Portland, OR, Sept. 05, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global low cost airlines market garnered $155.02 billion in 2016, and is estimated to generate $440.46 billion by 2030, manifesting a CAGR of 10.4% from 2022 to 2030. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2030 |
| Base Year | 2016 |
| Market Size in 2021 | $155.02 billion |
| Market Size in 2031 | $440.46 billion |
| CAGR | 10.4% |
| No. of Pages in Report | 233 |
| Segments covered | Distribution Channel, Purpose, Destination, and Region. |
| Drivers | Rise in economic activities |
| Rapid urbanization | |
| Changes in lifestyle | |
| Ease of travel | |
| Development of the travel & tourism industry | |
| Consumers preference for low-cost service along with non-stops, and frequent service | |
| Opportunities | Increase in purchasing power of middle-class households, especially in developing regions |
| High internet penetration coupled with e-literacy | |
| Restraints | Volatile crude oil prices |
| Increase in terrorism & crime rates | |
| Natural calamities |
Get detailed COVID-19 impact analysis on the Low Cost Airlines Market @https://www.alliedmarketresearch.com/request-for-customization/4562?reqfor=covid
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global low cost airlines market, owing to implementation of global lockdown which resulted in severe travel restrictions.
- Development of the travel & tourism industry was also impacted due to economic imbalance in several countries which directly impacted the global low cost airlines market negatively.
- Curfew practices globally affected the domestic as well as international flights, which in turn, hampered the growth of the overall market.
- In 2020, certain factors such as rapid rise in crude oil price and decrease in number of air passengers created major challenges for the companies to generate revenue.
- Nevertheless, the market has a huge scope to gather exponential growth in the post-pandemic.
The research provides detailed segmentation of the global low cost airlines market based on distribution channel, purpose, destination, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on distribution channel, the online segment accounted for the highest share in 2016, holding more than four-fifths of the global low cost airlines market, and is expected to continue its leadership status during the forecast period. Moreover, the same segment is estimated to grow at the highest CAGR of 10.6% during the forecast period.
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Based on purpose, the leisure travel segment held the highest share in 2016, accounting for nearlyfour-fifths of the global low cost airlines market, and is expected to continue its leadership status during the forecast period. However, the business travel segment is expected to register the highest CAGR of 12.5% from 2022 to 2030.
Based on destination, the domestic segment accounted for the highest share in 2016, contributing to nearly three-fourths of the global low cost airlines market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the international segment is expected to manifest the highest CAGR of 10.9% from 2022 to 2030.
Based on region, Asia-Pacific held the largest share in 2016, contributing to around two-fifths of the total low cost airlines market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the same region is expected to manifest the fastest CAGR of 12.0% during the forecast period. The research also analyzes regions including North America, Europe, and LAMEA.
Leading market players of the global low cost airlines market analyzed in the research include Air Arabia PJSC, AirAsia Group Berhad, Alaska Air Group, Inc., Azul S.A., easyJet plc, New World Aviation, Inc., Norwegian Air Shuttle ASA, Qantas Airways Limited, Ryanair Holdings Plc, WestJet Airlines Ltd.
The report provides a detailed analysis of these key players of the global low cost airlines market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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About Us
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.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
