Business travel represents a substantial force in the global economy. Just before the Covid-19 pandemic hit, it contributed to more than USD 1.2 trillion, about 25 percent of the travel and tourism sector’s overall economic impact, to the global GDP. Businesses had resumed spending on travel after substantial declines in 2008 and 2009.
A research by Global Business Travel Association Foundation had found that for every one percent change in business travel spending, the US economy typically gains or loses 74,000 jobs, USD 5.5 billion in GDP, USD 3.3 billion in wages and USD 1.3 billion in taxes. The report also stated that personal vehicle (35 percent) was the most popular mode of transportation among US business travellers in 2016, followed by airplane (28 percent) and rental cars (13 percent).
Internal travel encompasses trips taken for intracompany purposes, where employees participate in activities such as training, team building or inspection of field operations. External travel, on the other hand, refers to travel done by employees for engagements outside the company, including in-person meetings with clients and suppliers, trade conferences and customer sales calls.
"Obstacles to business travel, such as cumbersome visa protocols and long flight connections, constrain access to knowhow and limit growth opportunities, especially in developing countries," said Frank Neffke, research director at Harvard Kennedy School’s Growth Lab.
Benefits Of Business Travel
In the past, companies have experienced that, on average, 40 percent of customers would eventually be lost without in-person meetings and support.
Detailed statistical modelling over 18 years and 14 industries indicates that for every dollar invested in business travel, US companies make a USD 9.50 return in terms of revenue. The modelling also found that US business travel has yielded USD 2.90 in profits for every dollar spent.
There is a small segment of employees for whom travel is deemed essential for conducting business. This category accounted for around 15 percent of all corporate travel expenses in 2019 and includes decision makers in manufacturing companies with a wide distribution of factories and plants, and field-operation workers. For some corporate travellers, it is possible to move oversight responsibility to local personnel and/or utilise digital medium. This segment will see their business travel decline. A large segment of business travel is done to cultivate new or important client relationships. This segment will bounce back as soon as Covid-related restrictions are lifted.
A tiny portion of business travel comes from the public sector, professional associations and nonprofits. During the pandemic, many professional associations were able to hold virtual events to replace in-person conferences and will likely be more cautious in their return to travel.
Business Travel Catches The Virus!
Business travel has taken a big hit during the Covid-19 pandemic and its future is still up-in-the-air, waiting for the end of the pandemic and firming up the ‘New Normal’. In 2020, total global business travel expenses contracted by 52 percent, while managed corporate-travel spending in the United States alone plummeted by USD 94 billion (71 percent).
The World Travel and Tourism Council’s (WTTC) latest annual research shows that the global travel and tourism sector suffered a loss of almost USD 4.5 trillion to reach USD 4.7 trillion in 2020, with its contribution to GDP dropping by a staggering 49.1 percent compared to 2019. In 2020, sixty-two million jobs were lost, representing a drop of 18.5 percent, leaving just 272 million employed across this sector globally, compared to 334 million in 2019. The threat of job losses persists as many jobs are currently supported by government retention schemes and reduced hours, which could be lost without a full recovery of the travel and tourism sector.
Some business travellers expect to take at least as many business trips in 2022 as they had in the year before the Covid-19 pandemic was declared. While teleconferencing will reduce the need for some business travel, many survey respondents cited the need to meet in-person to rekindle relationships with customers, suppliers and business partners. Another frequent reason cited for the need to travel for business was a job change.
The countries most eager to travel for business once Covid-19 travel restrictions are lifted seem to be China, US and Australia. Of course, the potential increase in Covid cases from the Delta and future variants of the virus may still cause further backsliding on rising confidence levels for resumption of business travel. (TT)
Sri Trang Group Clinches Dual Honours At SET Awards 2026
- By TT News
- October 31, 2026
Sri Trang Group secured dual honours at the SET Awards 2026, hosted by the Stock Exchange of Thailand, reinforcing its sustainability credentials. Sri Trang Agro-Industry Public Company Limited (STA) took home the Highly Commended Supply Chain Management Award. Its affiliate, Sri Trang Gloves (Thailand) Public Company Limited (STGT), earned a Sustainability Recognition within the Sustainability Excellence category. Together, the accolades signal the Group's push to elevate business standards and generate lasting value across its entire value chain.
The awards were presented on 29 October 2026 at the Stock Exchange of Thailand building. STA Executive Director Vitchaphol Sincharoenkul collected the supply chain honour from Professor Kitipong Urapeepatanapong, Chairperson of the Stock Exchange of Thailand. STGT Chairman of the Executive Committee Vitanath Sincharoenkul accepted the sustainability certificate from Dr. Chaiyawat Wibulswasdi, Chairman of the SET Panel of Experts.
STA's award recognises supply chain management that is efficient, transparent and traceable at every stage, from raw material sourcing and production through transportation to final customer delivery. The company also collaborates with farmers and business partners via the Sri Trang Friends platform, sharpening operational efficiency and bolstering local economies while meeting international environmental and responsible sourcing requirements. STGT operates under the Clean World Clean Gloves concept, weaving sustainability through its value chain by manufacturing to established quality standards, using resources wisely, safeguarding employee health and safety, respecting human rights and maintaining transparent risk management and governance, thereby building confidence among customers, partners, investors and staff.
The Group continues to embed environmental, social and governance principles in its strategies, deepening collaboration with value chain stakeholders to produce measurable sustainability results. Recognition at the SET Awards 2026 affirms this direction, spurs greater competitiveness and strengthens Sri Trang Group's role in steering the natural rubber and rubber gloves industries toward stable and sustainable growth.
Toyo Tire To Sponsor EXPO 2027 Belgrade And Support Japan Pavilion
- By TT News
- October 31, 2026
Toyo Tire Corporation has announced its sponsorship of EXPO 2027 Belgrade, scheduled for 15 May to 15 August 2027 in Serbia's capital. The company will also support the Japan Pavilion at the exposition, which will be the first event of its scale ever held in the Western Balkans.
With more than 140 international participants from countries and regions worldwide, the exposition is expected to foster international exchange and showcase initiatives for future generations. As a Gold Partner, Toyo Tire will provide 41 electric carts for on-site transport, including 4- and 14-seater models, wheelchair-accessible vehicles and emergency vehicles.
The carts will feature a wrap design blending Toyo Tire's signature corporate blue with the event's concept colours, enlivening the venue and creating a festive sense of unity. The company will also host TOYO TIRE WEEK at the Japan Pavilion, presenting an exhibit reflecting its interpretation of the Pavilion's theme, ‘Play and Connect, Together Playful Spirit of Japan’.
Toyo Tire established its first European tyre production base in Indjija, near Belgrade, in 2022, added a sales subsidiary there in 2025 and plans a new European R&D Centre at the Serbia Plant site in 2027. Positioning Serbia as a key strategic base for European expansion, the company aims to contribute to Serbia's development, promote exchanges between Serbia and Japan and other countries and help make the event a resounding success.
Bridgestone Opens New Bandag Training Center in Akron
- By TT News
- October 31, 2026
Bridgestone Americas has unveiled a new Bandag Training Center on its Akron campus, backed by a USD 3 million investment. The facility is designed to instruct commercial tyre dealer and fleet personnel on the performance, sustainability and financial advantages of retreaded tyres, with plans to welcome hundreds of industry professionals annually through seminars and customised classes of varying sizes.
Occupying nearly 15,000 square feet within the company's tyre test lab, the centre sits adjacent to the Bridgestone Americas Advanced Tire Production Center. It houses a full retread operation featuring production-scale manufacturing equipment and stations covering all 10 retreading steps, complemented by a classroom and a Bandag history walk. The Akron site becomes the second designated Bandag Training Center in the Bridgestone network, alongside the existing Bandag Learning Center in Muscatine, Iowa.
Bandag's retread training is highly regarded by both fleets and dealers, and the paired locations bolster Bridgestone's capacity to satisfy rising demand by broadening access to training and technical resources. The two facilities will serve as foundational assets for teammates and customers, promoting education, innovation and industry expertise throughout the retreading segment. When classes are not in session, the Akron centre will support tyre-retreading innovation, with teams in Muscatine, Akron and Nashville testing new products and rolling out new manufacturing equipment and processes.
Bandag has delivered tyre-retreading solutions since 1957, championing sustainable mobility practices. The company runs three pre-cured tread rubber manufacturing facilities, a retread equipment manufacturing plant and a mould manufacturing plant across the United States to serve all of North America. Over its 65-year history, Bandag has kept more than 300 million tyres out of landfills by extending their service lives through retreading.
Brian Douglas, Vice President, Retread North America, said, "Bandag retreads have been a staple solution in the commercial tyre industry for more than half a century. With the addition of this second training centre, Bridgestone aims to strengthen its support for dealers and fleets, matching the value they get from retreads on the road."
ICRA Forecasts Moderate FY2027 Growth For PV Industry After Robust September Offtake
- By TT News
- October 30, 2026
ICRA's October 2026 monthly report on the Indian automobile industry's passenger vehicle segment shows that September 2026 brought strong year-on-year gains in wholesale and retail volumes, aided by improved replacement demand following GST rate cuts. The rating agency forecasts industry volumes to grow 4–6 percent in FY2027. The moderation in growth stems from the elevated base in the second half of FY2026, normalisation of pent-up demand, higher vehicle costs and a weak monsoon.
Original equipment manufacturers kept production steady to serve robust domestic demand, lifting wholesale volumes 22 percent year-on-year to 460,000 units in September 2026. Retail sales climbed 43 percent, helped by newly launched models, larger OEM discounts and revised GST rates. During the first half of FY2027, wholesale dispatches and retail registrations rose around 28 percent and 29 percent year-on-year, respectively, against a modest base in the same period of FY2026 that was partly affected by geopolitical tensions in northern India.
Pre-festive stocking pushed inventory to 43–45 days at the end of September 2026, well below the 60-day level a year earlier. Utility vehicles made up about 68 percent of passenger vehicle volumes in the first half of FY2027. While utility vehicles continue to drive demand, the mini, compact and super-compact segments have shown a slight recovery after GST rate cuts, and passenger car demand is also expected to increase. Export volumes grew 25.8 percent sequentially in September 2026 as OEMs focused on production amid strong domestic demand. Maruti Suzuki India Limited led the market, followed by Hyundai Motor India Limited.
ICRA anticipates wholesale volume growth of 4–6 percent in FY2027, including a 28 percent rise in the first half, amid expected price increases due to rising input costs and normalisation of pent-up demand. A below-average monsoon could weaken rural sentiment, and recent price hikes by OEMs such as Maruti Suzuki and Hyundai Motor India could weigh on growth. Electric vehicle penetration increased to around 7.5 percent in the first half of FY2027 from 4.2 percent in FY2026, driven partly by a growing preference for EVs amid elevated fuel prices.
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