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)
Zeon To Boost DCPD Production Capacity By 20 Percent At Mizushima GPI Facility
- By TT News
- May 21, 2026
Zeon Corporation has announced a strategic investment to expand production capacity for dicyclopentadiene (DCPD) at its GPI plant, located within the Mizushima Plant in Kurashiki City, Okayama Prefecture. The initiative will raise DCPD output by roughly 20 percent from current levels. DCPD serves as the primary raw material for Cyclo-Olefin Polymers and COP optical film, which are central to the company’s C5 business and its growth trajectory. The new facility will secure a stable DCPD supply without boosting production of piperylene or other commodity chemical materials while also utilising previously unused components to help reduce carbon dioxide emissions. Construction is set to begin in the second half of fiscal 2026, with completion scheduled for September 2028.
The Mizushima Plant, Zeon’s flagship facility, commenced operations in 1969 and is known for the GPI process (Geon Process of Isoprene), the company’s proprietary extractive distillation technology that isolates high-purity active components from C5 fractions in naphtha. Products from this process include isoprene, DCPD, piperylene and 2-butyne, which are used in synthetic rubbers, COP, petroleum resin and synthetic aroma chemicals.
Under the company’s STAGE30 medium-term business plan, Zeon has positioned COP and COP optical film as key growth drivers, anticipating steadily expanding demand. DCPD is also a raw material for other high-profit products such as RIM compounds. To meet rising demand without procuring additional C5 fractions, Zeon developed a technology that enables the use of previously unused feedstock components. This new process is expected to cut CO2 emissions more effectively than conventional extraction methods, supporting carbon neutrality goals.
Through STAGE30, Zeon is restructuring its portfolio via selection and concentration, and this latest investment aims to boost competitiveness while further expanding the C5 business. The company continues to address market needs and societal expectations, striving to contribute to more comfortable living standards worldwide.
Apollo Tyres Launches Rural Mobile Store To Bridge Rural Tyre Connectivity Gap
- By TT News
- May 21, 2026
Apollo Tyres Ltd has launched its first Apollo Rural Mobile Store, a new initiative aimed at improving last-mile connectivity and tyre access in rural India. The fully equipped mobile van was flagged off by company Vice President Rajesh Dahiya at a special event.
The customised vehicle travels to villages, allowing customers to explore and purchase tyres without long journeys. Stocked with a curated product range and staffed by trained representatives, the mobile store offers on‑the‑spot guidance on tyre selection, usage and maintenance. The first unit began operating in Pandavapura village, Mandya, Karnataka, with plans to deploy 25 such stores nationwide over the next 18 to 24 months.
The launch event also included a free health check‑up camp organised with the Apollo Tyres Foundation, underscoring the company’s community commitment. By combining convenience with expert support, the mobile store aims to empower rural customers to make informed decisions for safe and efficient vehicle operation.
Rajesh Dahiya, Vice President – Commercial, Apollo Tyres Ltd, said, “This initiative reflects our commitment to bridging access gaps in rural markets. By bringing our products and expertise directly to the customers’ doorstep, we aim to simplify the buying journey and ensure that even the most remote communities have access to the right mobility solutions.”
Michelin Unveils Universal Tyre Digital Twin To Transform Vehicle Safety Without Physical Sensors
- By TT News
- May 21, 2026
Michelin has introduced a universal tyre digital twin, a software-driven innovation that converts real-time in-vehicle data into actionable recommendations for the vehicle or its driver. The system draws on 130 years of tyre physics expertise, combined with advanced mathematical modelling, artificial intelligence and data science algorithms. Its primary goal is to enhance road safety by enabling vehicles to anticipate their own behaviour and improve performance without relying on physical tyre sensors.
This digital twin functions as a dynamic virtual replica of any tyre, regardless of brand. It continuously analyses and predicts tyre conditions including pressure, wear, load, grip and driving environment by comparing them with live vehicle data. Rather than simply feeding information to the driver, the system directly interacts with embedded vehicle systems to optimise performance. It helps prevent aquaplaning, predict maximum grip, boost the effectiveness of ADAS functions such as ABS, monitor tyre pressure and detect overloading, allowing the vehicle to adapt braking distances by several metres and improve stability.
Drivers remain unaware of the system working behind the scenes, yet it delivers tangible benefits on every journey without requiring changes to driving habits. By supplying a continuous stream of reliable data, the digital twin also facilitates predictive maintenance, thereby extending tyre lifespan. Keeping tyres in optimal condition for longer reduces material use and mitigates the environmental impact associated with tyre lifecycles.
The Michelin solution is entirely software-enabled and uses existing in-vehicle data, requiring no additional tyre-mounted sensors. It is compatible with all tyre brands and models and can be fitted to passenger cars, trucks and self-driving shuttles. The digital twin acts as an embedded brain adapted to Software Defined Vehicle architectures, representing over 10 years of research and development secured by multiple patents and validated by millions of kilometres of testing.
With the SDV market valued at USD 213.5 billion in 2024 and projected to reach nearly USD 1,240 billion by 2030, Michelin is positioning itself as a pioneer and key partner for manufacturers transitioning to software-enabled vehicles. Major collaborations with Brembo, Hyundai, QNX, ETAS and Sonatus span fundamental research to industrial-scale integration. A recent partnership with Brembo demonstrated tangible benefits: integrating real-time tyre data into braking algorithms improved ABS performance, shortening braking distances by up to four metres and enhancing stability during hard braking.
Through its embedded digital twin, Michelin turns tyres into an invaluable data source to shape tomorrow’s mobility from within the vehicle’s data ecosystem. This breakthrough reinforces the Group’s longstanding commitment to road safety and is set to make Michelin a market leader in tyre digital twins, supporting the continuous enhancement of vehicle performance, features and user experience throughout the vehicle’s lifetime.
Kumho Tire USA Unveils EV-Compatible Road Venture HT Highway-Terrain Tyre
- By TT News
- May 20, 2026
Kumho Tire USA has introduced the all-new Road Venture HT, an advanced all-season highway-terrain tyre designed for light trucks and SUVs. Engineered with innovative technology, this latest offering caters to drivers seeking dependable everyday performance. The tyre provides enhanced wet and snow traction, extended tread life, a smooth and quiet ride and is also compatible with electric vehicles.
Developed as a next-generation all-season product, the Road Venture HT features an optimised structural design and a new polymer compound with High Dispersible Micro Silica to boost wear resistance. This results in a 10 percent improvement in tread life over its predecessor. Additional technologies including 3D chamfers, integrated tie-bar noise reduction and reinforced polyester body plies help ensure a quiet ride, improved sidewall stiffness and better cornering stability.
For wet-road confidence, the tyre incorporates a high-grip resin and four wide circumferential grooves to evacuate water efficiently. Wider lateral shoulder grooves, multi-angle sipes and independent tread blocks with enhanced biting edges deliver superior traction and stability. A zigzag tread design and waved 3D interlocking sipes provide strong snow traction, earning the tyre Three-Peak Mountain Snowflake certification. This sets a new benchmark as most all-season tyres lack true winter rating, making the Road Venture HT a uniquely versatile all-weather solution.
Kumho Tire USA conducted independent third-party testing against leading competitors, with results showing the Road Venture HT outperformed rivals in ride comfort, wet handling and dry and wet braking. Available starting in June in over 40 sizes from 15 to 22 inches, the tyre comes with a 75,000-mile (approximately 120,700 km) limited treadwear warranty for P-metric sizes and 50,000 miles (approximately 80,467 km) for LT-metric sizes. A road hazard warranty and a 30-day satisfaction guarantee are also included.
Shawn Denlein, President – Sales and Marketing, Kumho Tire U.S.A., said, "With significant enhancements in structure, design and materials, the Road Venture HT delivers exceptional performance, durability and comfort so light truck and SUV vehicle owners can drive with confidence year-round. The HT is another example of KUMHO's commitment to performance without compromise, delivering premium-level products at a price point that offers outstanding value."
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