Economic growth in emerging regions, development of the global travel & tourism industry, and urbanization coupled with population drive the growth of the global low cost airlines market. Europe contributed the highest share in 2016, and will maintain its dominance by 2023.According to the International Air Transport Association, there is decline in the revenue of near about $63 to $113 billion in airline industry during the global lockdown.
According to the report published by Allied Market Research, the global low cost airlines market generated $117.72 billion in 2016, and is estimated to reach $207.81 billion by 2023, registering a CAGR of 8.6% from 2017 to 2023.
Economic growth in emerging regions, development of the global travel & tourism industry, and urbanization coupled with population drive the growth of the global low cost airlines market. However, volatile crude oil price and increase in terrorism & crime rate, political uncertainty, and natural calamities hinder the market growth. On the other hand, transparent airport regulations, infrastructural investment, and operational & financial improvement create new opportunities in the coming years
- The COVID-19 pandemic has adversely affected the airlines industry. On the other hand, the restriction on travel and tourism amid lockdown had decreased the demand for low cost airlines.
- According to the International Air Transport Association, there is decline in the revenue of near about $63 to $113 billion in the airline industry during the global lockdown.
- Based on purpose, the leisure travelsegment contributed to the largest share in 2017, accounting for more than three-fourth of the total share, and is estimated to maintain its dominant position during the forecast period. However, thebusiness travelsegment is expected to register the highest CAGR of 10.8% from 2017 to 2023.
- Based on destination, the domestic segment accounted for the largest share in 2017, holding around three-fourths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the international segment is estimated to portray the highest CAGR of 9.4% during the forecast period.
- Based on region, Europecontributed the highest share, accounting for nearly two-fifths of the total market share in 2017, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 12.8% from 2017 to 2023.
About Allied Market Research (AMR):
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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