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Breakthrough in the business travel market: rapid growth factors and sustainable growth measures | HotelBank (Hotel Bank)

Breakthrough in the business travel market: rapid growth factors and sustainable growth measures | HotelBank (Hotel Bank)


The business travel market is expected to reach approximately USD 240 billion by 2035, with growth factors including globalization and increased business opportunities, growth in the travel and tourism industry, penetration of e-commerce in hotel bookings, and expanding models of online payments. The increasing number of younger generations and female travelers also contributes to the expansion of the market. On the other hand, challenges hampering growth include high costs of business travel, security and cross-border regulation.a58e0547f5f656b1c074582d6f425b83
(Source: SDKI Inc.)

The Asia Pacific market is the fastest growing region and is expected to reach approximately US$827 billion by 2035. Its growth is driven by economic expansion, rising disposable income, increasing business opportunities, and increasing globalization. Among them, China and India are the main markets, accounting for 39% and 10% of the total corporate spending in the Asia-Pacific region, respectively.

The Japanese business travel market is also expected to recover after the epidemic and is expected to grow in line with previous statistics. The European market is also expected to reach approximately $981 billion by 2035. The UK, Germany and France are the largest commercial markets in the European region, with a combined share of approximately 59%.

The North American business travel market is worth approximately $363 billion in 2022, with the U.S. accounting for approximately 95% of the total market. After the pandemic, some 72% of companies expect business travel to return to previous levels by 2023.

(Source: SDKI Inc.)

The business travel market in these fast-growing regions is driven by economic expansion, increased business opportunities, increased globalization, and developments in technology and digital platforms. The business travel market is mainly divided into three categories: by service, by industry and by traveller. By service, catering and accommodation is the fastest growing segment, will account for approximately 50.3% of the market by 2022, and is expected to grow at a CAGR of 14.2% during the forecast period. By industry, government and corporates account for the major markets, while groups are the largest and fastest-growing segment of travelers.

The rapid growth of the business travel market plays an important role in the business activities of companies and individuals. As the market size expands, various factors will continue to drive the growth of the market in the future. But it is also important to address the challenges holding back growth. Companies and governments need to consider measures to maintain sustainable growth in the business travel market, such as cost reductions and enhanced security measures.



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