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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
Report Format: PDF+Excel | Report ID: SR112024A3455
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Market Overview:
The Europe business travel market size reached US$ 236.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 332.6 Billion by 2032, exhibiting a growth rate (CAGR) of 3.8% during 2024-2032.
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Report Attribute
|
Key Statistics
|
|---|---|
|
Base Year
|
2023
|
|
Forecast Years
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2024-2032
|
|
Historical Years
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2018-2023
|
|
Market Size in 2023
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US$ 236.3 Billion |
|
Market Forecast in 2032
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US$ 332.6 Billion |
| Market Growth Rate 2024-2032 | 3.8% |
Business travel refers to a journey that is undertaken for work. It is paid for by the companies and organizations and is set up either by in-house travel departments or external service providers. It includes various services, such as source and procurement, planning and booking, account management, and measuring and reporting. Business travel also offers the opportunity of generating mass saving through the process of negotiated discounts.
The Europe business travel market is primarily driven by the improving economic conditions in the region, which is increasing the demand for domestic and international business travel. With the demand exceeding the supply and consolidation reducing competitive pressure, short-haul prices are witnessing significant increases, while the much smaller long-haul sector is experiencing moderate price gains. Besides this, with the expanding European travel network, travelers are shifting their focus from product improvement to enhancing the customer experience. Furthermore, globalization has increased business activities in industries like healthcare and pharmaceuticals and manufacturing, which is resulting in the rapid rise of inter-regional operations.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the Europe business travel market report, along with forecasts at the regional and country level from 2024-2032. Our report has categorized the market based on type, purpose type, expenditure, age group, service type, travel type and end user.
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:
- Germany
- France
- United Kingdom
- Italy
- Spain
- Others
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Report Coverage:
| 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) |
The Europe business travel market was valued at US$ 236.3 Billion in 2023.
We expect the Europe business travel market to exhibit a CAGR of 3.8% during 2024-2032.
The rising popularity of business travel for client meetings, brand and product promotions, employee training and incentives, etc., is primarily driving the Europe business travel market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several European nations, resulting in the temporary restrictions on intra- and inter-national travel activities, thereby negatively impacting the Europe market for business travel.
Based on the type, the Europe business travel market can be segregated into managed business travel and unmanaged business travel, where unmanaged business travel exhibits clear dominance in the market.
Based on the purpose type, the Europe business travel market has been divided into marketing, internal meetings, trade shows, product launch, and others. Currently, marketing holds the total market share.
Based on the expenditure, the Europe business travel market can be categorized into travel fare, lodging, dining, and others. Among these, travel fare currently accounts for the majority of the total market share.
Based on the age group, the Europe business travel market has been segmented into travelers below 40 years and travelers above 40 years. Currently, travelers below 40 years exhibit a clear dominance in the market.
Based on the service type, the Europe business travel market can be bifurcated into transportation, food and lodging, recreational activities, and others. Among these, food and lodging currently holds the largest market share.
Based on the travel type, the Europe business travel market has been segregated into group travel and solo travel. Currently, group travel exhibits a clear dominance in the market.
Based on the end user, the Europe business travel market can be divided into government, corporate, and others. Among these, the corporate sector accounts for the majority of the total market share.
On a regional level, the market has been classified into Germany, France, United Kingdom, Italy, Spain, and others, where Germany currently dominates the Europe business travel market.
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