Europe Business Travel Market to Reach US$ 332.6 Billion by 2032, Propelled by the Rising Working Population Across the Region

March 30, 2023 | Transportation and Logistics

The latest report by IMARC, titled “Europe Business Travel Market Report by Type (Managed Business Travel, Unmanaged Business Travel), Purpose Type (Marketing, Internal Meetings, Trade Shows, Product Launch, and Others), Expenditure (Travel Fare, Lodging, Dining, and Others), Age Group (Travelers Below 40 Years, Travelers Above 40 Years), Service Type (Transportation, Food and Lodging, Recreational Activities, and Others), Travel Type (Group Travel, Solo Travel), End User (Government, Corporate, and Others), and Country 2024-2032”, finds that the Europe business travel market size reached US$ 236.3 Billion in 2023. Business travel refers to a trip undertaken for work or business purposes or expand business operations, unlike leisure trips. It includes accommodation, transportation, business work, entertainment, and other activities. In recent years, business travel has gained traction as it helps organizations in promoting brand and product, expanding business operations, and training and providing incentives to employees.

Europe Business Travel Market Trends:

One of the primary factors driving the market is the rising working population across the European region. Additionally, the augmenting demand for bleisure (leisure + business) and the advent of virtual reality for hotel bookings, smart hotels, and personalization are positively influencing the market growth. Besides this, rapid digitalization, in confluence with the increasing penetration of the Internet of Things (IoT), is allowing travel operators as well as travelers to perform tasks swiftly, thus propelling the market growth. In line with this, several corporate organizations are collaborating with leading business travel companies to provide customized collaborative spaces and team-building exercises to their employees. Furthermore, fast-paced globalization has drastically increased business activities in various industry verticals across the European region. Other growth-inducing factors include improving economic conditions, developments in the travel and tourism sector, and expanding disposable income level of the masses. Looking forward, IMARC Group expects the market value to reach US$ 332.6 Billion by 2032, expanding at a CAGR of 3.8% during the forecast period (2024-2032).

Market Summary:

On the basis of the type, the market has been segregated into managed and unmanaged business travel.
Based on the purpose type, the market has been divided into marketing, internal meetings, trade shows, product launch, and others.
On the basis of the expenditure, the market has been categorized into travel fare, lodging, dining, and others.
Based on the age group, the market has been divided into travelers above 40 years, and travelers below 40 years.
The market has been segments based on the service type into transportation, food and lodging, recreational activities and others.
On the basis of the travel type, the market has been classified into group and solo travel.
Based on the end user, the market has been divided into government, corporate, and others.
Region-wise, the market has been classified into Germany, France, the United Kingdom, Italy, Spain, and others.
The competitive landscape of the market has also been analyzed, along with the detailed analysis of the key players operating in the industry.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Type, Purpose Type, Expenditure, Age Group, Service Type, Travel Type, End User, Country
Countries Covered	Germany, France, United Kingdom, Italy, Spain, Others
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 3699 Five User License: US$ 4699 Corporate License: US$ 5699
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Europe Business Travel Market to Reach US$ 332.6 Billion by 2032, Propelled by the Rising Working Population Across the Region

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