Low Cost Airlines Market have grown exponentially worldwide over the past few years

Low cost airlines are passenger airlines, which offer travelling service at relatively cheaper rate 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 and EasyJet.

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At present, the market is supported by the leisure travelers; however, the expansion of the market into the business travel segment is anticipated to propel the growth.

Development of the travel and tourism industry drive the market. Moreover, government initiative to increase national & international tourism significantly boost the market growth. In addition, increase in penetration of internet is rapidly changing the dynamic of doing business. Rise in competition within the airline industry is anticipated to further introduce ultra-low cost airline, and the service is also expected to improve to increase brand loyalty.

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The Global Low Cost Airlines Market was valued at $117,726 million in 2016, and is projected to reach $207,816 million in 2023, registering a CAGR of 8.6% from 2017 to 2023. The development of the travel & tourism sector fosters the growth of the low cost airlines market.

The global low cost airlines market is segmented based on purpose, destination, and distribution channel. By purpose, the market is divided into leisure travel, VFR, business travel, and others. By destination, it is bifurcated into domestic and international. Based on distribution channel, the market is classified into online, travel agency, and others.

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The global low cost airlines market is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Italy, Spain, Germany, France, Latvia, and rest of Europe), Asia-Pacific (Philippines, Indonesia, Thailand, Singapore, Malaysia, Vietnam, China, India, and rest of Asia-Pacific), and LAMEA (Latin America, Africa, and Middle East).

Major companies profiled in the report include Airasia Inc., Virgin America, Norwegian Air Shuttle As, easyJet plc, Jetstar Airways Pty Ltd., WestJet Airlines Ltd., Indigo, LLC, Azul Linhas Areas Brasileiras S.A. (Azul Brazilian Airlines), Ryanair Holdings plc, and Air Arabia PJSC.

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