Low-Cost Airlines Market Size, Share & Trends Estimation Report By Type(Leisure Travel, VFR, Business Travel),By Application(Online, Travel Agency),By Destination (Domestic, International), By Region, And Segment Forecasts, 2023 - 2030
The Global Low-Cost Airlines Market is projected to reach $440.5 Billion by 2030, growing at a CAGR of 15.2% from 2023 to 2030.
Low Cost Airlines Market Overview:
Low-cost airlines are passenger airlines that offer travel service tickets at relatively low rates compared to other airlines (full-service or traditional airlines). Low cost airlines are also known as "no-frills", "prize fighters", "low cost carriers (LCCs)", "discount airlines" and "budget airlines". Popular low-cost airlines include Ryanair and EasyJet.
The growth of the market is attributed to increase in economic activity, ease of travel, travel and tourism industry, urbanization, lifestyle changes, consumer preference for low-cost services along with non-stop, frequent service, and increasing purchasing power, especially in developing countries. Proportion of middle-class households, high internet penetration and electronic literacy. However, factors such as unstable crude oil prices, rising rates of terrorism and crime, political uncertainty and natural disasters are hindering the market growth. Conversely, sustainable airport governance, operational and financial improvements are expected to capitalize on the growth of the low-cost airline market.
This report helps readers develop business/growth strategies, assess market competitive conditions, analyze current market positioning, and make business decisions regarding low-cost airlines.
The Low Cost Airlines market size, estimations, and forecasts are delivered in terms of sales volume (K Units) and revenue ($ millions), considering 2021 as the base year, with history and forecast data for the period from 2017 to 2028. This report segments the global Low Cost Airlines market in detail. Regional market sizes, concerning products by types, by application, and by players, are also provided. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
Key Market Updates:
- 26 September 2022 – AirAsia Skytrax has been named the world's best low-cost airline for the 13th consecutive year at the World Airline Awards 2022. Considered the global benchmark for airline excellence, the Skytrax World Airline Awards 2022 is determined by a survey of 14.3 million customers from over 100 nationalities reviewing over 300 airlines from September 2021 to August 2022 It has been.
Major Market Segments Covered in Low Cost Airlines Industry Research:
Market Key Players:
AirAsia Berhad, Virgin, Norwegian Air Shuttle, EasyJet, Jetstar Airways, WestJet Airlines, Indigo, Azul Linhas Areas Brasileiras, Ryanair Holdings, Air Arabia PJSC, and Others.
- Leisure Travel
- Business Travel
Leisure travel is the most popular type of budget airline booking with many travelers planning a short trip or weekend getaway. Some people think of leisure travel as a form of vacation, but it also includes business travel, visiting friends and family, and attending cultural events such as concerts and sporting events.
- Travel Agency
In 2021, North America had the largest market size for the low-cost airline industry. Growth in this region can be attributed to rising disposable income and increasing demand for convenience and comfort. North America was the dominant regional market with the largest share in 2021, while Asia Pacific is expected to witness the highest growth over the coming years owing to the rise in flights operated by low-cost carriers. Growth in this region can be attributed to rising disposable income and increasing demand for convenience and comfort. North America was the dominant regional market with the largest share in 2021, while Asia Pacific is expected to witness the highest growth in the coming years, owing to the increasing number of low-cost airlines operating in Latin America. . In 2021, Latin America had the second largest market size for the global low-cost airline industry. Growth in this region can be attributed to the growing demand for air travel in emerging countries such as Brazil and Argentina. In 2018, Europe accounted for approximately 31% of total airline passengers carried on all scheduled commercial flights worldwide.
Key Low Cost Airlines Market Driver
The major factors driving the growth of the global low cost airlines market are increasing air passenger traffic, rising disposable income in emerging economies, technological advancements and high travel demand. A growing tourism industry has increased the number of flights available in many parts of the world.
Key Low Cost Airlines Market Restraints
- Lack of brand awareness among passengers
- lack of profitability
- high fuel cost.
Key Low Cost Airlines Market Opportunities
The low-cost airline industry is growing at an astounding rate. With the rise of social media and its ability to connect people, it's no surprise that many people are interested in flying low-cost airlines. Low-cost airlines offer great opportunities for those on a budget but still want to travel.
Low-cost airlines have exploded in popularity over the past few years, but there's always an opportunity for those looking for an affordable way to travel. There were only a handful of airlines available when these airlines first started offering them, but now there are hundreds of them operating around the world.
Low Cost Airlines Market report scope:
|Units||Value (USD Billion)
|Growth Rate||CAGR of 15.2% from 2023 to 2030|
|By Companies||AirAsia Berhad, Virgin, Norwegian Air Shuttle, EasyJet, Jetstar Airways, WestJet Airlines, Indigo, Azul Linhas Areas Brasileiras, Ryanair Holdings, Air Arabia PJSC, and Others.|
|Reasons to Purchase this Report||
Key Takeaways from this Low Cost Airlines Report
- Estimate Low Cost Airlines market potential through analyzing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
- Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
- Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
- Get a quick viewpoint on the Low Cost Airlines market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
- Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
- Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Study the sales and distribution channels over key geographies to improve top-line revenues.