Low Cost Airline Market Accelerates Business to Gain High Revenue during 2018-2023 | Airasia Inc., Virgin America, Norwegian Air Shuttle As, easyJet plc, Jetstar Airways Pty Ltd., WestJet Airlines Ltd., Indigo, LLC, Azul Linhas Areas

Low cost airlines are passenger airlines, which offer travelling service tickets 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.

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.

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The feasibility of the operation of low cost airlines is attributed to its low cost model. This low cost model may include some of the following characteristicslow 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, secondary revenue source (advertisement, onboard selling), and other.

Low cost airlines have grown exponentially worldwide over the past few years, owing to rise in economic activity, ease of travel, travel & tourism industry, urbanization, changes in lifestyle, consumers preference for low cost service along with non-stops, and frequent service, increase in purchasing power of middle class households especially in the developing regions, and high internet penetration coupled with e-literacy. However, factors such as volatile crude oil price and increase in terrorism & crime rate, political uncertainty, & natural calamities hinder the market growth. Conversely, sustainable airport governance, operational & financial improvement is anticipated to leverage the growth of the low cost airlines market. Nevertheless, factors such as high investment & operational cost but low profitability is anticipated to be a major challenge of the low cost airlines industry.

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).

The global low cost airlines market is dominated by the Europe region. However, Asia-Pacific is anticipated to witness the highest growth rate during the forecast period. The penetration of low cost airlines is not equal in all region. The penetration is high in North America & Europe and LAMEA has the least.

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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.

Key Market Benefits for Stakeholders:
• This report provides an in-depth analysis of the global low cost airlines market to identify the potential investment pockets.
• It outlines the current trends and future scenarios to determine the low cost airlines market potential and gain stronger market foothold.
• Key drivers, restraints, and opportunities and their detailed impact analysis are elucidated.
• Quantitative analysis of the low cost airlines industry from 2017 to 2023 is highlighted to recognize the financial competency of the market.
• Porters Five Forces model illustrates the threat of new entrants, threat of substitutes, and strength of the buyers & suppliers.

Low Cost Airlines Market Key Segments:
• By Purpose
-Leisure Travel
-VFR
-Business Travel
-Others

• By Destination
-Domestic
-International

• By Distribution Channel
-Online
-Travel Agency
-Others

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This release was published on openPR.