The India business travel market size reached US$ 35.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 59.5 Billion by 2028, exhibiting a growth rate (CAGR) of 8.71% during 2023-2028.
Business travel refers to the journey that is undertaken for work and business purposes. It is usually paid for by the employer through the in-house travel departments or external service providers. Business travel includes a wide variety of components such as sourcing and procurement, planning and booking, account management, and measuring and reporting. In India, business travel has gained momentum as it facilitates cost tracking and control for organizations while helping the employees adhere to corporate T&E policies, generating mass savings through negotiated discounts.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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The India business travel market is primarily driven by stable economic growth and decreasing airfares due to the introduction of new airlines. Additionally, as India has the capability of becoming a business hub, it is creating opportunities for corporates to open offices in the region. Along with this, tie-ups of several corporate organizations with the leading business travel providers to offer customized collaborative spaces and team-building exercises are positively impacting the growth of the market. Furthermore, increasing business activities in industries like healthcare, pharmaceuticals, and manufacturing, which are the largest end customers for business travel, are rapidly driving inter-regional operations.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the India business travel market report, along with forecasts at the country and regional level from 2023-2028. Our report has categorized the market based on type, purpose type, expenditure, age group, service type, travel type and end user.
Breakup by Type:
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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 Region:
North India
West and Central India
South India
East India
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
2022
Historical Period
2017-2022
Forecast Period
2023-2028
Units
US$ Billion
Segment Coverage
Type, Purpose Type, Expenditure, Age Group, Service Type, Travel Type, End User, Region
Region Covered
North India, West and Central India, South India, East India
Customization Scope
10% Free Customization
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PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report
The India business travel market was valued at US$ 35.6 Billion in 2022.
We expect the India business travel market to exhibit a CAGR of 8.71% during 2023-2028.
The rising popularity of business travel for client meetings, brand and product promotions, employee training and incentives, etc., is primarily driving the India business travel market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across the nation, resulting in the temporary restrictions on domestic travel activities, thereby negatively impacting the Indian market for business travel.
Based on the type, the India business travel market can be segregated into managed business travel and unmanaged business travel, where managed business travel exhibits clear dominance in the market.
Based on the purpose type, the India 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 India 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 India 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 India 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 India 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 India business travel market can be divided into government, corporate, and others. Among these, the corporate sector currently accounts for the majority of the total market share.
On a regional level, the market has been classified into North India, West and Central India, South India, and East India.
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