Asia Pacific Business Travel Market Size, Share, Growth and Industry Trends 2022-2027
The latest report published by IMARC Group, titled “Asia Pacific Business Travel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” offers a comprehensive analysis of the industry, which comprises insights on the market share. The report also includes competitor and regional analysis, and contemporary advancements in the market.
The Asia Pacific business travel market size reached US$ 414.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 641.2 Billion by 2027, exhibiting a growth rate (CAGR) of 6% during 2022-2027. Business travel represents a journey that is taken explicitly for work or expanding business operations. Also referred to as corporate travel, it includes various components, such as promoting brands and products, client meetings, trade shows, and employee training and incentives. Business travel is getting immense precedence among organizations in the Asia Pacific region, owing to rapid globalization and increased company activities. As a result, it is taken up by the government and corporate officials across the region.
COVID-19 Impact Analysis:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Market Trends:
The increasing middle class and stable economic growth in the region are among the primary factors driving the Asia Pacific business travel market. Besides this, the elevating utilization of innovative technology in journey management processes is further augmenting the market growth. Moreover, the emerging trend of B-leisure travel, which integrates business with pleasure while offering recreational activities for improving work efficiency and relieving stress, is also catalyzing the market across the Asia Pacific. Apart from this, the introduction of virtual reality (VR) that provides enhanced, efficient, and personalized customer experiences is acting as another significant growth-inducing factor. Additionally, the rising digitization in the tourism and corporate sectors, coupled with the penetration of the Internet of Things (IoT), has assisted travelers and journey operators in working swiftly and efficiently, which is also stimulating the market growth. In line with this, the escalating number of small and medium enterprises (SMEs) and fast-paced globalization is positively impacting the market in the region. Furthermore, the growing tie-ups of several corporate organizations with the leading enterprise expedition companies to provide customized collaborative spaces and team-building exercises are expected to bolster the Asia Pacific business travel market in the coming years.
Key Market Segmentation:
The report has segmented the Asia Pacific business travel market on the basis of type, purpose type, expenditure, age group, service type, travel type, end user and country.
Breakup by Type:
- Managed Business Travel
- Unmanaged Business Travel
Breakup by Purpose Type:
- Marketing
- Internal Meetings
- Trade Shows
- Product Launch
- Others
Breakup by Expenditure:
- Travel Fare
- Lodging
- Dining
- Others
Breakup by Age Group:
- Travelers Below 40 Years
- Travelers Above 40 Years
Breakup by Service Type:
- Transportation
- Food and Lodging
- Recreational Activities
- Others
Breakup by Travel Type:
- Group Travel
- Solo Travel
Breakup by End User:
- Government
- Corporate
- Others
Breakup by Country:
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
Competitive Landscape With Key Players:
The competitive landscape of the Asia Pacific business travel market has been studied in the report with the detailed profiles of the key players operating in the market.
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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