According to the global low cost airlines market report by IMARC Group, the market reached a value of US$ 189.1 Billion in 2022, and it is projected to reach a value of US$ 315.4 Billion by 2028, exhibiting a CAGR of 8.7% during 2023-2028.
What are 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.
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What Are The Growth Prospects And Trends In The Low Cost Airlines Industry?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.
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..
What Is Included In Market Segmentation?The report has segmented the market into the following categories:
Breakup by Purpose:
Breakup by Distribution Channel:Breakup by Destination:Market Breakup by Region:- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
The report covers the major market players including:
- 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.
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