India Business Travel Market Trends 2022: Industry Size, Share, Growth and Forecast to 2027

iCrowd Newswire
22 Jun 2022, 03:18 GMT+10

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:

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 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.

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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