India, Indonesia and Scandinavia Among The World’s Fastest Growing Business Travel Markets.Business Travel Growing At A Rapid Pace
GBTA projects India and Indonesia to be the fastest growing business travel markets over the next five years, picking up 11.3 percent and 8.7 percent, respectively. The next fastest-growing major business travel markets will come from Scandinavia as both Sweden and Norway are projected to grow significantly faster than average – 6.8 percent and 6.6 percent, respectively.
Despite the slowdown in China’s economy, the Chinese business travel market is poised to be the 5th fastest-growing market in the world over the next five years, picking up an additional $129 billion in annual business travel spend by 2022. China remains the world’s largest business travel market and will continue to distance itself from the rest of the world.
Formerly the world’s largest market, the U.S. business travel market is projected to grow slightly below the global average over the next five years at 3.9 percent.
The top 15 business travel markets remained largely unchanged from last year, except for India surpassing South Korea for seventh on the list. India is projected to crack the top 5 by 2022.
Shifting Market Share
When breaking the world’s major business travel markets into segments, we see another impending shift coming. The Stalwarts make up roughly half of the global business travel spending market today and are comprised of many of the world’s major economies. India, China and Indonesia, once considered emerging markets, now form their own segment and continue to grow at an extremely rapid pace. This segment will pick up ground on the Stalwarts over the next five years, gaining $164 billion in annual spend by 2022. GBTA projects this segment to be the largest in the world by 2035.
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