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)

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Bridgestone Americas has introduced the new Alenza Prestige, a premium highway tyre designed for crossover utility vehicles (CUVs), sport utility vehicles (SUVs) and light trucks. This latest model integrates the company’s next-generation ENLITEN Technology to deliver a combination of luxury, performance and durability. A key feature is its extended limited mileage warranty, which offers coverage for up to 70,000 miles (approximately 112,654 km).

The tyre is engineered to provide a quiet and comfortable driving experience. This is achieved through QuietTrack Technology, an innovation designed to minimise tread pattern noise, and a wide centre rib that contributes to both a whisper-quiet ride and responsive handling. The use of advanced structural components and specialised compounds, including PeakLife Polymer, ensures the Alenza Prestige offers superior, long-lasting performance and an enhanced ride quality over its predecessor.

Significant improvements have been made in wet-weather safety. Testing demonstrates that the new Alenza Prestige stops six feet shorter than the Continental TrueContact Tour and eight feet shorter than the previous Bridgestone Alenza AS Ultra, representing a four percent and six percent advantage in wet stopping distance, respectively. This enhanced braking performance is intended to give drivers greater confidence and control during rainy conditions.

Available for purchase in 47 sizes to fit wheel diameters from 16 to 22 inches, the tyre accommodates a wide range of popular vehicles, including models from Acura, Audi, BMW, GMC, Lexus and Mercedes-Benz. The development of the Alenza Prestige also reflects Bridgestone’s broader E8 Commitment, specifically supporting the company’s values of Ecology, Extension and Ease.

Dale Harrigle Chief Engineer, Tyre Development, Bridgestone Americas, said, “The all-new Alenza Prestige premium highway tyre is for drivers who want a long-lasting, elegant and comfortable ride without compromising on consistent wet-weather performance. We designed it with rolling resistance technology for impressive fuel efficiency and a remarkable balance of performance and sustainability elements that match the qualities of premium CUVs, SUVs and trucks.”

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Apollo Tyres Ltd has announced a comprehensive price reduction across its entire product portfolio, effective from 22 September 2025. This strategic decision is a direct response to and aligned with the recent fiscal reforms enacted by the GST Council, which approved a substantial reduction in the Goods and Services Tax (GST) rates for the tyre industry.

The revised tax structure slashes the levy on new pneumatic tyres from a previous rate of 28 percent down to 18 percent. In a more pronounced reduction aimed at supporting the agricultural community, the GST on tractor tyres and tubes has been lowered to just five percent. The company has emphasised its commitment to ensuring that the full benefit of these tax cuts is passed through directly to the end consumer, reflecting a customer-centric approach to the policy change.

Apollo Tyres' subsequent price adjustment will be applied universally across all its product lines. This includes tyres for passenger cars, commercial vehicles, two-wheelers and off-highway and agricultural vehicles. The broad-based price cut is anticipated to have a widespread positive impact on vehicle ownership and operational expenses. To guarantee a smooth and uniform transition to the new pricing model across the country, Apollo Tyres has already initiated a coordinated effort with its extensive network of distributors and retail partners, ensuring the revised prices are effectively communicated and implemented at all points of sale.

Rajesh Dahiya, Vice President – Commercial (India, SAARC and Southeast Asia), Apollo Tyres Ltd, said, “We welcome the GST Council’s progressive decision, which will bring tangible benefits to both the industry and end-users. In keeping with our commitment to transparency and customer value, we are transferring 100 percent of the tax benefits to our consumers.”

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Fuelled by robust domestic vehicle production, aftermarket demand and a surge in automotive exports, India's tyre industry is poised for transformative growth. A joint vision from the Automotive Tyre Manufacturers’ Association (ATMA) and PwC India projects that by 2047, production volumes could quadruple, while revenue is expected to multiply 12-fold to an estimated INR 13 trillion. This exponential financial expansion will be driven by a shift in the industry's revenue mix towards more premium products, rising raw material costs, a growing export share, the transition to electric vehicles and the emergence of servitisation models.

To achieve this ambitious vision, a strategic framework termed CHARGE has been proposed. This approach focuses on six critical levers: enhancing Customer relevance, upholding high-quality standards, fostering adaptability, building resilience through resource efficiency, driving growth via innovation and empowering strategic alliances. The framework is designed to help tyre manufacturers become more agile, customer-centric and technologically advanced to improve operational efficiency and global competitiveness.

Domestic growth will be primarily driven by strong original equipment and replacement markets. Rising incomes are boosting passenger and two-wheeler sales, while significant infrastructure investment is increasing commercial vehicle demand, in turn supporting aftermarket tyre sales. However, challenges such as domestic natural rubber availability and new mobility technologies could impact growth.

Concurrently, tyre exports are positioned for substantial expansion. Key strategies to accelerate international growth include innovation for specific use cases, securing new free trade agreements and enhancing cost competitiveness and brand perception. Nevertheless, exporters must navigate obstacles like volatile regulations and non-tariff barriers.

A significant trend will be the rise of servitisation, where fleet operators increasingly adopt professional tyre management services. Demand for these solutions, including tyre health monitoring and advisory services, will be driven by a focus on operational efficiency and customer requirements. For this market to reach its full potential, tyre companies must develop scalable, economically viable models while addressing data security and regulatory concerns.

Kavan Mukhtyar, Partner and Leader – Automotive, PwC India, said, "India’s journey towards Viksit Bharat 2047 presents a huge opportunity for the tyre industry, not only to meet the aspirations of its domestic customer base but also to exponentially scale up tyre exports, especially in the commercial vehicle and passenger vehicle segments across key markets like US and EU. Emerging consumer trends and mobility shifts, a dynamic global business environment and sustainability imperatives present a unique opportunity for the Indian tyre industry to transform itself and drive sustainable growth through 2047. Innovating at speed for global markets through advanced material engineering, finding sustainable alternatives for natural rubber and addressing sustainability imperatives throughout the value chain will be key to unlocking growth potential for the industry. Additionally, brand strengthening in export markets and investing in digital technologies across the value chain will be essential to drive productivity and a sustained global competitive advantage.”

Arun Mammen, Chairman, Automotive Tyre Manufacturers’ Association (ATMA), said, "The Indian tyre industry stands at the cusp of a transformational journey, driven by rapid economic growth, evolving mobility trends and an expanding global footprint. The findings of the ATMA-PwC report underscore the industry’s immense growth potential, with revenue projected to grow 12-fold by 2047. This growth will be fuelled by a shift towards premiumisation, sustainability-led innovation and a strong focus on technology and exports. As we move towards ‘Viksit Bharat 2047’, the tyre industry is poised to play a pivotal role in enabling India’s automotive ambitions to build a resilient and future-ready sector."

Sanjay Dawar, Partner and Leader – One Consulting, PwC India, said, “The Indian tyre industry is at an inflection point, with the potential to create significant economic value and strengthen India’s global competitiveness. Achieving this 12-fold revenue growth will require a holistic approach – one that brings together innovation, sustainability, digital transformation and strong partnerships across the ecosystem. At PwC, we are committed to working alongside industry stakeholders to co-create strategies that can accelerate momentum, build resilience and help realise the Viksit Bharat 2047 vision."

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Triangle Tyre has earned a distinguished position in the recently unveiled ‘2025 China Brand Evaluation Information’, a highly regarded assessment administered by the China Council for Brand Development. This annual evaluation, widely recognised as a benchmark for brand value in China due to its rigorous and scientific methodology, awarded Triangle Tyre a notable brand valuation of CNY 6.61 billion (approximately USD 928.50 million) and a strength index of 917 within the energy and chemical sector.

The announcement, which took place in May, highlights the collective strength of 779 leading Chinese brands with a combined value exceeding CNY 12.78 trillion (approximately USD 1.80 trillion). The event was organised by a coalition of authoritative bodies, including the China Council for Brand Development and the China Appraisal Society, and drew over 600 attendees from government agencies, regulatory institutions and industry associations.

This accolade serves as a strong testament to Triangle Tyre's comprehensive capabilities, reflecting its sustained excellence in areas such as technological innovation, stringent quality management and significant market influence. The evaluation itself is a key national initiative designed to establish a credible and transparent brand valuation system, promote positive brand development and support the global expansion of Chinese enterprises.

For Triangle Tyre, this recognition is both an authoritative endorsement of its brand power and a reflection of its leading competitiveness within the domestic tyre industry. Looking ahead, the company plans to intensify its focus on innovation and quality enhancement. This strategy is central to its mission of delivering superior products and services to a global customer base and accelerating its growth as an internationally recognised brand.

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