IMARC Group, a leading market research company, has recently releases report titled “Low Cost Airlines Market Report by Purpose (Leisure Travel, VFR, Business Travel, and Others), Distribution Channel (Online, Travel Agency, and Others), Destination (Domestic, International), and Region 2024-2032”, Offers a comprehensive analysis of the industry, which comprises insights on the global low cost airlines market share.
How Big Is the Low Cost Airlines Market?
The global low cost airlines market size reached US$ 205.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 405.1 Billion by 2032, exhibiting growth rate (CAGR) of 7.7% during 2024-2032.
Industry Overview of Low Cost Airlines
Low-cost airlines are airlines that offer air travel at lower fares as compared to traditional full-service carriers. They typically focus on providing a no-frills, basic service, where passengers pay only for the essentials, such as the flight ticket and carry-on baggage. They are known for their cost-saving measures, such as flying to secondary airports, utilizing point-to-point routes, and operating a single aircraft type to reduce maintenance costs. They offer various fare options, allowing travelers to adjust their travel plans based on their budget and needs.
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What are the growth prospects and trends in the low cost airlines industry?
The increasing desire among individuals for leisure travel and weekend getaways on account of rapid urbanization, growing global population, and inflating income levels represent one of the primary factors driving the demand for low cost airline options around the world.
In addition, the rising inclination towards online booking platforms and mobile apps that has made it easier for customers to compare prices and find affordable airfares is favoring the growth of the market.
Apart from this, the growing adoption of low cost airlines due to its numerous advantages, including focus on direct routes and allow passengers to choose and pay only for the services they need, such as baggage, meals, and seat selection, is influencing the market positively.
Leading Companies Operating in the Global Low Cost Airlines Industry:
- 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.
- WestJet Airlines Ltd.
Low Cost Airlines Market Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Purpose:
- Leisure Travel
- VFR
- Business Travel
- Others
Breakup by Distribution Channel:
- Online
- Travel Agency
- Others
Breakup by Destination:
- Domestic
- International
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
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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