Business Travel

India breaks into top 10 global biz travel markets

SINGAPORE

The Global Business Travel Association study has forecast China overtaking the US as the world’s number one business travel market by 2016. It also said that India and Indonesia will grow between 11-14 per cent annually over the next five years.

Welf Ebeling, GBTA vice president, operations, Asia said, “The second fastest growth market in Asia is India which equally to China showed a 16 per cent growth in the first decade of this century. Over the last 15 years, India has worked its way up the rankings of major global business travel markets from number 24 in 2000 to the world’s 10th ranked market in 2013.”

He added that GBTA expects India to become the ninth largest business travel market within the next five years. In the Asia Pacific, other countries showing high growth in terms of business travel spends include Vietnam, the Philippines, Bangladesh and Sri Lanka. GBTA has forecast an average growth rate of 7.5-10 per cent annually in these markets.

The global business travel spend is expected to reach a record US$ 1.18 trillion by 2014, with nearly 40 per cent coming from Asia Pacific, according to GBTA’s Business Travel Index (BTI) outlook report released at ITB Asia 2014.

Musafir Namah Bureau

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