According to IMARC Group’s latest report, titled “India Business Travel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, the India business travel market reached a value of US$ 31.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 55.2 Billion by 2027, exhibiting a CAGR of 8.1% during 2022-2027.
Business travel, or corporate travel, represents the travel journeys that are conducted exclusively for work purposes or business expansion. Presently, most organizations are setting up their own in-house travel departments or employing external service providers to anticipate the modifications in the business landscape. Business travel includes several components, including sourcing and procurement, planning and booking, account management, measuring and reporting, etc. It aids in integrating the need of the employees with corporate goals and facilitating the plans and goals of the company.
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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India Business Travel Market Trends:
The expanding businesses and the growing economies across the country are primarily driving the market. In line with this, the escalating demand for international travel and the inflating passenger revenue kilometers (RPKs) are leading to the rising number of travel routes across India, which is further propelling the market growth. Additionally, the elevating number of low-cost carriers (LCCs), which are gaining prominence across numerous countries, is acting as another significant growth-inducing factor. Apart from this, India is becoming a business and industrial hub for corporations across the globe, which is also augmenting the market growth. Furthermore, the emerging trend of Bleisure travel, which incorporates business with pleasure elements by offering leisure or recreational activities in order to relieve stress while improving work efficiency, is projected to fuel the India business travel market over the forecasted period.
Key Market Segmentation:
The report has segmented the India business travel market on the basis of type, purpose type, expenditure, age group, service type, travel type, end user and region.
Breakup by Type:
- Managed Business Travel
- Unmanaged Business Travel
Breakup by Purpose Type:
- Internal Meetings
- Trade Shows
- Product Launch
Breakup by Expenditure:
- Travel Fare
Breakup by Age Group:
- Travelers Below 40 Years
- Travelers Above 40 Years
Breakup by Service Type:
- Food and Lodging
- Recreational Activities
Breakup by Travel Type:
- Group Travel
- Solo Travel
Breakup by End User:
Breakup by Region:
- North India
- West and Central India
- South India
- East India
Competitive Landscape With Key Players:
The competitive landscape of the India 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.
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