Market Overview 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.

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:

• 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:

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?