Europe Corporate Travel Market Size Likely to Surpass at a CAGR of 12.5% By 2033

As per the current market research conducted by the CMI Team, the Europe Corporate Travel Market size is expected to record a CAGR of 12.5% from 2024 to 2033. In 2024, the market size is projected to reach a valuation of USD 76.7 Billion. By 2033, the valuation is anticipated to reach USD 221.5 Billion.

Europe Corporate Travel Market: Growth Factors and Dynamics

• Economic Growth and Globalization: Steady economic growth across Europe fuels business activities, driving the demand for corporate travel services. As businesses expand their global footprint, the interconnectedness of markets through globalization necessitates corporate travel for various purposes such as meetings, negotiations, and international partnerships. This economic dynamism creates a conducive environment for the growth of the corporate travel market in Europe, with companies seeking efficient and cost-effective travel solutions to support their business objectives.

• Technological Advancements: The proliferation of online booking platforms and mobile applications revolutionizes the way businesses arrange corporate travel. Online travel agencies (OTAs) and corporate travel management systems provide streamlined booking processes, enhancing convenience and efficiency for both travelers and travel managers. Mobile applications empower travelers with real-time access to booking information and travel assistance, ensuring seamless travel experiences and driving the adoption of technology-driven solutions in the corporate travel sector.

• Corporate Expansion and Market Opportunities: European companies expanding into emerging markets or seeking global partnerships drive the demand for corporate travel services. Market exploration, business meetings, and negotiations become essential components of corporate expansion strategies, fueling the growth of the corporate travel market. Similarly, mergers and acquisitions within Europe and globally necessitate corporate travel for due diligence, negotiations, and integration efforts, further contributing to market dynamics and opportunities.

• Regulatory Compliance and Duty of Care: Stringent travel regulations and corporate governance standards require businesses to ensure compliance and duty of care for employees during corporate travel. Regulatory requirements for meetings, audits, and filings drive the need for corporate travel, while employers’ responsibility for employee safety and well-being necessitates robust travel risk management strategies.

• Industry-Specific Factors: Corporate travel dynamics vary across industries, with unique drivers shaping travel behaviors and preferences. In the technology sector, corporate travel is driven by product launches, conferences, and collaboration efforts with global partners.

• Sustainable Travel Practices: Growing environmental awareness prompts businesses to adopt sustainable travel practices, influencing corporate travel decisions. Companies increasingly consider alternatives such as virtual meetings, video conferencing, and greener transportation options to reduce carbon footprint and promote environmental conservation.

Europe Corporate Travel Market: Partnership and Acquisitions

• In 2022, Corporate Travel Management Limited (CTM) successfully acquired 1000 Mile Travel Group Ltd., aiming to expand its presence in the business travel market through the independent consultant model. This strategic move enhances CTM’s capabilities and offerings within the corporate travel sector.

• In 2020, Carlson Wagonlit Travel Inc. (CWT) announced an expanded integration with Concur Travel, allowing CWT clients using Concur Travel to access all hotel content from RoomIt. The phased roll-out, scheduled through the end of the year, enhances convenience and accessibility for corporate travelers.

Report Scope

Europe Corporate Travel Market: COVID-19 Analysis

The COVID-19 pandemic has significantly impacted the Europe Corporate Travel Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

• Travel Restrictions and Lockdown Measures: Stringent travel restrictions and lockdown measures imposed across Europe during the pandemic significantly reduced corporate travel activities. Business trips, meetings, and conferences were either canceled, postponed, or shifted to virtual platforms, leading to a sharp decline in corporate travel demand.

• Economic Recession and Budget Constraints: The economic recession triggered by the pandemic and subsequent budget constraints forced companies to prioritize cost-saving measures, including the reduction or suspension of non-essential business travel. Uncertainty about the duration and severity of the pandemic further dampened business confidence, impacting corporate travel planning and expenditures.

• Vaccination Rollout and Health Protocols: Successful vaccination rollouts across Europe and the implementation of comprehensive health and safety protocols have instilled confidence among travelers. Businesses are gradually resuming corporate travel activities, albeit with a heightened focus on health and hygiene measures to ensure traveler safety.

• Hybrid Meetings and Virtual Events: The adoption of hybrid meeting formats and virtual event platforms enables businesses to host conferences, seminars, and training sessions with a mix of in-person and remote attendees. This flexible approach allows companies to reach broader audiences while minimizing travel expenses and reducing their carbon footprint.

• Pent-up Demand and Business Resumption: Pent-up demand for face-to-face interactions and business collaborations is driving a gradual resurgence in corporate travel. As economic activities resume and markets reopen, businesses are re-engaging in international trade, investment activities, and client meetings, leading to an uptick in business travel demand.

• Flexible Booking Policies and Travel Deals: Travel providers are offering flexible booking policies, including waived change fees and extended cancellation options, to accommodate uncertain travel plans and instill traveler confidence. Additionally, attractive travel deals, discounted fares, and bundled packages incentivize corporate travelers to resume travel while minimizing costs.

In conclusion, the COVID-19 pandemic has had a mixed impact on the Europe Corporate Travel Market, with some challenges and opportunities arising from the pandemic.

List of the prominent players in the Europe Corporate Travel Market:

• American Express Global Business Travel
• BCD Travel
• Carlson Wagonlit Travel (CWT)
• Expedia Group
• Flight Centre Travel Group
• Hogg Robinson Group (HRG)
• Corporate Travel Management (CTM)
• Egencia LLC
• FCM Travel Solutions
• HRG Worldwide
• Key Travel
• Orbitz Worldwide
• Travel Leaders Group
• Travix International B.V.
• Uniglobe Travel International
• Others

The Europe Corporate Travel Market is segmented as follows:

By Type

• Managed Business Travel
• Unmanaged Business Travel

By Purpose

• Marketing
• Internal Meetings
• Trade Shows
• Product Launch
• Others

By Expenditure

• Travel Fare
• Lodging
• Dining
• Others

By Age Group

• Travelers Below 40 Years
• Travelers Above 40 Years

By Traveller

• Group Travel
• Solo Travel

Regional Coverage:

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe