Wilmington, Delaware, Nov. 17, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Low Cost Airlines Market by Purpose (Leisure Travel, Vfr, Business Travel, Others), by Distribution Channel (Online, Travel Agency, Others), by Destination (Domestic, International),: Global Opportunity Analysis and Industry Forecast, 2016-2030". According to the report, the global low cost airlines industry was valued at $155.0 billion in 2020, and is expected to hit $440.5 billion by 2030, registering a CAGR of 15.2% from 2021 to 2030.
Prime determinants of growth
The growth of the global low cost airlines market is driven by rise in economic activity, ease of travel, growth of travel & tourism industry, changes in lifestyle, urbanization, consumer preference for low cost service, and high internet penetration. However, fluctuations in the crude oil price and increase in terrorism & crime rate, political uncertainty, & natural calamities hamper the market growth. On the other hand, sustainable airport governance, operational & financial improvement create lucrative opportunities in the coming years.
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The domestic segment to rule the roost during the forecast period
By destination, the domestic segment held the highest market share in 2020, registering nearly three-fourths of the global low cost airlines market, and is estimated to maintain its dominant position during the forecast period, as it is a more cost-effective form of taking a vacation. However, the international segment is anticipated to showcase the highest CAGR of 15.7% from 2021 to 2030. This is owing to an increase in disposable income, promotion of a travelling lifestyle perpetrated by social media, and greater spending on international vacations.
The online segment to lead the trail throughout the forecast period
By distribution channel, the online segment dominated with the highest market share in 2020, holding more than four-fifths of the global low cost airlines market, and is projected to lead throughout the forecast period. In addition, this segment is registered to grow at the highest CAGR of 15.4% from 2021 to 2030, owing to large-scale internet penetration and availability of a myriad of sites for online booking sites.
Asia-Pacific to maintain its dominance by 2030
By region, the Asia-Pacific region accounted for the highest market share in terms of revenue 2020, contributing to more than two-fifths of the global low cost airlines market. Moreover, the same region is estimated to manifest the fastest CAGR of 16.8% during the forecast period, as the region is not very prone to taking vacations and holiday very frequently.
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Leading Market Players
- Azul S.A.
- Qantas Airways Limited
- Ryanair Holdings Plc
- WestJet Airlines Ltd.
- AirAsia Group Berhad
- Alaska Air Group, Inc.
- easyJet plc
- New World Aviation, Inc.
- Norwegian Air Shuttle ASA
- Air Arabia PJSC
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The report provides a detailed analysis of these key players in the global curly hair care and styling products market. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Country Reports We Have in this Industry: -
• Mexico Low-Cost Airlines Market: Opportunity Analysis and Industry Forecast, 2016-2030
• Canada Low-Cost Airlines Market: Opportunity Analysis and Industry Forecast, 2016-2030
• Australia Low-Cost Airlines Market: Country Report opportunity Analysis and Industry Forecast, 2016-2030
• Indonesia Low-Cost Airlines Market : Country Report opportunity Analysis and Industry Forecast, 2016-2030
• Vietnam Low-Cost Airlines Market: Country Report opportunity Analysis and Industry Forecast, 2016-2030
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