Low-Cost Carrier Market by Type, Service, and Geography - Forecast and Analysis 2021-2025

  • Published: Apr 2021
  • Pages: 120
  • SKU: IRTNTR70566
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The low-cost carrier market has the potential to grow by USD 94.06 billion during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 16.05%.

This low-cost carrier market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by type (narrow body and wide body), service (passenger service and cargo service), and geography (APAC, North America, Europe, MEA, and South America). The low-cost carrier market report also offers information on several market vendors, including AirAsia Group Berhad, Deutsche Lufthansa AG, easyJet Airline Company Ltd., InterGlobe Aviation Ltd., Norwegian Air Shuttle ASA, Qantas Airways Ltd., Ryanair DAC, Singapore Airlines Ltd., Southwest Airlines Co., and WestJet Airlines Ltd. among others.

What will the Low-Cost Carrier Market Size be in 2021?

Low-Cost-Carrier-Market-Market-Size-2020-2025

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Low-Cost Carrier Market: Key Drivers and Trends

The increase in air passenger traffic is notably driving the low-cost carrier market growth, although factors such as increasing operating expenses may impede market growth. To unlock information on the key market drivers and the COVID-19 pandemic impact on the low-cost carrier industry get your FREE report sample now.

  • Economic development in emerging countries such as India, China, and Indonesia is the primary reason for the increase in the number of air passengers, which is supporting the low-cost carrier market growth.
  • The growth in the global tourism industry has increased the number of air passengers globally. For instance, the overall number of air passengers increased by 4%-5% in 2019 compared with that in 2018.
  • Spain, China, Italy, the UK, Germany, and Thailand are among the countries that registered an increase in the number of tourists who arrived in 2018 and 2019.
  • Factors such as the expanding middle-class population in emerging economies, the inclination of this population group for air travel, and the rise in the global working-age population are expected to increase total air passenger traffic.
  • LCCs offer seasonal discounts and frequent flyer concessions to their customers. These factors have been increasing the number of passengers flying with LCCs, thus propelling the growth of the market.

This low-cost carrier market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. Get detailed insights on the trends and challenges, which will help companies evaluate and develop growth strategies.

Who are the Major Low-Cost Carrier Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

 

  • AirAsia Group Berhad
  • Deutsche Lufthansa AG
  • easyJet Airline Company Ltd.
  • InterGlobe Aviation Ltd.
  • Norwegian Air Shuttle ASA
  • Qantas Airways Ltd.
  • Ryanair DAC
  • Singapore Airlines Ltd.
  • Southwest Airlines Co.
  • WestJet Airlines Ltd.

 

The low-cost carrier market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. Click here to uncover other successful business strategies deployed by the vendors. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

Download a free sample of the low-cost carrier market forecast report for insights on complete key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Low-Cost Carrier Market?

Low-Cost-Carrier-Market-Market-Share-by-Region-2020-2025

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45% of the market’s growth will originate from APAC during the forecast period. China and India are the key markets for low-cost carrier market in APAC.

A steady increase in passenger traffic will facilitate the low-cost carrier market growth in APAC over the forecast period. To garner further competitive intelligence and regional opportunities in store for vendors, view our sample report.

What are the Revenue-generating Type Segments in the Low-Cost Carrier Market?

Low-Cost-Carrier-Market-Market-Share-by-Type-2020-2025

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There are several reasons for the increasing orders of narrow-body aircraft by LCCs. These reasons include growing air travel due to business, tourism, and growing middle-class population, and low operational costs offered by LCCs. Also, fluctuating fuel costs, strict regulations on noise and CO2 emissions, and increasing competition among LCCs are forcing LCCs to optimize their operational efficiency. One of the ways is to use fuel-efficient aircraft while providing attractive service, safety, and comfort to attract passengers. These factors are driving the adoption of narrow-body aircraft among LCCs, thus augmenting the growth of the market.

Fetch actionable market insights on post COVID-19 impact on each segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the low-cost carrier market size.

 

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What are the Key Factors Covered in this Low-Cost Carrier Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive low-cost carrier market growth during the next five years
  • Precise estimation of the low-cost carrier market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the low-cost carrier industry across APAC, North America, Europe, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of low-cost carrier market vendors

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Low-Cost Carrier Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Accelerate at a CAGR of 16%

Market growth 2021-2025

USD 94.06 billion

Market structure

Fragmented

YoY growth (%)

4.50

Regional analysis

APAC, North America, Europe, MEA, and South America

Performing market contribution

APAC at 45%

Key consumer countries

US, China, Japan, UK, and India

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

AirAsia Group Berhad, Deutsche Lufthansa AG, easyJet Airline Company Ltd., InterGlobe Aviation Ltd., Norwegian Air Shuttle ASA, Qantas Airways Ltd., Ryanair DAC, Singapore Airlines Ltd., Southwest Airlines Co., and WestJet Airlines Ltd.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

Customization purview

If our 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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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The low-cost carrier market growth will increase by $94.06 billion during 2020-2025.
The low-cost carrier market is expected to grow at a CAGR of 16.05% during 2020-2025.
Technavio has segmented the low-cost carrier market by type (Narrow body and Wide body) ,service (Passenger service and Cargo service) , and geographic (APAC, North America, Europe, MEA, and South America).
AirAsia Group Berhad, Deutsche Lufthansa AG, easyJet Airline Company Ltd., InterGlobe Aviation Ltd., Norwegian Air Shuttle ASA, Qantas Airways Ltd., Ryanair DAC, Singapore Airlines Ltd., Southwest Airlines Co., WestJet Airlines Ltd. are a few of the key vendors in the low-cost carrier market.
APAC will register the highest growth rate of 45.01% among the other regions. Therefore, the low-cost carrier market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the low-cost carrier market growth are:
  • Increase in air passenger traffic
  • Rising preference for smart airports
The low-cost carrier market vendors should focus on grabbing business opportunities from the narrow body segment as it accounted for the largest market share in the base year.
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