Low Cost Carrier Market to Worth USD 789.62 Billion by 2030 | With a 17.1% CAGR
The Low Cost Carrier Market Covered Major Segments Size, Share & COVID-19 Impact Analysis, By Aircraft Type (Narrow Body, Wide Body, and Others), By Destination (Domestic and International), By Haul (Long Haul and Short Haul), and Regional Forecast, 2023-2030
Pune, India, Sept. 19, 2023 (GLOBE NEWSWIRE) -- The global low cost carrier market size was valued at USD 217.58 billion in 2022 and is projected to grow from USD 261.42 billion in 2023 to USD 789.62 billion by 2030, exhibiting a CAGR of 17.1% over the forecast period.
A low-cost airline does not offer traditional services, which are normally included in the ticket price. Low-cost airlines offer lower ticket prices but less comfort. The low cost carrier companies compensate the losses by charging extra on food, priority boarding, baggage, and seat assignment.
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*Leading Players Featured in the Research Report:*
“Companies leading the Low Cost Carrier Market are Air Asia (India), Ryanair (Ireland), Indigo (India), Scoot (Singapore), Southwest Airlines (U.S.), Eurowings (Germany), flydubai (UAE), Virgin Australia (Australia), JetBlue Airlines (U.S.), Wizz Air (Hungary), and Spirit Airlines (U.S.).”
**Report Scope & Segmentation:**
*Report Coverage* *Details*
Forecast Period 2023-2030
Forecast CAGR 17.1%
2030 Value Projection USD 789.62 Billion
Market Size in 2023 USD 261.42 Billion
Historical Data 2019-2021
No. of Pages 180
Report Coverage Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
Segments Covered · By Aircraft Type
· By Destination
· By Haul
· By Geography
Regions Covered · North America
· Europe
· Asia Pacific
· Latin America
· Middle East and Africa
Low Cost Carrier Market Growth Drivers Low Maintenance Costs Associated with Aircrafts Drives Market Growth
Rising Air Passenger Travel Owing to Reduced Fares to Drive Market Growth
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*COVID-19 Impact:*
*Decreased Number of Flights During Pandemic Hampered Market Growth*
The COVID-19 pandemic negatively impacted the low cost carrier market growth. The decreased number of flights operated by low cost carriers globally hampered the market growth during the forecast period. The number of flights operated by key airlines, including Ryanair, Wizz Air, and others, significantly decreased due to the COVID-19 pandemic.
*Segments:*
*Rising Fleet Expansion by LCC Operators to Drive Segment Growth for Wide Body Segment*
By aircraft type, the market is segmented into narrow body, wide body, and others. The wide body segment is estimated to dominate the market during the forecast period. The growth is attributed to the increasing expansion of aircraft fleet by the low cost carrier operators worldwide.
*Increasing Number of Air Routes to Augment Segment Growth for International Segment*
Based on destination, the market is classified into domestic and international. The international segment is expected to dominate the market during the forecast period. The growth is attributed to the increasing number of international routes from airline operators to expand globally. The domestic segment is the fastest-growing destination segment in the market.
*Low Price and Single-Route Flights to Drive Segment Growth for Long Haul*
By haul, the market is segmented into long haul and short haul. The long haul segment dominated the market in 2022 and is estimated to experience fast growth during the forecast period. The growth is attributed to the increasing number of air travelers opting for long haul routes due to the low price range and single-route flights.
Geographically, the market is studied across North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
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*Report Coverage:*
The report offers:
· Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
· Comprehensive insights into regional developments.
· List of major industry players.
· Key strategies adopted by the market players.
· The latest industry developments include product launches, partnerships, mergers, and acquisitions.
*Drivers & Restraints:*
*Low Aircraft Maintenance Costs to Propel Market Growth*
The low maintenance costs associated with the aircrafts operated by various companies are driving the low cost carrier market growth during the projected period. Several LCCs use modern aircrafts designed for quick turnaround times, spending less time on the ground between flights. The low cost airlines mainly operate several standard aircrafts that allow them to negotiate favorable terms with maintenance providers and aircraft manufacturers.
Low-cost airlines mainly rely on secondary revenue for profit, and low ticket prices are sometimes non-profitable for the airline company, further hampering the market growth.
*Regional Insights:*
*Rising Promotion of Untapped Routes to Boost Market Growth in Asia Pacific*
Asia Pacific held the largest low cost carrier market share in 2022, valued at USD 83.53 billion. The growth was attributed to the rising promotion of untapped regional routes. For instance, in May 2023, Indigo Airlines introduced new flights between several Middle Eastern and Indian cities to strengthen its market presence.
Europe holds the second-largest market share during the forecast period owing to the rising presence of different low cost airline operators across Europe.
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*Detailed Table of Contents:*
· *Introduction*
· Research Scope
· Market Segmentation
· Research Methodology
· Definitions and Assumptions
· *Executive Summary*
· *Market Dynamics*
· Market Drivers
· Market Restraints
· Market opportunities
· Market Trends
· *Key Insights*
· Key Industry Developments - Key Contracts & Agreements, Mergers, Acquisitions and Partnerships
· Latest Technological Advancements
· Porters Five Forces Analysis
· Supply Chain Analysis
· Quantitative Insights - Impact of COVID-19 Pandemic on Global Low Cost Carrier Market
· *Global Low Cost Carrier Market Analysis, Insights and Forecast, 2019-2030*
· 5.1 Key Findings / Definition
· Market Analysis, Insights and Forecast - By Aircraft Type
· Narrow Body
· Wide Body
· Others
· Market Analysis, Insights and Forecast - By Destination
· Domestic
· International
· Market Analysis, Insights and Forecast - By Haul
· Long Haul
· Short Haul
· Market Analysis, Insights and Forecast - By Region
· North America
· Europe
· Asia Pacific
· Middle East & Africa
· Latin America
· *North America Low Cost Carrier Market Analysis, Insights and Forecast, 2019-2030*
· Market Analysis, Insights and Forecast - By Aircraft Type
· Narrow Body
· Wide Body
· Others
· Market Analysis, Insights and Forecast - By Destination
· Domestic
· International
· Market Analysis, Insights and Forecast - By Haul
· Long Haul
· Short Haul
· Market Analysis, Insights and Forecast - By Country
· U.S.
· Market Analysis, Insights and Forecast - By Aircraft Type
· Narrow Body
· Wide Body
· Others
· Canada
· Market Analysis, Insights and Forecast - By Aircraft Type
· Narrow Body
· Wide Body
· Others
*TOC Continued...!*
*Competitive Landscape:*
*Growing Key Players’ Focus on LCC Fleets Expansion to Aid Market Growth*
The market consists of key players, such as Air Asia, Indigo, Ryanair, Scoot, and others. These companies are using low cost carrier fleets to expand in the market, propelling the market growth during the forecast period. The rising adoption of low cost airlines, which adhere to the high degree of standardization and uniformity, will boost the market growth during the forecast period.
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*Notable Industry Development:*
*August 2023 – *Arajet began flights to Bávaro and Arajet, popular tourist destinations in the Dominican Republic. Arajet will provide additional bus connections, bringing passengers on flights from Canada and South America to their destinations without buying the service separately.
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· Low Cost Carrier Market