Asia-Pacific Business Travel Market Size, Share, Growth, Upcoming Trends and Industry Analysis 2022-2027

SHERIDAN, WY, USA, September 12, 2022 / — According to the latest report of the IMARC group, entitled “Asia-Pacific business travel market: Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027”, the Asia-Pacific business travel market size reached US$414.6 billion in 2021. Looking ahead, the IMARC Group expects the market to reach US$641.2 billion by 2027, growing at a growth rate (CAGR) of 6% over the period 2022-2027. Business travel represents travel that is taken explicitly for work or the expansion of business operations. Also called business travel, it includes various components, such as brand and product promotion, customer meetings, trade shows, employee training and incentives. Business travel is becoming a huge priority among organizations in the Asia-Pacific region, owing to rapid globalization and increased business activity. As a result, it is taken up by government and business leaders across the region.

COVID-19 impact analysis:

We regularly monitor the direct effect of COVID-19 on the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.

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Market Trends and Drivers:

Rising middle class and stable economic growth in the region are some of the major factors driving the Asia-Pacific business travel market. Additionally, increasing use of innovative technologies in journey management processes is further augmenting the growth of the market. Additionally, the emerging trend of B-leisure travel, which integrates business with pleasure while providing leisure activities to improve work efficiency and relieve stress, is also catalyzing the market across Asia-Pacific. Apart from this, the introduction of Virtual Reality (VR) which provides enhanced, efficient and personalized customer experiences acts as another significant growth driver. Additionally, increasing digitalization in the tourism and corporate sectors coupled with the penetration of Internet of Things (IoT) has helped travelers and tour operators to work quickly and efficiently, which is also driving the growth of the market . In this regard, the growing number of small and medium-sized enterprises (SMEs) and rapid globalization are having a positive impact on the market in the region. In addition, growing tie-ups of several companies with leading corporate expedition companies to provide personalized collaborative spaces and team building exercises are expected to bolster the Asia Pacific business travel market in the coming years. come.

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, trip type, end user and the country.

Breakdown by type:

• Managed business trips
• Unmanaged business trips

Breakdown by type of objective:

• Marketing
• Internal meetings
• Trade shows
• Product launch
• Others

Breakdown by expenditure:

• Trip price
• Accommodation
• Catering
• Others

Breakdown by age group:

• Travelers under 40
• Travelers over 40

Breakdown by type of service:

• Transportation
• Food and accommodation
• Recreational activities
• Others

Breakdown by type of trip:

• Group travel
• Solo travel

Breakdown by end user:

• Government
• Company
• Others

Breakdown 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 along with the detailed profiles of key players operating in the market.

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Main 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
• Complete mapping of the competitive landscape

If you need specific information that is not currently covered in the report, we will provide it to you as part of the customization.

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