Business Travel Market Impact of COVID-19, Case Study Analysis, Key Opportunities and Major Players 2021-2030

In a recent published report, Kenneth Research has updated the market report for Business Travel Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Business Travel Market products.

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Global Business Travel Market is further estimated to grow at a CAGR of 4.2% from 2019 to reach USD 17.97 Billion by the year 2025. In the global business travel Market by region, Asia Pacific region holds the highest Market share in 2017 and is considered as the fastest growing Market in the forecasted period due to strong economic growth. At a country level, Japan and China are projected to grow strongly in the coming years due to tremendous industrial growth.

Major market players in Business Travel Market are Expedia Inc., American Express Company, Cwt Global B.V., Airbnb Inc., BCD Group, Fareportal Inc., Hogg Robinson Group Plc., The Priceline Group Inc., Flight Centre Travel Group LTD, Wexas LTD, and other 10 more companies Overview is provided in the report. Better global reach at an operational level is the main reason the key players are holding substantial Market share. Rising research and development expenses to satisfy the changing demands of end users, new product launches and organic growth strategies were few techniques adopted by various manufacturers in last 5 years.

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SWOT Analysis of Business Travel Market:
Strength:
Growing travel & tourism Market
Increasing disposable income.
Weakness:
High incurred costs
Adoption of technology
Opportunities:
Increase in the globalization of businesses
Threats:
Growing technological advancement

The segmentation are done on the basis services, by Market Type, by Traveler and by region. On the basis of services, the Global Business Travel Market is sub segmented as transportation, food & lodging and recreational activities of which the food & lodging segment is expected to hold the highest CAGR during the forecast period.

Business Travel Market Segmentation:
By Market Type
*Government
*Corporate

By Traveler
*Group Travel
*Solo Travel

By Service
*Transportation
*Food & Lodging
*Recreational Activities

By Region
North America
*USA
*Canada
Europe
*Germany
*U.K.
*France
*Italy
*Rest of Europe
APAC
*China
*India
*Japan
*Rest of Asia-Pacific
RoW
*Latin America
*Middle East & Africa

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About Kenneth Research

Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation

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