Asia Pacific Business Travel Market Size, Share, Growth, Upcoming Trends and Industry Analysis 2022-2027

SHERIDAN, WY, USA, September 12, 2022 /EINPresswire.com/ — According to IMARC Group’s latest report, titled “Asia Pacific Business Travel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the Asia Pacific business travel market size reached US$ 414.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 641.2 Billion by 2027, exhibiting a growth rate (CAGR) of 6% during 2022-2027. Business travel represents a journey that is taken explicitly for work or expanding business operations. Also referred to as corporate travel, it includes various components, such as promoting brands and products, client meetings, trade shows, and employee training and incentives. Business travel is getting immense precedence among organizations in the Asia Pacific region, owing to rapid globalization and increased company activities. As a result, it is taken up by the government and corporate officials across the region.

COVID-19 Impact Analysis:

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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Market Trends and Drivers:

The increasing middle class and stable economic growth in the region are among the primary factors driving the Asia Pacific business travel market. Besides this, the elevating utilization of innovative technology in journey management processes is further augmenting the market growth. Moreover, the emerging trend of B-leisure travel, which integrates business with pleasure while offering recreational activities for improving work efficiency and relieving stress, is also catalyzing the market across the Asia Pacific. Apart from this, the introduction of virtual reality (VR) that provides enhanced, efficient, and personalized customer experiences is acting as another significant growth-inducing factor. Additionally, the rising digitization in the tourism and corporate sectors, coupled with the penetration of the Internet of Things (IoT), has assisted travelers and journey operators in working swiftly and efficiently, which is also stimulating the market growth. In line with this, the escalating number of small and medium enterprises (SMEs) and fast-paced globalization is positively impacting the market in the region. Furthermore, the growing tie-ups of several corporate organizations with the leading enterprise expedition companies to provide customized collaborative spaces and team-building exercises are expected to bolster the Asia Pacific business travel market in the coming years.

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 country.

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 Country:

• 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 (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.

Browse Related Reports:

India Business Travel Market Report

Europe Business Travel Market Report

Latin America Business Travel Market: https://bit.ly/3DiU0g4

United States Business Travel Market: https://bit.ly/3qvBqtJ

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Elena Anderson
IMARC Services Private Limited
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