Low-Cost Carrier (LCC) Market Size and Growth Research 2023, Competitive Landscape, Developments, Opportunities, and Forecasts to 2030
Research Reports
Jul 13, 2023
Market Research Future Insights
Low-Cost Carrier Market is expected to register a CAGR of ~16.30% from 2023 to 2030 and hold a value of over USD 432.24 billion by 2030.
The Global Low-Cost Carrier Market refers to the sector of the airline industry that focuses on providing affordable air travel services to passengers. Low-cost carriers are airlines that operate with a business model designed to offer reduced fares compared to traditional full-service airlines.
Low-cost carriers emerged as a response to growing demand for cheaper air travel options. They typically target price-sensitive leisure travellers, budget-conscious individuals, and short-haul routes. LCCs prioritize cost efficiency in various aspects of their operations, allowing them to offer lower fares.
The COVID-19 pandemic had a profound impact on the Global Low-Cost Carrier Market. The pandemic led to a drastic reduction in air travel demand as governments implemented travel restrictions and people chose to stay at home to prevent the spread of the virus. LCCs, which heavily rely on leisure and short-haul travellers, witnessed a sharp decline in bookings and passenger numbers.
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Key Players
Some of the key market players are 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)
Market Segmentation
The Global Low-Cost Carrier Market has been segmented into type, operation and sales channel.
Based on the type, the market has been segmented into wide-body aircraft and narrow-body aircraft.
Based on the operation, the market has been segmented into international and domestic.
Based on the sales channel, the market has been segmented into travel agency and online channels.
Regional Analysis
The largest region in the Global Low-Cost Carrier Market is Asia-Pacific. This region has witnessed substantial growth in the LCC sector over the past decade and continues to dominate the market. Asia-Pacific is home to a large population, including rapidly growing middle-income households. This demographic segment often seeks affordable travel options, making LCCs a popular choice for leisure and business travel.
Asia-Pacific is a popular tourist destination, attracting millions of visitors each year. LCCs have played a significant role in facilitating travel within the region and connecting tourists from other parts of the world to various Asian destinations.
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