Low cost carrier market share is projected to grow USD 419.723 billion at a CAGR 16.31% by during the forecast period 2020-2030.
The rising number of air travellers worldwide is predicted to drive the global Low cost carrier market share growth during the forecast period. Moreover, the rising global travel and tourism industry is contributing to the global market growth. However, the global Low cost carrier market share 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.
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).
According to the global Low cost carrier market share analysis, the current market has been segmented into aircraft type, operation, and distribution channel.
Based on the aircraft type segment, the global 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 global market for Low-Cost Carrier has been segregated into Domestic and International. Among these, the domestic operation segment has dominated the global 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.
The current Low cost carrier market share 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 global 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.
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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