NEXT GENERATION
EUROPE'S LEADING TMCs 2025
As new names rise up the rankings and others disappear, Europe¡¯s diverse TMC ecosystem proves there¡¯s no one-size-fits-all in corporate travel
Published 23 June 2025
The amount Europe spent on business travel in 2024 is in the region of €360.4 billion, according to the Global Business Travel Association ¨C a 10.4 per cent increase on 2023.
This is big business. To put that in perspective, it is the same as the entire GDP of Norway, one of the richest nations in the world. Our own research covers €47 billion of that business travel spend and each year our coverage grows.
American Express Global Business Travel remains way out in front of the rest of Europe¡¯s TMCs. That leading position will only be further extended if competition authorities give the green light for its merger with CWT. You can read elsewhere in our respective market introductions about what different nations feel about this. Perhaps surprisingly, some rival TMCs see it as an opportunity rather than a threat.
Europe's Leading TMCs 2025 (1-50)
Click on the logos to read full TMC profiles
*Estimated
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Travel management companies got hurt bad during Covid and the financial pain that the pandemic inflicted is still playing out not only through mergers and acquisitions but also in larger and tighter networks of independent TMCs.
What is always comforting when you look at this European list is seeing the range of TMCs out there. Corporates in different sectors and of companies of different sizes ¨C multinationals, nationals and SMEs ¨C all have different requirements. Across Europe, there is a TMC that fits each perfectly.
The ranking of 2025 is very different from that of ten years ago. Back then, names like Navan, TravelPerk, Lanes & Planes and Supertripper were just glints in their founders¡¯ eyes. The traditional names, some of them dating from the earliest days of international travel, are still there but they are being challenged by young upstarts who have convinced the venture capitalists that there is money to be made from business travel.
What is certain is that next year¡¯s listing will look very different. One of the oldest names in travel, CWT, with the W referring to wagon-lits, the sleeping carriages on long-distance train services, may no longer be there. Nothing is certain in travel but wouldn't the loss of that heritage be a shame?
