Continuous development in the travel & tourism industry, increase in accessibility of transport facilities, and surge in infrastructure development drive the growth of the global business travel lodging market.
PORTLAND, Ore., April 12, 2022 /PRNewswire/ — Allied Market Research published a report, titled, “Business Travel Lodging Market by Enterprise Size (Small Enterprises, Medium Enterprises, Large Enterprises), by Industry (Pharmaceutical And Healthcare, Agriculture Food And Beverage, Hospitality, Business Services And Consulting, It Technology And Telecom, Finance And Insurance, Non Profit Organizations, Transport And Logistics, Retail And Consumer Goods, Energy And Utilities, Construction And Engineering, Others), : Global Opportunity Analysis and Industry Forecast, 2018-2028″. According to the report, the global business travel lodging market was valued at $257.40 billion in 2018, and is projected to reach $450.80 billion by 2028, growing at a CAGR of 14.77% from 2021 to 2028.
Prime determinants of growth
Continuous development in the travel & tourism industry, rise in tourism promotion, increase in accessibility of transport facilities, and surge in infrastructure development drive the growth of the global business travel lodging market. However, factors such as rise in adoption of ICT technology and high investment hinder the market growth. On the other hand, surge in industrialization and increasing visits of investors regarding business expansion worldwide present new opportunities in the coming years.
The outbreak of the COVID-19 pandemic has hampered the growth of the global business travel lodging market, owing to implementation of lockdown coupled with travel restrictions, especially during the initial period.
Also, in order to maintain the social distancing norms, very less people have travelled during the pandemic.
However, the market is going to recover soon in 2022.
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The large enterprises segment to maintain its leadership status throughout the forecast period
Based on enterprise size, the large enterprises segment held the highest market share in 2020, accounting for more than two-fifths of the global business travel lodging market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 15.4% from 2021 to 2028, owing to the rising consumer preferences towards lodging comforts, amenities, and recreational services on the premises.
The retail & consumer goods segment to maintain its lead position during the forecast period
Based on industry, the retail & consumer goods segment accounted for the largest share in 2020, contributing to nearly one-fifth of the global business travel lodging market, and is projected to maintain its lead position during the forecast period. This is owing to rapid development in the sector’s growth, increasing consumers spending over the retail products, and offerings of tremendous business opportunities for the manufacturers in the sector. However, the hospitality segment is expected to portray the largest CAGR of 16.5% from 2021 to 2028.
Asia-Pacific, followed by Europe & North America, to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by Europe & North America, held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global business travel lodging market. Moreover, the same region is expected to witness the fastest CAGR of 15.7% during the forecast period. This is attributed to increasing industrialization and rapidly growing sectors such as food, pharmaceuticals, and others.
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