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Latin America Business Travel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
The Latin America business travel market size reached US$ 40.3 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 63.0 Billion by 2027, exhibiting a growth rate (CAGR) of 6.59% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Business travel or corporate travel is undertaken explicitly for work purposes and to expand business operations. Nowadays, most companies are setting up their in-house travel departments or employing external service providers to anticipate the changes in the global business landscape. Business travel includes various components such as sourcing and procurement, planning and booking, account management, and measuring and reporting. These journeys help integrate the need of the employees with corporate goals and facilitate the company in both financial and other terms.
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The Latin America business travel market is primarily driven by the revitalization of the economy in the region. The rise in the demand for international routes has led to increased traffic and revenue passenger kilometers (RPKs). Along with this, the low-cost carriers (LCCs) are gaining prominence in countries like Colombia, Peru, Argentina, and Chile, which is providing significant growth opportunities to the market players. Furthermore, the region is becoming a business hub and is opening doors for corporations worldwide that will positively impact the industry. Moreover, with increasing business activities, there is a greater need for travel compliance.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the Latin America business travel market report, along with forecasts at the regional and country level from 2022-2027. 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 Country:
Brazil
Mexico
Argentina
Colombia
Chile
Peru
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
2021
Historical Period
2016-2021
Forecast Period
2022-2027
Units
US$ Billion
Segment Coverage
Type, Purpose Type, Expenditure, Age Group, Service Type, Travel Type, End User, Country
Countries Covered
Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others
Customization Scope
10% Free Customization
Report Price and Purchase Option
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)
Key Questions Answered in This Report:
How has the Latin America business travel market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the Latin America business travel market?
What are the key regional markets?
What is the breakup of the market based on the type?
What is the breakup of the market based on the purpose type?
What is the breakup of the market based on the expenditure?
What is the breakup of the market based on the age group?
What is the breakup of the market based on the service type?
What is the breakup of the market based on the travel type?
What is the breakup of the market based on the end user?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the Latin America business travel market and who are the key players?
What is the degree of competition in the industry?
1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology 3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends 5 Latin America Business Travel Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast 6 Market Breakup by Type
6.1 Managed Business Travel
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Unmanaged Business Travel
6.2.1 Market Trends
6.2.2 Market Forecast 7 Market Breakup by Purpose Type
7.1 Marketing
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Internal Meetings
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Trade Shows
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Product Launch
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Others
7.5.1 Market Trends
7.5.2 Market Forecast 8 Market Breakup by Expenditure
8.1 Travel Fare
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Lodging
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Dining
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Others
8.4.1 Market Trends
8.4.2 Market Forecast 9 Market Breakup by Age Group
9.1 Travelers Below 40 Years
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Travelers Above 40 Years
9.2.1 Market Trends
9.2.2 Market Forecast 10 Market Breakup by Service Type
10.1 Transportation
10.1.1 Market Trends
10.1.2 Market Forecast
10.2 Food and Lodging
10.2.1 Market Trends
10.2.2 Market Forecast
10.3 Recreational Activities
10.3.1 Market Trends
10.3.2 Market Forecast
10.4 Others
10.4.1 Market Trends
10.4.2 Market Forecast 11 Market Breakup by Travel Type
11.1 Group Travel
11.1.1 Market Trends
11.1.2 Market Forecast
11.2 Solo Travel
11.2.1 Market Trends
11.2.2 Market Forecast 12 Market Breakup by End User
12.1 Government
12.1.1 Market Trends
12.1.2 Market Forecast
12.2 Corporate
12.2.1 Market Trends
12.2.2 Market Forecast
12.3 Others
12.3.1 Market Trends
12.3.2 Market Forecast 13 Market Breakup by Country
13.1 Brazil
13.1.1 Market Trends
13.1.2 Market Breakup by Type
13.1.3 Market Breakup by Purpose Type
13.1.4 Market Breakup by Expenditure
13.1.5 Market Breakup by Age Group
13.1.6 Market Breakup by Service Type
13.1.7 Market Breakup by Travel Type
13.1.8 Market Breakup by End User
13.1.9 Market Forecast
13.2 Mexico
13.2.1 Market Trends
13.2.2 Market Breakup by Type
13.2.3 Market Breakup by Purpose Type
13.2.4 Market Breakup by Expenditure
13.2.5 Market Breakup by Age Group
13.2.6 Market Breakup by Service Type
13.2.7 Market Breakup by Travel Type
13.2.8 Market Breakup by End User
13.2.9 Market Forecast
13.3 Argentina
13.3.1 Market Trends
13.3.2 Market Breakup by Type
13.3.3 Market Breakup by Purpose Type
13.3.4 Market Breakup by Expenditure
13.3.5 Market Breakup by Age Group
13.3.6 Market Breakup by Service Type
13.3.7 Market Breakup by Travel Type
13.3.8 Market Breakup by End User
13.3.9 Market Forecast
13.4 Colombia
13.4.1 Market Trends
13.4.2 Market Breakup by Type
13.4.3 Market Breakup by Purpose Type
13.4.4 Market Breakup by Expenditure
13.4.5 Market Breakup by Age Group
13.4.6 Market Breakup by Service Type
13.4.7 Market Breakup by Travel Type
13.4.8 Market Breakup by End User
13.4.9 Market Forecast
13.5 Chile
13.5.1 Market Trends
13.5.2 Market Breakup by Type
13.5.3 Market Breakup by Purpose Type
13.5.4 Market Breakup by Expenditure
13.5.5 Market Breakup by Age Group
13.5.6 Market Breakup by Service Type
13.5.7 Market Breakup by Travel Type
13.5.8 Market Breakup by End User
13.5.9 Market Forecast
13.6 Peru
13.6.1 Market Trends
13.6.2 Market Breakup by Type
13.6.3 Market Breakup by Purpose Type
13.6.4 Market Breakup by Expenditure
13.6.5 Market Breakup by Age Group
13.6.6 Market Breakup by Service Type
13.6.7 Market Breakup by Travel Type
13.6.8 Market Breakup by End User
13.6.9 Market Forecast
13.7 Others
13.7.1 Market Trends
13.7.2 Market Breakup by Type
13.7.3 Market Breakup by Purpose Type
13.7.4 Market Breakup by Expenditure
13.7.5 Market Breakup by Age Group
13.7.6 Market Breakup by Service Type
13.7.7 Market Breakup by Travel Type
13.7.8 Market Breakup by End User
13.7.9 Market Forecast 14 SWOT Analysis
14.1 Overview
14.2 Strengths
14.3 Weaknesses
14.4 Opportunities
14.5 Threats 15 Value Chain Analysis
16 Porters Five Forces Analysis
16.1 Overview
16.2 Bargaining Power of Buyers
16.3 Bargaining Power of Suppliers
16.4 Degree of Competition
16.5 Threat of New Entrants
16.6 Threat of Substitutes 17 Price Analysis
18 Policy and Regulatory Landscape
19 Competitive Landscape
19.1 Market Structure
19.2 Key Players
19.3 Profiles of Key Players
List of Figures
Figure 1: Latin America: Business Travel Market: Major Drivers and Challenges
Figure 2: Latin America: Business Travel Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Latin America: Business Travel Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: Latin America: Business Travel Market: Breakup by Type (in %), 2021
Figure 5: Latin America: Business Travel Market: Breakup by Purpose Type (in %), 2021
Figure 6: Latin America: Business Travel Market: Breakup by Expenditure (in %), 2021
Figure 7: Latin America: Business Travel Market: Breakup by Age Group (in %), 2021
Figure 8: Latin America: Business Travel Market: Breakup by Service Type (in %), 2021
Figure 9: Latin America: Business Travel Market: Breakup by Travel Type (in %), 2021
Figure 10: Latin America: Business Travel Market: Breakup by End User (in %), 2021
Figure 11: Latin America: Business Travel Market: Breakup by Country (in %), 2021
Figure 12: Latin America: Business Travel (Managed Business Travel) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Latin America: Business Travel (Managed Business Travel) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Latin America: Business Travel (Unmanaged Business Travel) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Latin America: Business Travel (Unmanaged Business Travel) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Latin America: Business Travel (Marketing) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Latin America: Business Travel (Marketing) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Latin America: Business Travel (Internal Meetings) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Latin America: Business Travel (Internal Meetings) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Latin America: Business Travel (Trade Shows) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Latin America: Business Travel (Trade Shows) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Latin America: Business Travel (Product Launch) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Latin America: Business Travel (Product Launch) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Latin America: Business Travel (Other Purpose Types) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Latin America: Business Travel (Other Purpose Types) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: Latin America: Business Travel (Travel Fare) Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: Latin America: Business Travel (Travel Fare) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: Latin America: Business Travel (Lodging) Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: Latin America: Business Travel (Lodging) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: Latin America: Business Travel (Dining) Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: Latin America: Business Travel (Dining) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: Latin America: Business Travel (Other Expenditures) Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: Latin America: Business Travel (Other Expenditures) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: Latin America: Business Travel (Travelers Below 40 Years) Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: Latin America: Business Travel (Travelers Below 40 Years) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: Latin America: Business Travel (Travelers Above 40 Years) Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: Latin America: Business Travel (Travelers Above 40 Years) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: Latin America: Business Travel (Transportation) Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: Latin America: Business Travel (Transportation) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: Latin America: Business Travel (Food and Lodging) Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: Latin America: Business Travel (Food and Lodging) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 42: Latin America: Business Travel (Recreational Activities) Market: Sales Value (in Million US$), 2016 & 2021
Figure 43: Latin America: Business Travel (Recreational Activities) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 44: Latin America: Business Travel (Other Service Types) Market: Sales Value (in Million US$), 2016 & 2021
Figure 45: Latin America: Business Travel (Other Service Types) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: Latin America: Business Travel (Group Travel) Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: Latin America: Business Travel (Group Travel) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 48: Latin America: Business Travel (Solo Travel) Market: Sales Value (in Million US$), 2016 & 2021
Figure 49: Latin America: Business Travel (Solo Travel) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 50: Latin America: Business Travel (Government) Market: Sales Value (in Million US$), 2016 & 2021
Figure 51: Latin America: Business Travel (Government) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: Latin America: Business Travel (Corporate) Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: Latin America: Business Travel (Corporate) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 54: Latin America: Business Travel (Other End Users) Market: Sales Value (in Million US$), 2016 & 2021
Figure 55: Latin America: Business Travel (Other End Users) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 56: Brazil: Business Travel Market: Sales Value (in Million US$), 2016 & 2021
Figure 57: Brazil: Business Travel Market: Breakup by Type (in %), 2021
Figure 58: Brazil: Business Travel Market: Breakup by Purpose Type (in %), 2021
Figure 59: Brazil: Business Travel Market: Breakup by Expenditure (in %), 2021
Figure 60: Brazil: Business Travel Market: Breakup by Age Group (in %), 2021
Figure 61: Brazil: Business Travel Market: Breakup by Service Type (in %), 2021
Figure 62: Brazil: Business Travel Market: Breakup by Travel Type (in %), 2021
Figure 63: Brazil: Business Travel Market: Breakup by End User (in %), 2021
Figure 64: Brazil: Business Travel Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 65: Mexico: Business Travel Market: Sales Value (in Million US$), 2016 & 2021
Figure 66: Mexico: Business Travel Market: Breakup by Type (in %), 2021
Figure 67: Mexico: Business Travel Market: Breakup by Purpose Type (in %), 2021
Figure 68: Mexico: Business Travel Market: Breakup by Expenditure (in %), 2021
Figure 69: Mexico: Business Travel Market: Breakup by Age Group (in %), 2021
Figure 70: Mexico: Business Travel Market: Breakup by Service Type (in %), 2021
Figure 71: Mexico: Business Travel Market: Breakup by Travel Type (in %), 2021
Figure 72: Mexico: Business Travel Market: Breakup by End User (in %), 2021
Figure 73: Mexico: Business Travel Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 74: Argentina: Business Travel Market: Sales Value (in Million US$), 2016 & 2021
Figure 75: Argentina: Business Travel Market: Breakup by Type (in %), 2021
Figure 76: Argentina: Business Travel Market: Breakup by Purpose Type (in %), 2021
Figure 77: Argentina: Business Travel Market: Breakup by Expenditure (in %), 2021
Figure 78: Argentina: Business Travel Market: Breakup by Age Group (in %), 2021
Figure 79: Argentina: Business Travel Market: Breakup by Service Type (in %), 2021
Figure 80: Argentina: Business Travel Market: Breakup by Travel Type (in %), 2021
Figure 81: Argentina: Business Travel Market: Breakup by End User (in %), 2021
Figure 82: Argentina: Business Travel Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 83: Colombia: Business Travel Market: Sales Value (in Million US$), 2016 & 2021
Figure 84: Colombia: Business Travel Market: Breakup by Type (in %), 2021
Figure 85: Colombia: Business Travel Market: Breakup by Purpose Type (in %), 2021
Figure 86: Colombia: Business Travel Market: Breakup by Expenditure (in %), 2021
Figure 87: Colombia: Business Travel Market: Breakup by Age Group (in %), 2021
Figure 88: Colombia: Business Travel Market: Breakup by Service Type (in %), 2021
Figure 89: Colombia: Business Travel Market: Breakup by Travel Type (in %), 2021
Figure 90: Colombia: Business Travel Market: Breakup by End User (in %), 2021
Figure 91: Colombia: Business Travel Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 92: Chile: Business Travel Market: Sales Value (in Million US$), 2016 & 2021
Figure 93: Chile: Business Travel Market: Breakup by Type (in %), 2021
Figure 94: Chile: Business Travel Market: Breakup by Purpose Type (in %), 2021
Figure 95: Chile: Business Travel Market: Breakup by Expenditure (in %), 2021
Figure 96: Chile: Business Travel Market: Breakup by Age Group (in %), 2021
Figure 97: Chile: Business Travel Market: Breakup by Service Type (in %), 2021
Figure 98: Chile: Business Travel Market: Breakup by Travel Type (in %), 2021
Figure 99: Chile: Business Travel Market: Breakup by End User (in %), 2021
Figure 100: Chile: Business Travel Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 101: Peru: Business Travel Market: Sales Value (in Million US$), 2016 & 2021
Figure 102: Peru: Business Travel Market: Breakup by Type (in %), 2021
Figure 103: Peru: Business Travel Market: Breakup by Purpose Type (in %), 2021
Figure 104: Peru: Business Travel Market: Breakup by Expenditure (in %), 2021
Figure 105: Peru: Business Travel Market: Breakup by Age Group (in %), 2021
Figure 106: Peru: Business Travel Market: Breakup by Service Type (in %), 2021
Figure 107: Peru: Business Travel Market: Breakup by Travel Type (in %), 2021
Figure 108: Peru: Business Travel Market: Breakup by End User (in %), 2021
Figure 109: Peru: Business Travel Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 110: Others: Business Travel Market: Sales Value (in Million US$), 2016 & 2021
Figure 111: Others: Business Travel Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 112: Latin America: Business Travel Industry: SWOT Analysis
Figure 113: Latin America: Business Travel Industry: Value Chain Analysis
Figure 114: Latin America: Business Travel Industry: Porter’s Five Forces Analysis
List of Tables
Table 1: Latin America: Business Travel Market: Key Industry Highlights, 2021 and 2027
Table 2: Latin America: Business Travel Market Forecast: Breakup by Type (in Million US$), 2022-2027
Table 3: Latin America: Business Travel Market Forecast: Breakup by Purpose Type (in Million US$), 2022-2027
Table 4: Latin America: Business Travel Market Forecast: Breakup by Expenditure (in Million US$), 2022-2027
Table 5: Latin America: Business Travel Market Forecast: Breakup by Age Group (in Million US$), 2022-2027
Table 6: Latin America: Business Travel Market Forecast: Breakup by Service Type (in Million US$), 2022-2027
Table 7: Latin America: Business Travel Market Forecast: Breakup by Travel Type (in Million US$), 2022-2027
Table 8: Latin America: Business Travel Market Forecast: Breakup by End User (in Million US$), 2022-2027
Table 9: Latin America: Business Travel Market Forecast: Breakup by Country (in Million US$), 2022-2027
Table 10: Latin America: Business Travel Market: Competitive Structure
Table 11: Latin America: Business Travel Market: Key Players
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