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Business Travel Market by Service (Transportation, Food & Lodging, Business Activity), Industry (Government, Corporate), Traveler (Group and Solo) - Global Opportunity Analysis and Industry Forecast, 2017-2023

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Travel & Luxury Travel
CO_181605
Pages: 150
Jan 2018 | 7267 Views
 
Author's : Yash Doshi and Smriti Loomba
Tables: 51
Charts: 39
 

Business Travel Market Overview:

The Business Travel Market size is expected to reach $1,657 billion by 2023, registering a CAGR of 4.1% during the forecast period. Substantial development of the travel & tourism sector has fostered the demand for business travel.

Rise in travel & tourism has intensified the demand for business travel market. Moreover, increase in globalization of businesses and continued growth of SMEs supplement the market growth. In addition, increase in infrastructural investments by regional governments and rapid growth in travel retail market are anticipated to fuel the growth of the global market during the forecast period. However, increased adoption of technology impedes the market growth, as the SMEs prefer video conferencing over traveling.

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The business travel market is segmented on the basis of service, industry, traveler, and geography. Based on service, the global market is categorized into food & lodging, transportation, and recreation activities. Food & lodging registers the highest growth rate, owing to the presence of affordable hotels and increase in online booking trend that have lowered the cost of stay. Based on industry, the market is classified into government and corporate. By traveler, it is divided into group and solo. Regionally, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Asia-Pacific is the largest business travel market in the world, owing to strong economic growth. In addition, high penetration of internet & technology in densely populated countries boost the growth of the market. Moreover, increase in penetration of IoT is supporting both travelers and travel operators in managing different operations related to business travel such as planning, booking, and being updated with the current status of their travel program.

China generated the maximum revenue in Asia-Pacific in 2016. The key industry segments boosting the growth for business travel market in China are manufacturing, utility & agriculture, and forestry & fishing.

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Group traveler segment accounted for the maximum share in 2016, as the amount spent on a group travel is much lower than in solo travel. Moreover, service providers offer discounted rates on accommodation and transportation of group travel, which acts as a major driver of the market. In addition, traveling in a group helps in exchanging ideas and experience, which further boosts the company’s productivity level, thereby promoting the growth of the group business travel market.

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Business travel is an integral part of the corporate sector. The activities in the corporate sector are driven by profit maximization motives. Client meetings, brand & product promotions, business expansion, employee training, and incentives are some of activities involved in business travel. Thus, frequent corporate domestic and international trips have supplemented the corporate travel market growth.

Major companies profiled in the report include Airbnb Inc., American Express Travel, Expedia Inc., BCD Travel, Carlson Wagonlit Travel, Flight Centre Travel Group, Hogg Robinson Group, The Priceline Group, Fareportal, Inc. (travelong inc.), and Wexas Travel.

Key Benefits

  • This report provides an in-depth analysis of the global business travel market to identify the potential investment pockets.
  • It outlines the current trends and future scenarios to determine the business travel market potential and gain stronger market foothold.
  • Key drivers, restraints, and opportunities and their detailed impact analysis are elucidated.
  • Quantitative analysis of the business travel industry from 2016 to 2023 is highlighted to recognize the financial competency of the market.
  • Porter’s Five Forces model illustrates the threat of new entrants, threat of substitutes, and strength of the buyers & suppliers.

Business Travel Market Key Segments:

By Service

  • Transportation
  • Food & Lodging
  • Recreation Activity

By Industry

  • Government
  • Corporate

By Traveler

  • Group
  • Solo

By Geography

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Italy
    • France
    • Germany
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • China
    • India
    • Japan
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa
 

Chapter: 1 INTRODUCTION

1.1. REPORT DESCRIPTION
1.2. KEY BENEFITS
1.3. KEY MARKET SEGMENTS
1.4. RESEARCH METHODOLOGY

1.4.1. Secondary Research
1.4.2. Primary Research
1.4.3. Analyst Tools and Models

Chapter: 2 EXECUTIVE SUMMARY

2.1. CXO PERSPECTIVE

Chapter: 3 MARKET OVERVIEW

3.1. MARKET DEFINITION AND SCOPE
3.2. KEY FINDINGS

3.2.1. Top investment pockets
3.2.2. Top impacting factors
3.2.3. Top winning strategies

3.3. PORTERS FIVE FORCES ANALYSIS
3.4. MARKET PLAYERS POSITIONING
3.5. MARKET DYNAMICS

3.5.1. Drivers

3.5.1.1. Development of the travel & tourism industry
3.5.1.2. Increase in globalization of business
3.5.1.3. Rapid increase in SMEs

3.5.2. Restraint

3.5.2.1. High adoption of technology

3.5.3. Opportunities

3.5.3.1. Infrastructural investment
3.5.3.2. Rapid growth in the travel retail market

Chapter: 4 BUSINESS TRAVEL MARKET, BY SERVICE

4.1. OVERVIEW

4.1.1. Market size and forecast

4.2. TRANSPORTATION

4.2.1. Key market trends, growth factors, and opportunities
4.2.2. Market size and forecast

4.3. FOOD & LODGING

4.3.1. Key market trends, growth factors, and opportunities
4.3.2. Market size and forecast

4.4. RECREATIONAL ACTIVITIES

4.4.1. Key market trends, growth factors, and opportunities
4.4.2. Market size and forecast

Chapter: 5 BUSINESS TRAVEL MARKET, BY INDUSTRY

5.1. OVERVIEW

5.1.1. Market size and forecast

5.2. GOVERNMENT

5.2.1. Key market trends, growth factors, and opportunities
5.2.2. Market size and forecast

5.3. CORPORATE

5.3.1. Key market trends, growth factors, and opportunities
5.3.2. Market size and forecast

Chapter: 6 BUSINESS TRAVEL MARKET, BY TRAVELER

6.1. OVERVIEW

6.1.1. Market size and forecast

6.2. GROUP TRAVEL

6.2.1. Key market trends, growth factors, and opportunities
6.2.2. Market size and forecast

6.3. SOLO TRAVEL

6.3.1. Key market trends, growth factors, and opportunities
6.3.2. Market size and forecast

Chapter: 7 BUSINESS TRAVEL MARKET, BY GEOGRAPHY

7.1. OVERVIEW

7.1.1. Market size and forecast

7.2. NORTH AMERICA

7.2.1. Key market trends, growth factors and opportunities
7.2.2. Market size and forecast

7.2.2.1. U.S.
7.2.2.2. Canada
7.2.2.3. Mexico

7.3. EUROPE

7.3.1. Key market trends, growth factors and opportunities
7.3.2. Market size and forecast

7.3.2.1. UK
7.3.2.2. Germany
7.3.2.3. France
7.3.2.4. Spain
7.3.2.5. Italy
7.3.2.6. Rest of Europe

7.4. ASIA-PACIFIC

7.4.1. Key market trends, growth factors and opportunities
7.4.2. Market size and forecast

7.4.2.1. China
7.4.2.2. India
7.4.2.3. Japan
7.4.2.4. Rest of Asia-Pacific

7.5. LAMEA

7.5.1. Key market trends, growth factors and opportunities
7.5.2. Market size and forecast

7.5.2.1. Brazil
7.5.2.2. Turkey
7.5.2.3. South Africa
7.5.2.4. Saudi Arabia
7.5.2.5. Rest of LAMEA

Chapter: 8 COMPANY PROFILES

8.1. EXPEDIA INC.

8.1.1. Company overview
8.1.2. Company snapshot
8.1.3. Operating business segments
8.1.4. Product Portfolio
8.1.5. Business performance
8.1.6. Key strategic moves and developments

8.2. AMERICAN EXPRESS COMPANY (AMERICAN EXPRESS TRAVEL RELATED SERVICES COMPANY, INC.)

8.2.1. Company overview
8.2.2. Company snapshot
8.2.3. Operating business segments
8.2.4. Product portfolio
8.2.5. Business performance
8.2.6. Key strategic moves and developments

8.3. BCD GROUP (BCD TRAVEL)

8.3.1. Company overview
8.3.2. Company snapshot
8.3.3. Operating business segments
8.3.4. Product portfolio
8.3.5. Business performance
8.3.6. Key strategic moves and developments

8.4. CWT GLOBAL B.V. (CARLSON WAGONLIT TRAVEL)

8.4.1. Company overview
8.4.2. Company snapshot
8.4.3. Operating business segments
8.4.4. Product portfolio
8.4.5. Business performance
8.4.6. Key strategic moves and developments

8.5. FAREPORTAL, INC. (TRAVELONG INC.)

8.5.1. Company overview
8.5.2. Company snapshot
8.5.3. Product portfolio
8.5.4. Key strategic moves and developments

8.6. AIRBNB INC.

8.6.1. Company overview
8.6.2. Company snapshot
8.6.3. Product portfolio
8.6.4. Key strategic moves and developments

8.7. THE PRICELINE GROUP INC.

8.7.1. Company overview
8.7.2. Company snapshot
8.7.3. Operating business segments
8.7.4. Business performance
8.7.5. Key strategic moves and developments

8.8. WEXAS LIMITED

8.8.1. Company overview
8.8.2. Company snapshot
8.8.3. Product portfolio

8.9. HOGG ROBINSON GROUP PLC.

8.9.1. Company overview
8.9.2. Company snapshot
8.9.3. Operating business segments
8.9.4. Product portfolio
8.9.5. Business performance
8.9.6. Key strategic moves and developments

8.10. FLIGHT CENTRE TRAVEL GROUP LIMITED

8.10.1. Company overview
8.10.2. Company snapshot
8.10.3. Operating business segments
8.10.4. Product portfolio
8.10.5. Business performance
8.10.6. Key strategic moves and developments

LIST OF TABLES

TABLE 1. GLOBAL BUSINESS TRAVEL MARKET, BY SERVICE, 2016-2023 ($BILLION)
TABLE 2. GLOBAL BUSINESS TRAVEL MARKET IN TRANSPORTATION, BY REGION, 2016-2023 ($BILLION)
TABLE 3. GLOBAL BUSINESS TRAVEL MARKET IN FOOD & LODGING, BY REGION, 2016-2023 ($BILLION)
TABLE 4. GLOBAL BUSINESS TRAVEL MARKET IN RECREATION, BY REGION, 2016-2023 ($BILLION)
TABLE 5. GLOBAL BUSINESS TRAVEL MARKET, BY INDUSTRY, 2016-2023 ($BILLION)
TABLE 6. GLOBAL BUSINESS TRAVEL MARKET FROM GOVERNMENT SECTOR, BY REGION, 2016-2023 ($BILLION)
TABLE 7. GLOBAL BUSINESS TRAVEL MARKET FROM CORPORATE SECTOR, BY REGION, 2016-2023 ($BILLION)
TABLE 8. GLOBAL BUSINESS TRAVEL MARKET, BY TRAVELER, 2016-2023 ($BILLION)
TABLE 9. GROUP BUSINESS TRAVEL, BY REGION, 2016-2023 ($BILLION)
TABLE 10. SOLO BUSINESS TRAVEL, BY REGION, 2016-2023 ($BILLION)
TABLE 11. GLOBAL BUSINESS TRAVEL MARKET, BY REGION, 2016-2023 ($BILLION)
TABLE 12. NORTH AMERICA BUSINESS TRAVEL MARKET, BY SERVICE, 2016-2023 ($BILLION)
TABLE 13. NORTH AMERICA BUSINESS TRAVEL MARKET, BY INDUSTRY, 2016-2023 ($BILLION)
TABLE 14. NORTH AMERICA BUSINESS TRAVEL MARKET, BY TRAVELER, 2016-2023 ($BILLION)
TABLE 15. NORTH AMERICA BUSINESS TRAVEL MARKET, BY COUNTRY, 2016-2023 ($BILLION)
TABLE 16. EUROPE BUSINESS TRAVEL MARKET, BY SERVICE, 2016-2023 ($BILLION)
TABLE 17. EUROPE BUSINESS TRAVEL MARKET, BY INDUSTRY, 2016-2023 ($BILLION)
TABLE 18. EUROPE BUSINESS TRAVEL MARKET, BY TRAVELER, 2016-2023 ($BILLION)
TABLE 19. EUROPE BUSINESS TRAVEL MARKET, BY COUNTRY, 2016-2023 ($BILLION)
TABLE 20. ASIA-PACIFIC BUSINESS TRAVEL MARKET, BY SERVICE, 2016-2023 ($BILLION)
TABLE 21. ASIA-PACIFIC BUSINESS TRAVEL MARKET, BY INDUSTRY, 2016-2023 ($BILLION)
TABLE 22. ASIA-PACIFIC BUSINESS TRAVEL MARKET, BY TRAVELER, 2016-2023 ($BILLION)
TABLE 23. ASIA-PACIFIC BUSINESS TRAVEL MARKET, BY COUNTRY, 2016-2023 ($BILLION)
TABLE 24. LAMEA BUSINESS TRAVEL MARKET, BY SERVICE, 2016-2023 ($BILLION)
TABLE 25. LAMEA BUSINESS TRAVEL MARKET, BY INDUSTRY, 2016-2023 ($BILLION)
TABLE 26. LAMEA BUSINESS TRAVEL MARKET, BY TRAVELER, 2016-2023 ($BILLION)
TABLE 27. LAMEA BUSINESS TRAVEL MARKET, BY COUNTRY, 2016-2023 ($BILLION)
TABLE 28. EXPEDIA INC.: COMPANY SNAPSHOT
TABLE 29. EXPEDIA INC.: OPERATING SEGMENTS
TABLE 30. EXPEDIA INC.: PRODUCT PORTFOLIO
TABLE 31. AMERICAN EXPRESS: COMPANY SNAPSHOT
TABLE 32. AMERICAN EXPRESS: OPERATING SEGMENTS
TABLE 33. AMERICAN EXPRESS: PRODUCT PORTFOLIO
TABLE 34. BCD GROUP: COMPANY SNAPSHOT
TABLE 35. BCD GROUP: OPERATING SEGMENTS
TABLE 36. BCD GROUP: PRODUCT PORTFOLIO
TABLE 37. CWT: COMPANY SNAPSHOT
TABLE 38. CWT: OPERATING SEGMENTS
TABLE 39. CWT: PRODUCT PORTFOLIO
TABLE 40. FAREPORTAL: COMPANY SNAPSHOT
TABLE 41. FAREPORTAL: PRODUCT PORTFOLIO
TABLE 42. AIRBNB: COMPANY SNAPSHOT
TABLE 43. THE PRICELINE GROUP: COMPANY SNAPSHOT
TABLE 44. THE PRICELINE GROUP: OPERATING SEGMENTS
TABLE 45. WEXAS: COMPANY SNAPSHOT
TABLE 46. WEXAS: PRODUCT PORTFOLIO
TABLE 47. HOGG ROBINSON GROUP PLC.: COMPANY SNAPSHOT
TABLE 48. HOGG ROBINSON GROUP PLC.: OPERATING SEGMENTS
TABLE 49. HOGG ROBINSON GROUP PLC.: PRODUCT PORTFOLIO
TABLE 50. FLIGHT CENTRE TRAVEL GROUP LIMITED: COMPANY SNAPSHOT
TABLE 51. FLIGHT CENTRE TRAVEL GROUP LIMITED: PRODUCT PORTFOLIO

LIST OF FIGURES

FIGURE 1. GLOBAL BUSINESS TRAVEL MARKET SNAPSHOT
FIGURE 2. GLOBAL BUSINESS TRAVEL MARKET SEGMENTATION
FIGURE 3. TOP INVESTMENT POCKETS
FIGURE 4. TOP IMPACTING FACTORS
FIGURE 5. TOP WINNING STRATEGIES (%)
FIGURE 6. TOP WINNING STRATEGIES
FIGURE 7. MODERATE BARGAINING POWER OF SUPPLIERS
FIGURE 8. HIGH BARGAINING POWER OF BUYERS
FIGURE 9. MODERATE THREAT OF SUBSTITUTES
FIGURE 10. HIGH COMPETITIVE RIVALRY
FIGURE 11. MODERATE THREAT OF NEW ENTRANTS
FIGURE 12. MARKET PLAYER POSITIONING
FIGURE 13. TRAVEL RETAIL SALES BY PRODUCT, 2014 (%)
FIGURE 14. GLOBAL BUSINESS TRAVEL MARKET, BY SERVICE, 2016 & 2023
FIGURE 15. GLOBAL BUSINESS TRAVEL MARKET, BY INDUSTRY, 2016 & 2023
FIGURE 16. GLOBAL BUSINESS TRAVEL MARKET, BY TRAVELER, 2016 & 2023
FIGURE 17. GLOBAL BUSINESS TRAVEL MARKET SHARE, BY REGION, 2016(%)
FIGURE 18. NORTH AMERICA BUSINESS TRAVEL MARKET REVENUE BY COUNTRY & SERVICE, 2016-2023 ($BILLION)
FIGURE 19. EUROPE BUSINESS TRAVEL MARKET REVENUE BY COUNTRY & SERVICE, 2016-2023 ($BILLION)
FIGURE 20. ASIA-PACIFIC BUSINESS TRAVEL MARKET REVENUE BY COUNTRY & SERVICE, 2016-2023 ($BILLION)
FIGURE 21. LAMEA BUSINESS TRAVEL MARKET REVENUE BY COUNTRY & SERVICE, 2016-2023 ($BILLION)
FIGURE 22. EXPEDIA INC.: NET SALES, 2014-2016 ($MILLION)
FIGURE 23. EXPEDIA INC.: REVENUE SHARE BY SEGMENT, 2016 (%)
FIGURE 24. EXPEDIA INC.: REVENUE SHARE BY GEOGRAPHY, 2016 (%)
FIGURE 25. AMERICAN EXPRESS: NET SALES, 2014-2016 ($MILLION)
FIGURE 26. AMERICAN EXPRESS: REVENUE SHARE BY PRODUCT, 2016 (%)
FIGURE 27. AMERICAN EXPRESS: REVENUE SHARE BY GEOGRAPHY, 2016 (%)
FIGURE 28. BCD GROUP: NET SALES, 2014-2016 ($MILLION)
FIGURE 29. BCD GROUP: REVENUE SHARE BY PRODUCT, 2016 (%)
FIGURE 30. CWT: NET SALES, 2014-2016 ($MILLION)
FIGURE 31. CWT: REVENUE SHARE BY PRODUCT, 2016 (%)
FIGURE 32. CWT: REVENUE SHARE BY GEOGRAPHY, 2016 (%)
FIGURE 33. THE PRICELINE GROUP: NET SALES, 2014-2016 ($MILLION)
FIGURE 34. THE PRICELINE GROUP: REVENUE SHARE BY GEOGRAPHY, 2016 (%)
FIGURE 35. HOGG ROBINSON GROUP PLC.: NET SALES, 2015-2017 ($MILLION)
FIGURE 36. HOGG ROBINSON GROUP PLC.: REVENUE SHARE BY SEGMENT, 2017 (%)
FIGURE 37. HOGG ROBINSON GROUP PLC.: REVENUE SHARE BY GEOGRAPHY, 2017 (%)
FIGURE 38. FLIGHT CENTRE TRAVEL GROUP LIMITED: NET SALES, 2015-2017 ($MILLION)
FIGURE 39. FLIGHT CENTRE TRAVEL GROUP LIMITED: REVENUE SHARE BY GEOGRAPHY, 2017 (%)
 

Business travel market has witnessed steady growth in the recent years. Asia-Pacific and North America are some of the largest travel markets in the world. The growth of the business travel market is driven by the corporate industries, due to the massive increase in business activities such as client meetings, brand promotions, employee training activities & others. Moreover, rise in government initiatives to promote SMEs and liberalization of market entry to increase FDIs are anticipated boost the growth of the industry.

The business travel market is segmented based on type of industry into corporate and government. Business travel is an integral part of the corporate sector. The activities in the corporate sector are driven by profit maximization motives such as brand & product promotions, business expansion, employee training, and incentives.

The corporate sector is anticipated to be the dominating consumer of the business travel market, owing to the presence of large number of SMEs availing frequent domestic business trips, as this segment seeks for every small opportunity to increase its market presence, expand within the domestic regions & globally, and gain higher market share.

 

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