IMARC Group, a leading market research company, has recently releases report titled “Low Cost Airlines Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global low cost airlines market trends, share, size and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Low Cost Airlines Market?
The global low cost airlines market size reached US$ 189.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 315.4 Billion by 2028, exhibiting growth rate (CAGR) of 8.7% during 2023-2028.
What is Low Cost Airlines?
Low cost airlines, also known as no-frills carriers or budget airlines, provide fewer amenities for a short haul than conventional full-service airlines. They charge separately for each item, such as prior boarding, food, beverages, carry-on baggage, and car rental services, to generate non-ticket revenues. In addition to this, low cost airlines also use single-type aircraft with little equipment to minimize acquisition, weight, and maintenance costs while enhancing fuel efficiency. They operate at less crowded secondary airports to lessen air traffic, airport fees, delays, and ground time between flights.
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What are the growth prospects and trends in the low cost airlines industry?
The expanding travel and tourism industry is primarily driving the low cost airlines market. Additionally, key market players are focusing on providing discounted fares for early reservations while enhancing passenger connectivity, which is further catalyzing the market growth.
Besides this, the increasing adoption of ticketless travel and the rising internet penetration are acting as significant growth-inducing factors. Moreover, the leading airline companies also offer tickets directly via the telephone and eliminate the role of third-party agencies, which minimizes the cost of transactions and services.
Apart from this, the inflating popularity of low cost airlines, as they operate via point-to-point nonstop flights that help in reducing travel time and enabling better aircraft utilization, extensive investments in RD activities, and the implementation of stringent regulations by government bodies to minimize carbon emissions are positively influencing the global market. Furthermore, business travelers are focusing on reducing travel time and costs, which is projected to fuel the low cost airlines market in the coming years.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Purpose:
- Leisure Travel
- VFR
- Business Travel
- Others
Breakup by Distribution Channel:
- Online
- Travel Agency
- Others
Breakup by Destination:
- Domestic
- International
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Air Arabia PJSC
- Alaska Airlines Inc.
- Capital A Berhad (Tune Group Sdn Bhd)
- EasyJet plc
- Go Airlines (Wadia Group)
- IndiGo
- Jetstar Airways Pty Ltd (Qantas Airways Limited)
- Norwegian Air Shuttle ASA
- Ryanair Holdings PLC
- Southwest Airlines Co.
- SpiceJet Limited
- Spirit Airlines Inc.
- WestJet Airlines Ltd.
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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