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DUBLIN--(BUSINESS WIRE)--Nov 3, 2022--
The "Low Cost Airlines Market By Purpose, By Destination, By Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2016-2030" report has been added to ResearchAndMarkets.com's offering.
The global low cost airlines market was valued at $155.02 billion in 2016, and is projected to reach $440.46 billion by 2030, growing at a CAGR of 10.4% from 2022 to 2030.
Low-cost airline is a passenger carrier, which offers travelling service at relatively affordable and competitive rates as compared to other airlines (full service or traditional airline). low-cost airlines are also known as "no frills airlines," "prizefighters," "low-cost carriers (LCC)," "discount airlines," and "budget airlines." Some of the popular low-cost airlines include Ryanair, EasyJet, Air Asia, and Qantas Airways.
The feasibility of the operation of low-cost airlines is attributed to its low-cost model. This low-cost model can include characteristics such as low pricing strategy, simple pricing structure, involves online & direct ticket booking (eliminating extra ground staff & vendors), preference to secondary airport, point-to-point network, single class seating arrangement, ticket fare may not include extra services (food & beverage), intensive aircraft usage, short turnaround time, dense seating arrangements, and secondary revenue sources (advertisement and onboard selling).
Low-cost airlines have grown exponentially worldwide over the past few years, owing to rise in economic activities, ease of travel, development of the travel & tourism industry, rapid urbanization, changes in lifestyle, consumers' preference for low-cost service along with non-stops, and frequent service.
Moreover, increase in purchasing power of middle-class households, especially in developing regions, and high internet penetration coupled with e-literacy notably contribute toward the growth of the global low-cost airlines market. However, factors such as volatile crude oil prices and increase in terrorism & crime rate, political uncertainty, & natural calamities hinder the market growth. Furthermore, increase in cases of COVID-19 is leading to travel restrictions, which is severely affecting the market.
In addition, factors such high investment & operational cost but low profitability is anticipated to be a major challenge of the low-cost airlines industry. Conversely, sustainable airport governance and operational & financial improvements are anticipated to offer remunerative opportunities for the growth of the low-cost airlines market.
Key Benefits
Key Market Segments
By Distribution Channel
By Purpose
By Destination
By Region
Key Market Players
For more information about this report visit https://www.researchandmarkets.com/r/z5ikz8
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KEYWORD:
INDUSTRY KEYWORD: ONLINE RETAIL RETAIL AIR TRANSPORT TRANSPORTATION VACATION TRAVEL
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 11/03/2022 10:56 AM/DISC: 11/03/2022 10:56 AM
http://www.businesswire.com/news/home/20221103005970/en