Low-Cost Carrier Market is Expected to Globally Reach $595.1 Billion by 2032 at 12.1% CAGR: Allied Market Research
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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:
Growth of the tourism industry
Impact of Russia-Ukraine War
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.
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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:
Key Highlights:
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Leading Market Players: -
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.
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