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The full-service carrier market size is estimated to increase by USD 80.19 billion. at a CAGR of 5.31% between 2022 and 2027. The growth of the market depends on several factors such as rising business travel, increasing disposable incomes, and growing urbanization. Our market trends and analysis report examines historical data from 2017 to 2021, besides analyzing the current market scenario.
Full-Service Carrier Market Forecast 2023-2027
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Business travellers often desire comfort, convenience, and productivity when travelling. Full-service carriers meet these needs by delivering premium services such as spacious seats, priority boarding, in-flight entertainment, Wi-Fi connectivity, and other options. Business travellers often fly due to work commitments, leading to a constant need to fly. This provides full-service operators with a stable customer base, contributing to steady revenue growth.
Additionally, full-service carriers often establish corporate travel contracts and loyalty programs, providing companies with cost-effective travel solutions and offers to employees. Additional benefits like access to lounges and priority service are also provided by full-service carriers. Therefore, increased business travel will drive the growth of the market during the forecast period.
Digital transformation involves incorporating digital technology into various aspects of business operations and customer experience to increase efficiency, improve service, and meet ever-changing customer expectations. The digital platform facilitates effective communication with passengers through email, social media, and mobile applications. Full-service operators leverage these channels to engage customers, share updates, and promote loyalty programs.
Additionally, digital transformation has allowed remote customer support through chatbots, AI-based virtual assistants, and social media, providing quick responses and solutions to customer queries. Therefore, increasing digital transformation will drive the growth of the global full-service carriers market during the forecast period.
Low-cost carriers are famous for offering lower fares by operating on a simple model, which has attracted budget travelers. Low-cost carriers have forced full-service carriers to rethink their pricing strategies. Some passengers are willing to exchange premium services for lower fares offered by LCC. Full-service operators must find ways to differentiate their offerings and communicate their service value to build customer loyalty.
Additionally, LCCs usually concentrate on point-to-point routes and secondary airports to minimize costs. Full-service providers must carefully evaluate route profitability and network expansion to ensure they remain competitive. Therefore, the presence of low-cost airlines poses challenges to the global full-service airline market, which will hinder the growth of the market during the forecast period.
The fixed-wing aircraft segment will account for a major share of the market's growth during the forecast period.?Fixed-wing aircraft, also known as airplanes, have many applications in many different industries and fields. Commercial airlines use fixed-wing aircraft to transport passengers and cargo transport on short- and long-haul routes. These carriers come in many different sizes and can carry different numbers of passengers and cargo.
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The fixed-wing aircraft segment was valued at USD 168.94 billion in 2017.? Fixed-wing aircraft equipped with cameras are used for aerial photography, filmmaking, and recording beautiful scenes and landscapes. Fixed-wing aircraft help monitor wildlife populations, track animal migrations, and detect illegal activities such as poaching. Therefore, these applications will drive the growth of the fixed-wing aircraft segment, which will drive the growth of the market during the forecast period.
Based on application, the market has been segmented into international aviation and domestic aviation. The international aviation?segment will account for the largest share of this segment.? Full-service airlines play a significant role in international aviation by offering a range of amenities, services, and comforts to passengers travelling across international borders. International aviation supports economic growth by enabling the movement of people and goods across borders. Moreover, international aviation plays a vital role in the global business landscape. The ability to travel quickly supports international business expansion and investment. Thus, these factors will boost the growth of international aviation, which will boost the growth during the forecast period.
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North America is estimated to contribute 38% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. A robust and stable economy in North America helps in increased consumer spending and business travel. Economic growth is leading to increased demand for air travel, for both relaxation and business purposes, benefiting the region's full-service carrier market.
Additionally, North America is a famous destination for international tourists as well as domestic tourists to explore various attractions on the continent. Full-service carriers play an important role in meeting the travel needs of travellers, especially those seeking comfort and a full range of services. Higher levels of disposable income in North America allow more people to afford the premium travel experiences offered by full-service carriers. Hence, such factors are expected to drive market growth in this region during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the competitive landscape and offer information on 20 market companies, including:
Air China Ltd., AIR France, American Airlines Group Inc., Ana Holdings Inc., China Eastern Airlines Corp. Ltd., Delta Air Lines Inc., Deutsche Lufthansa AG, Etihad Airways PJSC, International Consolidated Airlines Group SA, Japan Airlines Co. Ltd., LATAM AIRLINES GROUP S.A., Qantas Airways Ltd., Qatar Airways Group Q.C.S.C., Singapore Airlines Ltd., Southwest Airlines Co., THAI AIRWAYS INTERNATIONAL PUBLIC Co. Ltd., The Emirates Group, United Airlines Inc., and WestJet Encore Ltd.
Technavio market growth and forecasting report provides an in-depth analysis of the key players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The aviation industry witnesses robust growth boasting a promising CAGR. Catering to travel and tourism activities, full-service carriers enhance passenger comfort and connectivity solutions to meet the demands of an increasingly urbanized world. Targeting the burgeoning middle-class segment, carriers invest in technological advancements across aircraft design, propulsion systems, and avionics to improve fuel efficiency and in-flight entertainment. Advanced reservation systems streamline booking processes while ensuring efficient cargo transportation.
As business travel flourishes, full-service carriers forecast a significant increase in market size. With a focus on innovation and customer satisfaction, these carriers remain pivotal in shaping the future of the aviation industry, driving the growth rate amidst evolving consumer preferences and technological landscapes.
The market analysis and report forecasts growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Full-Service Carrier Market Scope |
|
Report Coverage |
Details |
Page number |
152 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.31% |
Market growth 2023-2027 |
USD 80.19 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.67 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 38% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Air China Ltd., AIR France, American Airlines Group Inc., Ana Holdings Inc., China Eastern Airlines Corp. Ltd., Delta Air Lines Inc., Deutsche Lufthansa AG, Etihad Airways PJSC, International Consolidated Airlines Group SA, Japan Airlines Co. Ltd., LATAM AIRLINES GROUP S.A., Qantas Airways Ltd., Qatar Airways Group Q.C.S.C., Singapore Airlines Ltd., Southwest Airlines Co., THAI AIRWAYS INTERNATIONAL PUBLIC Co. Ltd., The Emirates Group, Turkish Airlines, United Airlines Inc., and WestJet Encore Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market growth and trends report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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