Business Travel Market Report: Trends, Forecast and Competitive Analysis to 2030

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.

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?