IMARC Group has recently released a new research study “Low Cost Airlines Market: Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What Are The Growth Prospects Of The Low Cost Airlines Industry?
The global low-cost airlines market size reached US$ 189.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 315.4 Billion by 2028, exhibiting a growth rate (CAGR) of 8.7% during 2023-2028.
What Is A Low Cost Airlines?
Low cost airlines, also known as no-frills carriers or budget airlines, provide fewer amenities for 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 minimum equipment to minimize acquisition, weight, and maintenance costs while increasing fuel efficiency. They operate at less congested secondary airports to reduce air traffic, airport fees, delays, and ground time between flights.
What Are The Major Key Factors Driving In The Low Cost Airlines Market?
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.
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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 R&D 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.
Who Are The Key Players/Companies In The Global Low Cost Airlines Market?
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. and WestJet Airlines Ltd.
The report has been segmented the market into following categories:
Breakup by Purpose:
- Leisure Travel
- Business Travel
Breakup by Distribution Channel:
- Travel Agency
Breakup by Destination:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom,
Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia,
Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates,
Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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