Liberalization of aviation markets and open skies agreements, low maintenance costs associated with aircrafts, and growth of the tourism industry drive the growth of the global low-cost carrier market.
WILMINGTON, Del., Dec. 4, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Low-Cost Carrier Market by Aircraft Type (Narrow Body Aircraft and Wide Body Aircraft), Destination (Domestic and International), and Haul (Short Haul and Long Haul): Global Opportunity Analysis and Industry Forecast, 2022-2032″. According to the report, the global low-cost carrier industry size generated $196.1 billion in 2022, and is anticipated to generate $595.1 billion by 2032, witnessing a CAGR of 12.1% from 2023 to 2032.
(We are providing low-speed EV industry report as per your research requirement, including the Latest Industry Insight’s Evolution, Potential and Russia-Ukraine War Impact Analysis)
115 – Tables
60 – Charts
330 – Pages
Download Sample Pages – https://www.alliedmarketresearch.com/request-sample/186167
Prime determinants of growth
Factors such as liberalization of aviation markets and open skies agreements, low maintenance costs associated with aircraft, and growth of the tourism industry drive the growth of the low-cost carrier market. However, high competition, and fluctuations in fuel prices hinder the growth of the market. Furthermore, innovative service offerings from low-cost airlines, and adoption of latest technologies by LCCs for ticket sales, check-ins, baggage processing offer remarkable growth opportunities for the players operating in the low-cost carrier market.
Report Coverage and Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
|
Base Year |
2022 |
|
Market Size in 2022 |
$196.1 billion |
|
Market Size in 2032 |
$595.1 billion |
|
CAGR |
12.1 % |
|
No. of Pages in Report |
330 |
|
Segments Covered |
Aircraft type, destination, haul, and region |
|
Drivers |
Liberalization of aviation markets and open skies agreements Low maintenance costs associated with aircraft Growth of the tourism industry
|
|
Opportunities |
Innovative unbundled service offerings from low-cost airlines Adoption of latest technologies by LCCs for ticket sales, check-ins, baggage processing |
|
Restraints |
High competition Fluctuations in fuel prices |
Impact of Russia-Ukraine War
The closure of airspace around the conflict zone in Eastern Europe has led low-cost carriers to cancel flights to nearby destinations resulting in revenue declines from lost ticket sales.
The economic ripple effects such as rise in consumer prices across Europe and supply chain issues may reduce discretionary spending on travel in the near-term limiting passenger growth for low-cost airlines.
The narrow body aircraft segment to maintain its leadership status during the forecast period
On the basis of aircraft type, the narrow body segment held the highest market share in 2022, accounting for nearly four-fifths of the global low-cost carrier market revenue, and is estimated to maintain its leadership status during the forecast period. The segment is also expected to register the highest CAGR of 12.3% from 2023 to 2032. Narrow body aircraft typically have a single aisle and are well-suited for short to medium-haul routes, providing an ideal solution for carriers focusing on point-to-point travel. These aircraft, such as the Boeing 737 and Airbus A320 families, offer a balance between fuel efficiency and passenger capacity.
Interested to Procure the Research Report? Inquire Before Buying – https://www.alliedmarketresearch.com/purchase-enquiry/186167
The domestic segment to maintain its leadership status during the forecast period
On the basis of destination, the domestic segment held the highest market share in 2022, accounting for nearly three-fourths of the global low-cost carrier market revenue, and is estimated to maintain its leadership status during the forecast period. Domestic routes remain the largest market for low-cost carriers, especially major players such as Southwest Airlines Co. in the U.S., Ryanair group in Europe, and AirAsia which have built significant market share on regional routes by stimulating demand with affordability. Moreover, government aviation firms have sought investments to further expand domestic air networks.
The international segment is projected to manifest the highest CAGR of 13.6% from 2023 to 2032. The international segment in the low-cost carrier market encompasses air travel services that connect cities and regions across different countries. Low-cost carriers (LCC) operating in the international segment provide cost-effective options for passengers seeking affordable travel beyond national borders.
The short haul segment to maintain its leadership status during the forecast period
On the basis of haul, the short haul segment held the highest market share in 2022, accounting for nearly three-fourths of the global low-cost carrier market revenue, and is estimated to maintain its leadership status during the forecast period. The growth of regional economic integration and increased tourism activities contribute significantly to the growth of short haul LCCs. These carriers play a pivotal role in connecting cities and regions, fostering economic activities, and promoting tourism within specific geographical areas. Short haul LCCs enable travelers to explore nearby destinations conveniently, stimulating both business and leisure travel.
The long-haul segment is projected to manifest the highest CAGR of 13.4% from 2023 to 2032. Long haul airlines used to be the dominant players in the long-haul market, but long-haul LCCs have started to change that. These carriers concentrate on offering long distance travel options that are reasonably priced by utilizing developments in aircraft technology. The increase in need for direct and reasonably priced connections on longer routes has driven the growth of the segment.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global low-cost carrier market revenue. Asia-Pacific is also expected to witness the fastest CAGR of 13.1% from 2023 to 2032. Rapid economic development in Asia-Pacific. has seen aviation emerge as a key regional connectivity enabler with low-cost carriers at the forefront leveraging the price-sensitive, fast-growing middle class and youth demographic. AirAsia, IndiGo, Cebu Pacific are among leading low-fare airlines stimulated by progressive policy reforms. Moreover, large populations in China, India, and Indonesia provide scale economies that improve international viability while catering to sizable captive domestic audiences.
Recent Developments:
In April 2022, The Jetstar Group entered into a collaboration with IndiGo, allowing Jetstar customers to book connections and flights on IndiGo services through its Jetstar Connect platform.
In May 2023, Ryanair Holdings plc placed an order for 300 new Boeing 737-MAX-10 aircraft scheduled for delivery between 2027 and 2033. This strategic move aims to expand its fleet and enhance its market presence.
Key Highlights:
The low-cost carrier industry report comprehensively examines segments including narrow-body aircraft and wide-body aircraft. The analysis spans different regions, encompassing North America, Europe, Asia-Pacific, and LAMEA.
Integrating high-quality data, professional insights, and critical independent perspectives, the study adopts a research approach aimed at providing a well-rounded view of global markets. The goal is to assist stakeholders in making informed decisions to achieve their ambitious growth objectives.
The research involved a thorough review of over 3,700 product literatures, annual reports, industry statements, and comparable materials from major industry participants. This extensive review enhances understanding and insight into the market dynamics.
Procure Complete Research Report (PDF with Qualitative and Quotative Data, Insights, Statistics, Tables, Charts, Figures) – https://www.alliedmarketresearch.com/low-cost-carrier-lcc-market/purchase-options
Leading Market Players: –
AirAsia
easyJet plc
Eurowings GmbH
Flynas
InterGlobe Aviation Limited
Jetstar Airways Pty Ltd.
Ryanair Group
Scoot Pte Ltd
Southwest Airlines Co.
Volotea.
The report provides a detailed analysis of these key players of the global low-cost carrier market. These players have adopted strategies such as new product launches to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Similar Reports We Have Aviation Industry:
Business Jet Market Research Report 2023-2032
Large Business Aircraft Market Research Report 2023-2032
Ultralight Aircraft Market Research Report 2023-2032
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
1209 Orange Street,
Corporation Trust Center,
Wilmington, New Castle,
Delaware 19801 USA.
USA/Canada (Toll Free):
+1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-800-792-5285
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com
Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg