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The global business travel market size was valued at USD 787.76 million in 2021 and is expected to reach USD 1,876.37 million by 2028, growing at a CAGR of 13.20% during the forecast period (2022-2028).
Westford, USA, Dec. 01, 2022 (GLOBE NEWSWIRE) — As companies continue to expand their operations internationally, spending on business travel market it is expected to reach new heights. In fact, according to a recent report by the Global Business Travel Association (GBTA), global spending on business travel is expected to reach $1.87 trillion by 2028. This growth is being driven by rising corporate profits and expanding international trade, which are increasing opportunities. so that business can travel. The study predicts that spending on domestic business travel will grow at a slightly faster rate than international spending, due to strong economic growth in developing markets such as India and China.
In 2021, the average length of stay in the global business travel market was 3.9 nights, compared to 3.2 nights in 2018. This trend is expected to continue, with the average length of stay reaching 4.1 nights in 2023. Interestingly, SkyQuest found that the number of business trips taken by employees is decreasing due to the strict government regulations that came into force after the covid-19 outbreak. In 2020, the average number of trips taken by employees was 1.8, compared to 3.6 in 2019. Despite the decline in the number of business trips taken, SkyQuest’s analysis found that the total amount taken business travel spending continues to grow as lockdown rules ease and air travel resumes.
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However, growth in spending in the business travel market is not evenly distributed across regions. North America is expected to see the strongest growth, with a CAGR of 11.6%, followed by Europe (9.5%), Asia Pacific (14%), Latin America (12.9%), and the Middle East and Africa ( 8.3%). There are several reasons for this regional variation. First, economic conditions vary widely across regions, with some economies still recovering from the global financial crisis caused by the covid-19 pandemic while others are experiencing strong growth.
Second, companies in different regions have different preferences for how they spend their travel budgets; for example, companies in the Asia Pacific business travel market are more likely to book airline tickets through online channels than those in North America or Europe. Finally, geopolitical risks can affect business travel decisions; for example, companies may be reluctant to send employees to countries where there is a high risk of terrorist activity or political instability.
The US alone spends over $357 billion on the business travel market
Companies around the world are spending more on business travel than ever before. In 2021, global spending on business travel will reach a record $787 billion. The United States is the largest market for business travel, accounting for more than $122 billion of all global spending. Europe is the second largest market, followed by Asia-Pacific. However, business travel spending in the United States is expected to reach $357 billion in 2030, up from $120 billion in 2021. Most of this business travel market growth will come from domestic travel, which expected to grow by 12% annually over the forecast period. Outbound international travel will also contribute to growth, at an annual rate of 10.3%.
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Corporate travel budgets in Europe were estimated at $153 billion by 2021 and are expected to grow at a healthy CAGR in the coming years. Much of this growth will be driven by increases in international travel, which is expected to grow at a rate of 8.5% annually. The average expenditure per trip increased by 5% and the number of business trips made also increased by 5%. This increase in spending in the business travel market is being driven by a number of factors, including an increase in the number of business trips being taken to attend conferences and events, and an increase in the average length of business trips . Companies are also spending more on accommodation and transportation, as well as meals and entertainment during business trips. SkyQuest’s analysis shows that businesses in Europe are confident about the future and are willing to invest in travel to help grow their businesses. This is good news for the economy, as business travel is an important driver of growth and employment.
SkyQuest analysis says a large number of companies are willing to spend more in the business travel market if the economy improves
SkyQuest’s analysis of the global business travel market found that spending on business travel is growing at a faster rate than global economic growth. Spending on business travel is expected to grow at a CAGR of 13.20%. This is higher than the global economic growth rate of 4.9% in 2022. The main driver of this growth is the increase in international business travel, which is expected to grow at a compound annual rate of 8.7%. This is due to the increasing globalization of business and the need for face-to-face meetings in an increasingly connected world.
In addition, the vast majority of business travelers are satisfied with their experiences, and 78% say they were satisfied or very satisfied with their most recent trip. This suggests that the industry is doing a good job of meeting the needs of its customers. However, there are some areas where improvement is needed. In particular, 46% of respondents said they would like to see more sustainable and carbon-neutral travel options. This is an area where the industry must continue to evolve to meet the needs of its customers.
Companies in the global business travel market are spending more than ever on travel and entertainment, with corporate spending on travel and entertainment increasing an average of 9% per year since 2016. The top challenges companies face in managing travel expenses are controlling costs (cited by 45% of respondents), reducing complexity (40%) and improving spend visibility (37%). – Technology is playing a key role in helping businesses manage their travel spend, with online booking tools (used by 65% of businesses) and expense management solutions (used by 54%) they are the most effective tools to reduce costs and improve visibility.
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Major players in the global business travel market
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Carlson Holdings, Inc. (USA)
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American Express Company (USA)
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Corporate Travel Management (Australia)
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Expedia Group, Inc (USA)
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Airbnb (USA)
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Flight Center Travel Group (Australia)
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Priceline Group (USA)
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Fareportal (USA)
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Wexas Travel (United Kingdom)
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BCD Travels (Europe)
Related reports in the SkyQuest library:
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Global market for virtual testers (VFR).
Fast Delivery Global Trade Market
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