Market Overview
Low-Cost Carrier (LCC) Market Size was valued at USD 150.2 billion in 2022. The Low-Cost Carrier (LCC) Market industry is projected to grow from USD 174.6828 Billion in 2023 to USD 432.2429671 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 16.30% during the forecast period (2023 - 2030).
The rising number of air travellers worldwide is predicted to drive the global Low Cost Carrier Industry growth during the forecast period. Moreover, the rising travel and tourism industry is contributing to the market growth. However, the Low Cost Carrier market might get affected because of the low profitability, volatile crude oil price, and high operational cost.
Additionally, the current market might face challenges due to the high competition, significant risks, and high start-up costs. But according to low cost carrier market research to witness rapid growth.
Market Segmentation:
According to the Low Cost Carrier Industry analysis, the current market has been segmented into aircraft type, operation, and distribution channel.
Based on the aircraft type segment, the market for Low-Cost Carrier has been classified into Narrow Body Aircraft and Wiåde Body Aircraft. Out of these two, the narrow-body aircraft is considered to be larger. Also, this segment is estimated to have a lesser capacity as compared to wide-body aircraft. On the basis of operation segment, the market for Low-Cost Carrier has been segregated into Domestic and International. Among these, the domestic operation segment has dominated the market by acquiring a higher market size in 2018. This segment is expanding because of the rising number of domestic air travellers.
Depending on the distribution channel segment, the recent studies market for Low-Cost Carrier has been categorised into Online Channels and Travel agencies. Of these, the online segment is estimated to generate the highest market share during the forecast period because of the rising usage of the online marketplace for flight bookings.
Key Players:
The low cost carrier market players are EasyJet Airline Company Limited (UK), AirAsiaBerhad (Malaysia), JetBlue Airways Corporation (US), IndiGo (India), Ryanair DAC (Ireland), Norwegian Air Shuttle ASA (Norway), SpiceJet Limited (India), Southwest Airlines Co (US), WestJet Airlines Ltd (Canada), Spirit Airlines Inc(US).
Regional Analysis:
The current Low Cost Carrier Industry has geographically covered various locations such as Asia-Pacific,åçå North America, Europe, Latin America, Middle East Africa, and others.
Among all, the North American regional market is predicted to lead the LCC market during the review period. This region is expanding due to the presence of prominent LCC airlines like JetBlue Airways Corporation, Spirit Airlines, Inc., Southwest Airlines Co., and WestJet Airlines Ltd. Furthermore; the highest CAGR has been held by the Asia Pacific regional market in the forecast timeframe because of the increasing air passenger traffic in countries like China, India, Indonesia, and Malaysia as well as rising investment in the region.
Industry News:
The global market for Low-Cost Carrier is supported by various market leaders such as EasyJet Airline Company Limited (UK), JetBlue Airways Corporation (US), AirAsia Berhad (Malaysia), Ryanair DAC (Ireland), IndiGo (India), SpiceJet Limited (India), Norwegian Air Shuttle ASA (Norway), WestJet Airlines Ltd (Canada), Southwest Airlines Co. (US), and Spirit Airlines, Inc. (the US). For instance, on 28 September 2016, the partnership agreement between Wingo and Radixx International was announced. This partnership has aimed to make international air travel more developed and affordable.
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