GLOBAL LOW-COST CARRIER MARKET SEEN SOARING 12.73% GROWTH TO REACH USD 556.25 BILLION BY 2030, PROJECTS UNIVDATOS MARKET INSIGHTS
- Vikas Kumar
- June 21, 2024
- Aerospace and Defence, NEWS
- Low-Cost Carrier, Low-Cost Carrier Market, Low-Cost Carrier Market analysis, Low-Cost Carrier Market forecast, Low-Cost Carrier Market growth
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Key Highlights of the Report:
- Rising demand for economical air travel options has been a paramount factor behind the growth of low-cost carriers. With the slowdown in economic growth during the COVID-19 pandemic in 2020, a major surge has been witnessed in low-cost carrier services in onward years.
- Wizz Air one of the global providers of low-cost carrier services announced to expand its network in 6 new routes. These routes include Italy: from Rome Fiumicino to Berlin, Hamburg (Germany), Alicante (Spain) and Denmark (Copenhagen) as well as from Milan Malpensa to Paris Beauvais (France) and Tenerife (Spain).
- Indigo announced to expand its air fleet with 500 new Airbus 320 aircrafts. The respective aircraft would be included in fleet between 2023-2035.
- Government of India announced to complete the construction of 9 new airports in Uttar Pradesh of India between 2023-2025. With the construction of a large number of domestic airports the low-cost carrier service in the region is anticipated to emerge immensely.
According to a new report by Univdatos Market Insights, the Low-Cost Carrier Market is expected to reach USD 556.25 Billion in 2030 by growing at a CAGR of 12.73%. Some of the factors attributed to the growth are the high demand for economical cost of flights for domestic and international travel. Additionally, the growth has also been supported by the rising investment by the governments across the globe to improve their air travel infrastructure in tier 2 and tier 3 cities.
The report suggests that the Rising Demand for Low-Cost Carriers in Developing Countries are some of the major factors driving the Low-Cost Carrier Market during the forthcoming years. Furthermore, in an era marked by ever-increasing urbanization and a growing global population, the demand for passenger Low-Cost Carriers has soared. Considering the price of an air travel has been one of major impediments behind the widescale usage by the consumers. Additionally, many of the companies in the respective countries are expanding their air fleet to cater to the growing demand. Low-Cost Carrier is anticipated to improve its market share in the developing regions such as in Asia-Pacific and the Middle east regions with increasing middle-class population.
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Figure 1: Global Low-Cost Carrier Airlines, By Number of Aircraft and Average Age of Aircraft, 2023
The Narrow Body Aircraft is Generating Maximum Traction for Low-Cost Carriers in the Market.
The Narrow body aircraft segment has held the major market share in the global low-cost carrier market. With the growing demand for smaller-sized aircrafts in order to reduce the operation cost as well as withstanding low seating filling in bigger aircrafts the narrow body segment has become one of the most preferred options. This is one of the major shifts that would steer the airlines industry as a large number of the airlines would shift towards narrow body aircraft for long hauls and help Low-Cost Carrier’s market growth and help the segment hold a dominant market share in the forecast years, i.e., 2023-2030.
The adoption of Low-Cost Carrier through by the developing countries as China, India, South Korea, ASEAN region, etc., have fueled the market growth of low-cost carrier. As these countries are experiencing immense growth of middle class population a surge in the demand for the economical air fare has promulgated further promoting the low-cost carrier services.
Conclusion
In conclusion, the expanding use of Low-Cost Carriers can be attributed to the growing demand for growing air travel infrastructure and rise in middle class population. Furthermore, the growing tourism activities due to rapid urbanization are also contributing to the significant growth of the Low-Cost Carrier demand and are translating to the sustained growth of this industry.
Key Offerings of the Report
Market Size, Trends, & Forecast by Revenue | 2023−2030
Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
Market Segmentation – A detailed analysis by Aircraft Type, and Destination
Competitive Landscape – Top Key Vendors and Other Prominent Vendors