Latin America Business Travel Market Size, Share, Growth, Competitive Landscape and Industry Trends 2023-2028
According to IMARC Group’s latest report, titled “Latin America Business Travel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, the Latin America business travel market size reached US$ 43.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 66.7 Billion by 2028, exhibiting a growth rate (CAGR) of 6.2% during 2023-2028.
Business travel refers to the act of traveling for business purposes, such as attending meetings, conferences, and trade shows, or performing job-related tasks in different locations. Business travel can be domestic or international and can involve various modes of transportation, such as air, train, or car. It is a common practice in many industries, including finance, sales, marketing, and consulting, enabling professionals to expand their network, develop new business opportunities, and gain exposure to different cultures and markets. It is often considered as an essential part of business operations, enabling companies to maintain and grow their businesses by connecting with clients and partners in various locations.
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Latin America Business Travel Market Trends:
The increasing focus on international trade to attend shows, exhibitions, and other business events represents one of the key factors driving the market growth across the region. In line with this, significant economic growth of various countries in Latin America, along with the increase in business activities, trade, and investment is contributing to the growth of the market. In addition to this, many multinational companies are expanding their operations in Latin America, which, in turn, is driving the market growth. The market is also driven by the expanding tourism industry, coupled with the increasing development of better infrastructure and services. Apart from this, the favorable government initiatives to promote foreign investment and business travel, including visa relaxations, tax incentives, and business-friendly policies are creating a positive outlook for the market.
Key Market Segmentation:
The report has segmented the Latin America business travel market based on type, purpose type, expenditure, age group, service type, travel type, end user and country.
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 With Key Players:
The competitive landscape of the Latin America business travel market has been studied in the report with the detailed profiles of the key players operating in the market.
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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