:
• Airbnb
• American Express Company
• BCD Travel
• Booking Holdings
• Carlson Wagonlit Travel
• Expedia Group
• Fareportal
• Flight Centre Travel Group
• Hogg Robinson Group
• Travel Leaders Group
Q6. Which business travel market segment will be the largest in future?
Answer: Lucintel forecasts that managed business travel will remain the larger segment over the forecast period because more businesses are choosing to outsource their travel management to TMCs in order to save money, save time, and improve the traveler experience.
Q7. In business travel market, which region is expected to be the largest in next 5 years?
Answer: APAC will remain the largest region over the forecast period because of robust economic expansion, increased internet and technology adoption, and rise of IoT are all beneficial to travelers and travel agencies in this area.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the business travel market by service (transportation, food and lodging, and recreation), type (managed business travel and unmanaged business travel), end use (government, corporate, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Business Travel Market, Business Travel Market Size, Business Travel Market Growth, Business Travel Market Analysis, Business Travel Market Report, Business Travel Market Share, Business Travel Market Trends, Business Travel Market Forecast, Business Travel Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.
Table of Contents
1. Executive Summary
2. Global Business Travel Market : Market Dynamics
2.1: Introduction, Background, and Classifications
2.2: Supply Chain
2.3: Industry Drivers and Challenges
3. Market Trends and Forecast Analysis from 2018 to 2030
3.1. Macroeconomic Trends (2018-2023) and Forecast (2024-2030)
3.2. Global Business Travel Market Trends (2018-2023) and Forecast (2024-2030)
3.3: Global Business Travel Market by Service
3.3.1: Transportation
3.3.2: Food and Lodging
3.3.3: Recreation
3.4: Global Business Travel Market by Type
3.4.1: Managed Business Travel
3.4.2: Unmanaged Business Travel
3.5: Global Business Travel Market by End Use
3.5.1: Government
3.5.2: Corporate
3.5.3: Others
4. Market Trends and Forecast Analysis by Region from 2018 to 2030
4.1: Global Business Travel Market by Region
4.2: North American Business Travel Market
4.2.1: North American Business Travel Market by Type: Managed Business Travel and Unmanaged Business Travel
4.2.2: North American Business Travel Market by End Use: Government, Corporate, and Others
4.3: European Business Travel Market
4.3.1: European Business Travel Market by Type: Managed Business Travel and Unmanaged Business Travel
4.3.2: European Business Travel Market by End Use: Government, Corporate, and Others
4.4: APAC Business Travel Market
4.4.1: APAC Business Travel Market by Type: Managed Business Travel and Unmanaged Business Travel
4.4.2: APAC Business Travel Market by End Use: Government, Corporate, and Others
4.5: ROW Business Travel Market
4.5.1: ROW Business Travel Market by Type: Managed Business Travel and Unmanaged Business Travel
4.5.2: ROW Business Travel Market by End Use: Government, Corporate, and Others
5. Competitor Analysis
5.1: Product Portfolio Analysis
5.2: Operational Integration
5.3: Porter’s Five Forces Analysis
6. Growth Opportunities and Strategic Analysis
6.1: Growth Opportunity Analysis
6.1.1: Growth Opportunities for the Global Business Travel Market by Service
6.1.2: Growth Opportunities for the Global Business Travel Market by Type
6.1.3: Growth Opportunities for the Global Business Travel Market by End Use
6.1.4: Growth Opportunities for the Global Business Travel Market by Region
6.2: Emerging Trends in the Global Business Travel Market
6.3: Strategic Analysis
6.3.1: New Product Development
6.3.2: Capacity Expansion of the Global Business Travel Market
6.3.3: Mergers, Acquisitions, and Joint Ventures in the Global Business Travel Market
6.3.4: Certification and Licensing
7. Company Profiles of Leading Players
7.1: Airbnb
7.2: American Express Company
7.3: BCD Travel
7.4: Booking Holdings
7.5: Carlson Wagonlit Travel
7.6: Expedia Group
7.7: Fareportal
7.8: Flight Centre Travel Group
7.9: Hogg Robinson Group
7.10: Travel Leaders Group
.
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Lucintel has been in the business of market research and management consulting since 2000 and has published over 1000 market intelligence reports in various markets / applications and served over 1,000 clients worldwide. This study is a culmination of four months of full-time effort performed by Lucintel's analyst team. The analysts used the following sources for the creation and completion of this valuable report:
In-depth interviews of the major players in this market
Detailed secondary research from competitors’ financial statements and published data
Extensive searches of published works, market, and database information pertaining to industry news, company press releases, and customer intentions
A compilation of the experiences, judgments, and insights of Lucintel’s professionals, who have analyzed and tracked this market over the years.
Extensive research and interviews are conducted across the supply chain of this market to estimate market share, market size, trends, drivers, challenges, and forecasts. Below is a brief summary of the primary interviews that were conducted by job function for this report.
Thus, Lucintel compiles vast amounts of data from numerous sources, validates the integrity of that data, and performs a comprehensive analysis. Lucintel then organizes the data, its findings, and insights into a concise report designed to support the strategic decision-making process. The figure below is a graphical representation of Lucintel’s research process.
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