India is quickly becoming a major global business travel market. In 2012, India surpassed Canada to become the 10th largest business travel market in the world, spending a total of US$22.1 billion on business travel. Over the next five years, GBTA [Global Business Travel Association] expects India’s business travel spend will grow at a compound rate of 13.5%, making it one of the fastest growing markets in the world.
Business travel spending in the Asia Pacific region has grown 8% annually since 2000, more than doubling in size and totaling US$393 billion in 2012. China is fast moving towards global dominance of the business travel market, and GBTA now expects that it will surpass the U.S. as the largest business travel market in the world by 2016. Spending in China has grown from US$32 billion at the start of the millennium to US$196 billion in 2012, and China’s meteoric growth is expected to continue, doubling to US$375 billion by 2017.