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)
Romain Bardet Joins Michelin As Ambassador For Gravel Segment
- By TT News
- February 05, 2026
Celebrated French cyclist Romain Bardet is entering a profound partnership with Michelin to serve as the strategic ambassador for its Gravel segment. This alliance is founded on a mutual commitment to pioneering innovation and sustainable performance within the discipline. Both Bardet and the Michelin Group share deep roots in France’s Auvergne region, reinforcing a natural cultural and geographical synergy that underscores a joint pursuit of excellence.
Beginning in 2026, Bardet will dedicate his racing calendar almost entirely to international Gravel events, aiming for podium results at competitions like the UCI Gravel World Series. His recent decisive win at a major Gravel event in Australia already signals his strong competitive potential in this arena. In his role, Bardet will initially compete on existing Michelin products such as the MICHELIN Power Gravel.
From 2027 onward, his involvement will deepen to actively co-develop future Gravel product ranges. By providing real-time feedback from diverse terrains and race conditions, Bardet will enable Michelin’s technical teams to refine and optimise product development directly from the field. This collaboration strategically merges elite athletic insight with engineering expertise to advance Gravel cycling innovation on a global scale.
Apollo Tyres Reports 12% Rise In Third-Quarter Revenue
- By TT News
- February 05, 2026
Apollo Tyres Ltd reported a 12 percent increase in consolidated revenue for the third quarter of the 2025–26 financial year, supported by double-digit growth in both its Indian and European operations.
For the three months ended 31 December, 2025, the tyre maker recorded revenue from operations of INR 77.43 billion, compared with INR 69.28 billion a year earlier. Operating profit rose 25 percent to INR 11.86 billion, while net profit increased 40 percent to Rs 4.71 billion.
For the first nine months of the financial year, revenue rose seven percent to INR 211.35 billion, up from INR 197.00 billion in the corresponding period last year. Operating profit for the period increased 12 percent to INR 30.74 billion.
Net profit for the nine months stood at INR 7.41 billion, compared with INR 9.37 billion a year earlier. The company said the figure included an estimated pre-tax restructuring cost of INR 5.45 billion, disclosed as an exceptional item.
Onkar Kanwar, Chairman of Apollo Tyres Ltd, said the company delivered double-digit volume growth across geographies and market segments during the quarter.
“My compliments to the team for delivering double-digit volume growth across geographies and market segments in the past quarter,” he said. “India recorded its best quarterly performance to date, driven by strong growth across replacement, exports and OEM channels. Our European Operations also performed in line with the broader market. Encouragingly, demand momentum remains healthy, and we expect this trajectory to sustain going forward.”
Pyrum And UniPyrum Sign Engineering Contract For First JV Plant
- By TT News
- February 05, 2026
Building upon the foundation of their joint venture, UniPyrum, Pyrum Innovations AG and UNITANK Holding GmbH are advancing their collaboration into a concrete implementation phase. A key milestone has been reached with the signing of a high six-figure engineering and consulting agreement between Pyrum and UniPyrum, which also serves as the joint venture's inaugural order. This contract, for which an initial payment has already been made, focuses on the approval process and basic engineering for the partnership's first tyre recycling plant. The selected site is an existing UNITANK tank farm in Emleben, Thuringia, a location chosen for its excellent logistical access and established infrastructure.
This facility in Emleben represents the initial project within a broader vision to develop five to 10 such plants across Germany and Europe. The UniPyrum management team has begun its strategic work, securing preliminary funding and holding meetings to coordinate operational steps and site development. A primary focus of this early phase is the systematic identification and evaluation of strategic locations for subsequent projects.
To propel the ambitious pipeline forward, the venture's immediate priorities include selecting sites for the next two German plants and commencing the requisite planning and approval procedures. To manage this expansion effectively, UniPyrum plans to recruit specialised personnel, ensuring that the development of all projects progresses both efficiently and on schedule. This structured approach marks a significant transition from planning to active execution for the partnership.
Pascal Klein, CEO, Pyrum Innovations AG, said, “With the signing of the engineering contract, we are setting a decisive milestone together with UNITANK for the implementation of our first joint venture plant in Europe. The plant in Emleben is another driver of our growth strategy in Germany and lays the foundation for the widespread introduction of our pioneering recycling technology and the supply of system-critical raw materials produced from waste to Europe.”
Tyres Europe Welcomes Brisa And Marangoni As Full Members
- By TT News
- February 05, 2026
Tyres Europe has announced that Brisa and Marangoni have become Full Members of the association, strengthening the European tyre manufacturing industry's collective presence.
Commenting on the development, Livio Magni, President, Tyres Europe, said, “We are pleased to welcome Brisa and Marangoni to Tyres Europe. Their joining reflects the importance of a strong and united industry voice at the European level, particularly at a time of increasing regulatory complexity and transformation for the tyre sector.”
Adam McCarthy, Secretary General, Tyres Europe, said, “The joining of Brisa and Marangoni reinforces the diversity and expertise within Tyres Europe, particularly in retreading and circular economy solutions. We look forward to working closely together on key EU policy files affecting competitiveness, sustainability and innovation in the tyre industry.”
Cenk Koçdor, Chief Growth Officer, Brisa, said, “Being part of such an influential platform that shapes the future of the industry at both European and global levels always makes us happy and proud. Through this full membership, we will contribute to the dialogue on regulations and market dynamics while strengthening our market intelligence to deliver greater value for our customers. With our capabilities, we will help reinforce the strategic role of tyres within a sustainable mobility ecosystem and support the industry’s readiness for the future.”
Vittorio Marangoni, President, Marangoni, said, “We are proud to regain our status as a Full Member and look forward to contributing to the European tyre industry during this challenging period. We will also be happy to share with Tyres Europe our specific expertise in the circular economy of tyres.”
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