According to IMARC Group’s latest report, titled “Asia Pacific Business Travel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the Asia Pacific business travel market to exhibit strong growth during 2021-2026. Business travel, or corporate travel, refers to a journey explicitly undertaken for work purposes. Such kind of travel endeavor serves various corporate objectives, such as business expansion, exhibitions, networking, client meetings, promoting brands, incentives, and employee training. These trips are usually managed by a business travel manager who coordinates travel logistics, books flights, negotiates with airlines and hotels for best prices, and enforces travel policies.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
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Asia Pacific Business Travel Market Trends and Drivers:
The Asia Pacific business travel market is majorly driven by the rise in the travel and tourism industry along with increasing adoption of advanced technologies in travel management operations. In line with this, the trend of globalizing businesses and digitizing tourism with the help of the Internet of Things (IoT) have intensified the need for business travel in the region. Moreover, the rising practice of combining work with pleasure elements that offer stress-relieving activities to improve work efficiency is propelling the market growth. However, the mass outbreak of the coronavirus disease (COVID-19) presented challenges to the market growth in the Asia Pacific due to the travel ban imposed by governments of various nations to constrain the spread of the virus. The market is expected to recover the impeded growth once normalcy is regained.
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 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:
- 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 (2015-2020)
- Market Outlook (2021-2026)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- The Impact of COVID-19 on the Market
- Value Chain Analysis
- Structure of the Market
- 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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United States Business Travel Market: https://www.imarcgroup.com/united-states-business-travel-market
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