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)
Tire Industry Project Opens Registration For 2026 Tire Emissions Research Conference
- By TT News
- May 27, 2026
The Tire Industry Project (TIP) has opened registration for its 2026 Tire Emissions Research Conference, scheduled for 8 to 10 December 2026 at the University of Cambridge in England. The event continues a series that began with successful gatherings in Munich in 2024 and Boston in 2025.
Building on prior editions, the 2026 conference maintains an exclusive focus on scientific research into tyre emissions and actionable countermeasures. This emphasis responds to rising global concern over tyre wear pollution, with organisers believing that progress depends on open knowledge exchange, multi-stakeholder collaboration and harmonised scientific methods.
The agenda covers the full scope of the issue, including tyre and road emission generation, environmental distribution and fate, ecological behaviour and impact, design alternatives and civil engineering or environmental practices for mitigating tyre and road wear particles and related chemicals. Participants range from scientists and industry practitioners to policymakers and experts in environmental and materials science.
Held at Jesus College within the prestigious University of Cambridge, the conference follows the tradition of partnering with world-class institutions such as the Technical University of Munich and the Massachusetts Institute of Technology. Abstract submissions are due by 29 May 2026, with further details and registration available on the event website.
Kumho Tire To Showcase Future Mobility Solutions At The Tire Cologne 2026
- By TT News
- May 27, 2026
Kumho Tire has confirmed its participation at The Tire Cologne 2026, the world’s leading tyre exhibition, taking place in Cologne, Germany, from 9 to 11 June. The South Korean manufacturer will present key products at Hall 6.0, Stand B030 C039, including summer, winter, all-season and truck and bus tyres. The event is the largest and most prestigious global gathering for the tyre industry.
Under the theme ‘Innovation to Build the Future’, Kumho Tire will introduce its latest advancements and intelligent solutions for future mobility. The company aims to demonstrate technological excellence in stability and performance across driving conditions. Featured products include summer tyres such as the ECSTA SPORT S, ECSTA SPORT and ECSTA HS52, along with the winter tyre WinterCRAFT WP52+. Both ECSTA SPORT models are ultra-high-performance tyres gaining strong traction in the European market.
The WinterCRAFT WP52+, developed for European conditions, ranked third out of 51 entries in Auto Bild’s 2025 winter tyre test, earning an ‘Exemplary’ rating. Kumho Tire will also showcase MARSHAL brand products including the MU12, MH15 and MH22. The MU12 delivers stable handling, grip, braking and cornering at high speeds, as MARSHAL strengthens its global position combining performance with value.
Additional displays include the SOLUS HA32, WinterCRAFT ICE WI32, WI52, PorTran 4S CX11 and concept tyres Volume and Origami. Kumho Tire will invite key European customers for business meetings to explore partnerships, aiming to communicate its future vision, deepen engagement and expand its global footprint.
Tony Gangseung Lee, Head of Europe at Kumho Tire, said, “This exhibition presents a valuable opportunity to showcase our key products at the world’s largest tire event. We will leverage this platform to reinforce our position as a sustainable, future-oriented smart mobility partner and accelerate our transformation into a global premium brand.”
JK Tyre Signals Another Price Hike Amid Raw Material Inflation
- By Sharad Matade
- May 27, 2026
JK Tyre & Industries has indicated another 5–6 percent price hike across replacement market product categories due escalating raw material costs continue to pressure margins.
Speaking during the company’s Q4 and FY26 earnings interaction, Chairman and Managing Director Dr Raghupati Singhania said the ongoing West Asia crisis had disrupted global supply chains, resulting in higher crude oil, commodity and logistics costs.
The company expects raw material costs to rise by 15–20 percent in the first quarter of FY27, with crude-linked inputs and rupee depreciation further adding to cost pressures.
“To mitigate raw material price increases and sustain profitability margins, we have started increasing selling prices in a staggered manner,” Singhania said.
He noted that while a 4–5 per cent increase had already been implemented in replacement markets, further hikes of around 5–6 per cent were under consideration. OEM price revisions, however, would follow with a lag due to contractual indexation mechanisms.
Apart from higher raw material costs, the company said export operations had also been affected by disruptions in shipping routes, container shortages and elevated freight charges.
To minimise supply risks, JK Tyre has shifted a part of its sourcing strategy towards eastern markets, including Taiwan, South Korea and China, deploying technical teams to approve alternate raw material supplies more quickly.
Despite near-term cost pressures, the company maintained that underlying demand remains strong and expects healthy growth momentum to continue in FY27, particularly in OEM and replacement tyre segments.
Triangle Tyre Secures CAAC CTSOA Certification For Civil Aviation Radial Tyres
- By TT News
- May 27, 2026
Triangle Tyre has received official certification from the Civil Aviation Administration of China (CAAC) for its newly developed civil aviation radial tyres. The approval, granted on 11 May 2026, followed the product’s successful completion of rigorous technical evaluations and was formalised through the issuance of a Technical Standard Order Authorization, or CTSOA.
This authorisation serves as the CAAC’s formal recognition of a manufacturer’s design and production capabilities for aviation components. Acquiring the CTSOA confirms that Triangle Tyre has met all conformity standards, granting the company the legal right to manufacture and label its certified products with official identification numbers.
The certification applies to four specific tyre part numbers designed for major aircraft platforms, including China’s domestically produced C919 large passenger jet and the Airbus A320. Aviation tyres are considered critical safety components and are subject to some of the most demanding approval processes in the aerospace sector.
To earn the CTSOA, Triangle Tyre’s products underwent extensive on-site oversight and a battery of evaluations, including static load, high-speed rolling and extreme-temperature tests. The company demonstrated exceptional proficiency in materials science, engineering design, manufacturing processes and quality control, all of which were verified by the regulator.
Triangle Tyre began tackling the technical challenges of aviation radial tyres in 2017, aiming to break foreign monopolies. The company has since developed proprietary framework materials, structural designs and production equipment, establishing an independent technology platform and an airworthiness-compliant quality system.
With over 50 years of experience in tyre manufacturing, Triangle Tyre has now reinforced its position in the high-end market. The CTSOA achievement strengthens supply chain security for China’s aviation industry and follows years of collaboration with COMAC, including the 2020 milestone where its tyre became the first domestic civil aviation radial product to pass dynamic simulation testing.
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