Overall business travelling market grows piggybacking on increased company and individual spending |
Posted: October 21, 2014 |
According to the market research on the business travel market, the companies and individuals would be spending more than USD 1 trillion on business trips the year. Travel is always considered indispensable to trade, business expansion and commerce, and has always opened up opportunities in emerging markets all around the world to cater to the niche business travelers who seek such places. All this interest in business travel is driving the growth of the market. On the other hand, this is also serving as yet another wake-up call for US and Europe to improve aging infrastructure, establish better fiscal order and stay competitive because competition from emerging economies is increasingly rapidly as they address seamlessly to the fast growing needs of business traveler. This report, Global Business Travel Market 2014-2018 thinks that increased demand from APAC region is one of the major growth drivers. According to market forecasts, global business travel market to grow at a CAGR of 7.19 percent over the period 2013-2018. With customers from every vertical taking this aspect of business as priority, the market is expected to grow. However, political instabilities across the globe can pose as a challenge. Market overview Business travel spending had stabilized in the second half of 2013, which laid the foundation for 8.2% growth in 2014. Business travelling is increasing in Asia and China as employees are spending more time in flights and hotel rooms. China is moving towards global dominance. Furthermore with the increased spending from USD 32 billion at the start of the millennium to USD 196 billion in 2012, the growth is expected to remain steady from now on and reach USD 273 billion. According to research on business travel market, China is expected to beat US by 2016 as big spenders in market travel increases. Other than China, India too is becoming a big global business travel market, wherein she surpassed Canada to become the 10th largest business travel market of the world recording an overall spending of USD 22.1 billion in business travel. Over the next five years, India’s business travel spend will grow at a CAGR of 13.5%, making it one of the fastest growing markets in the world. Lastly, there is Latin American region where business travel totaled USD 49 billion last year. Of the countries, Brazil emerged as the largest business travel market of the region, recording a spending of more than USD 30 billion in 2012. Having the potential to become major business travel hub, Brazil faces challenges in for of re-establishing its economic growth. Overall the total spending on business travel in Brazil is expected to grow 7.3% on average to reach USD 45 billion in 2017. For further insights, Get Sample here: - http://www.researchonglobalmarkets.com/pubmod/index/getsample/id/82981 About Research on Global Markets Research on Global Markets is a leading source for market research on various sectors globally, offering premium research content from worldwide publishers of market research reports. Our database hosts premium market research content developed by global publishers. It offers premium industry research reports, company profiles and country briefs. We have a dedicated team of research professionals who can facilitate, in an unbiased manner, the process of identifying appropriate market research reports that are targeted to fulfill all your information-related requirements. For more details on the content of each report and ordering information please contact: Phone: US/CAN: +1 800 986 6819 UK: +44 203 514 2363 India: +91 22 4098 7600 E-Mail: [email protected] Source: Researchonglobalmarkets.com
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