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Low Cost Airlines Market

Low Cost Airlines Market

by Purpose (Leisure Travel, Vfr, Business Travel, Others), by Destination (Domestic, International), by Distribution Channel (Online, Travel Agency, Others): Global Opportunity Analysis and Industry Forecast, 2016-2030

✷  Report Code: A04211
Pages: 233
Aug 2022 | 39332 Views
Author(s) : Vidit G , Roshan D
Tables: 161
Charts: 65
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Low Cost Airlines Market Research, 2030

The global low cost airlines market was valued at $155.02 billion in 2016, and is projected to reach $440.46 billion by 2030, growing at a CAGR of 10.4% from 2022 to 2030.

Low Cost Airlines Market, Low Cost Airlines Industry, Low Cost Airlines Market Size, Low Cost Airlines Market Share, Low Cost Airlines Market Growth, Low Cost Airlines Market Trends, Low Cost Airlines Market Analysis, Low Cost Airlines Market Forecast

Low-cost airline is a passenger carrier, which offers travelling service at relatively affordable and competitive rates as compared to other airlines (full service or traditional airline). Some of the popular low-cost airlines include Ryanair, EasyJet, Air Asia, and Qantas Airways. The feasibility of the operation of low-cost airlines is attributed to its low-cost model. This low-cost model can include characteristics such as low pricing strategy, simple pricing structure, involves online & direct ticket booking (eliminating extra ground staff & vendors), preference to secondary airport, point-to-point network, single class seating arrangement, ticket fare may not include extra services (food & beverage), intensive aircraft usage, short turnaround time, dense seating arrangements, and secondary revenue sources (advertisement and onboard selling).

Low-cost airlines have grown exponentially worldwide over the past few years, owing to rise in economic activities, ease of travel, development of the travel & tourism industry, rapid urbanization, changes in lifestyle, consumers preference for low-cost service along with non-stops, and frequent service. Moreover, increase in purchasing power of middle-class households, especially in developing regions, and high internet penetration coupled with e-literacy notably contribute toward the growth of the global low-cost airlines market. However, factors such as volatile crude oil prices and increase in terrorism & crime rate, political uncertainty, & natural calamities hinder the market growth. Furthermore, increase in cases of COVID-19 is leading to travel restrictions, which is severely affecting the market.

Improvement in economic condition and surge in disposable income are significant factors that propel the growth of low-cost airlines market. After the 2009 economic crisis in Europe and the economic crisis in China, the world economy witnessed a standstill. However, strong recovery from the crisis resulted in notable economic growth, especially in developing economies, and has led to increase in disposable income among the middle-income groups. In addition, disposable income of individuals in Asia-Pacific has witnessed a high growth rate, thus acting as a major driver for the market.

Moreover, transportation through airlines provides a significant support to the economic development. Current trend of increasing connectivity of major cities of high economic activity enables the transfer of goods, people, capital, technology, and ideas. Moreover, the price to consumers of air transport, meanwhile, continues to fall, after adjusting for inflation, owing to the introduction of low-cost airlines and highly competitive rivalry among the airlines.

The target of terrorists has shifted toward international tourists and visitors. Some of these infamous incidents include the Luxor massacre, November 1997; 9/11 at World Trade Center; and 26/11 Mumbai attacks. These incidents have severely affected the travel & tourism industry, thus hampering the market growth. Surge in number of crime rates such as kidnaping, pickpocket, and robbery has led to instability in various destinations. For instance, Afghanistan the invasion of Taliban in this region has reduced the no of passengers due to fear of torture or persecution. Another factor notably affecting tourism is natural disasters such as Indian Ocean earthquake and tsunami, 2004; Tohoku Earthquake and Tsunami, 2011; Hurricane Sandy, 2012; Hurricane Odile, 2014; Chennai Floods, 2015; ,2016 Kaikoura earthquake and China flood, 2020. These disasters significantly affected the infrastructure, lives, and economy & several industries, including airline industry and low-cost airlines market.

The low cost airlines market is segmented into Distribution Channel, Purpose and Destination.

The global low-cost airlines market is segmented into purpose, destination, distribution channel, and region. By purpose, the market is segregated into leisure travel, visiting friends & relatives (VFR), and business travel. Depending on destination, it is bifurcated into domestic and international. On the basis of distribution channel, it is garmented into online and travel agency. The market has been further analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Italy, Spain, Germany, France, Latvia, and rest of Europe), Asia-Pacific (Philippines, Indonesia, Thailand, Singapore, Malaysia, Vietnam, China, India, Australia, and rest of AsiaPacific), and LAMEA (Latin America, Africa, and Middle East).

The major companies profiled in the low cost airlines market size include Air Arabia PJSC, AirAsia Group Berhad, Alaska Air Group, Inc., Azul S.A., easyjet Plc, New World Aviation, Inc., Norwegian Air Shuttle ASA, Qantas Airways Limited, Ryanair Holdings Plc., and Westjet Airlines Ltd.

Low Cost Airlines Market
By Distribution Channel

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The online segment accounted for the highest share owing to the increasing penetration of mobile internet among people in Asia-Pacific and is expected to continue this trend throughout the forecast period.

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Depending on distribution channel, the low-cost airlines market is categorized into online, travel agency, and others. The online segment accounted for the highest low cost airlines market share, and is exacted to continue this trend throughout the low cost airlines market forecast period.

Low Cost Airlines Market
By Purpose

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Leisure travel was the largest segment in 2021, and is expected to continue the trend throughout the forecast. Business travel is expected to garner high growth rate throughout the forecast.

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Depending on purpose, the low-cost airlines market is categorized into leisure travel, VFR, business travel, and others. Leisure travel was the largest segment in 2021, and is expected to continue the trend throughout the forecast. Business travel is expected to garner high growth rate throughout the forecast.

Low Cost Airlines Market
By Destination

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Domestic segment was the largest segment in 2021 owing to the increasing industrialization in developing economies, and is expected to continue the trend throughout the forecast. Business travel is expected to garner high growth rate throughout the forecast.

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On the basis of destination, the low-cost airlines market is categorized into domestic and international. The domestic segment exhibited the highest growth, and is expected to continue the same trend throughout the forecast period. On the contrary, the international segment is expected to register the highest growth rate throughout the forecast.

Low Cost Airlines Market
By Region

2030
Asia-pacific 
North America
Europe
Lamea

Asia-Pacific was the largest market, and is expected to be the fastest growing regional market with a CAGR of 12.0% throughout the forecast period.

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The low-cost airlines market depending on the region is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific was the largest market, and is expected to be the fastest growing regional market with a CAGR of 12.0% throughout the forecast period.

Key Benefits For Stakeholders

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the low cost airlines market analysis from 2016 to 2030 to identify the prevailing low cost airlines industry opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the low cost airlines market segmentation assists to determine the prevailing low cost airlines market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes the analysis of the regional as well as global low cost airlines market trends, key players, market segments, application areas, and low cost airlines market growth strategies.

 

Low Cost Airlines Market Report Highlights

Aspects Details
Distribution Channel
  • Online
  • Travel Agency
  • Others
Purpose
  • Leisure Travel
  • Vfr
  • Business Travel
  • Others
Destination
  • Domestic
  • International
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (United Kingdom, Italy, Spain, Germany, France, Latvia, Russia, Rest of Europe)
  • Asia-Pacific  (Philippines, Indonesia, Thailand, Singapore, Malaysia, Viet Nam, China, India, Australia, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players Air Arabia PJSC, AirAsia Group Berhad, Alaska Air Group, Inc., Azul S.A., easyJet plc, New World Aviation, Inc., Norwegian Air Shuttle ASA, Qantas Airways Limited, Ryanair Holdings Plc, WestJet Airlines Ltd.
 

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The low-cost airlines market holds a substantial scope for growth. The lowcost airlines industry has witnessed steady growth even under several turbulences such as global uncertainty, weakened global economy, terrorist attacks, cyclones, tsunamis, and volatile crude oil price. The CXOs further added that the low-cost airline segment is anticipated to witness strong growth, owing to economic growth and increase in trend of domestic and global leisure travel. In addition, increase in competition among airlines and relaxation on travel and immigration restrictions in several regions foster the market growth. Moreover, surge in penetration of mobile devices and accessibility of the internet have changed travelers’ experience & expectation from service providers across the entire industry. Technology has enabled guests to book their travel with high control and share their travel experiences with prospecting travelers.

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FREQUENTLY ASKED QUESTIONS?

A. The global low-cost airlines market was valued at $123,180.6 million in 2021 and is projected to reach $440,463.8 million by 2030, registering a CAGR of 10.4% from 2022 to 2030.

A. The forecast period in the market report would be 2022-2030.

A. The market value of low cost airlines market in 2021 is $123,180.6 million.

A. The year 2021 is base year calculated in the low cost airlines market report.

A. The low cost airlines market market is supported by the growth of multinational companies and their international movements for their business perspective.

A. The major companies profiled in the report include Air Arabia PJSC, AirAsia Group Berhad, Alaska Air Group, Inc., Azul S.A., easyjet Plc, New World Aviation, Inc., Norwegian Air Shuttle ASA, Qantas Airways Limited, Ryanair Holdings Plc., and Westjet Airlines Ltd.

A. The outbreak of the novel coronavirus has substantially affected the growth of the low-cost airlines market throughout the globe. This decline in growth of the low-cost airlines market is majorly attributed to the active lockdown and social distancing being practiced all around the world combined with travel restrictions.

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