Low Cost Carrier (LCC) Market Forecast
Low-Cost Carrier (LCC) market is projected to be valued at USD 247.36 Billion by 2025, expanding at a CAGR of 8.62% between 2019 and 2025. The increasing air passenger traffic globally, along with an increasing demand for budget carriers is primarily driving the growth of the market. Furthermore, increasing investments by major airlines in this business model is driving the growth of the market.
Low Cost Carrier Market Drivers
- Increasing Number of Air Travelers: Globally, air passenger traffic has been increasing at a significant rate of 3.5% over the past couple of years. Factors such as decreasing airfares, increasing disposable incomes, especially in developing countries, and higher living standards have influenced this growth.
- Growing Global Travel and Tourism Industry
Low Cost Carrier Market Restraints
- Volatile Crude Oil Price
- High Operational Cost and Low Profitability
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Low Cost Carrier Market USP
The growing demand for LCCs in developing countries due to the surge of domestic air travelers is expected to drive the growth of the market.
Growth Opportunities in Low Cost Carrier Market
- The narrow-body segment accounted for the largest market share in 2018: The narrow-body segment is also expected to grow at the highest CAGR during the forecast period from 2019 to 2025. The growth can be attributed to the high utilization of narrow-body aircraft by the airlines. These aircraft have lower operational costs than wide-body aircraft and to keep operational costs low is the biggest criteria in this business model.
- Domestic segment is expected to witness a higher growth in the market: The domestic Operations segment is expected to grow at a higher CAGR during the review period. The increasing number of domestic air travelers along with an increasing number of airports in the developing countries is driving the growth.
- Online distribution channel is expected to register the highest growth in the market: The online distribution channel segment is expected to grow at the highest CAGR during the review period. This is due to the increasing use of online marketplace for flight bookings as it saves time, money, provides every information about flight, and it is easy to use. The global online travel market is projected to reach USD1,091 billion in value by 2022, with Asia-Pacific expected to witness the highest growth rate during this period.
Low Cost Carrier Industry Key Players
- AirAsia Berhad (Malaysia)
- EasyJet Airline Company Limited (UK)
- IndiGo (India)
- JetBlue Airways Corporation (US)
- Norwegian Air Shuttle ASA (Norway)
- Ryanair DAC (Ireland)
- Southwest Airlines Co. (US)
- SpiceJet Limited (India)
- Spirit Airlines, Inc. (US)
- WestJet Airlines Ltd (Canada)
Table of Contents
1. Executive Summary
1.1. Market Attractiveness Analysis
1.1.1. Global Low Cost Carrier (Lcc) Market, by Aircraft Type
1.1.2. Global Low Cost Carrier Market, by Operations
1.1.3. Global Low Cost Carrier Market, by Distribution Channel
1.1.4. Global Low Cost Carrier Market, by Region
2. Market Introduction
2.1. Market Definition
2.2. Scope of the Study
2.3. Market Structure
2.4. Key Buying Criteria
2.5. Market Factor Indicator Analysis
3. Research Methodology
3.1. Research Process
3.2. Primary Research
3.3. Secondary Research
3.4. Market Size Estimation
3.5. Forecast Model
3.6. List of Assumptions
4. Market Insights
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List of Tables
Table 1 List of Assumptions
Table 2 Major Patents Granted for Low Cost Carrier (15 May 2010–15 May 2019)
Table 3 Aircraft Type: Global Low Cost Carrier Market, 2018–2025 (Usd Million)
Table 4 Operations: Global Low Cost Carrier Market, 2018–2025 (Usd Million)
Table 5 Distribution Channel: Global Low Cost Carrier Market, 2018–2025 (Usd Million)
Table 6 Global Low Cost Carrier Market, by Region, 2018–2025 (Usd Million)
Table 7 North America: Low Cost Carrier Market, by Country, 2018–2025 (Usd Million)
List of Figures
Figure 1 Market Synopsis
Figure 2 Global Low Cost Carrier Market: Market Attractiveness Analysis
Figure 3 Global Low Cost Carrier Market Analysis, by Aircraft Type
Figure 4 Global Low Cost Carrier Market Analysis, by Operations
Figure 5 Global Low Cost Carrier Market Analysis, by Distribution Channel
Figure 6 Global Low Cost Carrier Market Analysis, by Region
Figure 7 Global Low Cost Carrier Market: Market Structure
Figure 8 Key Buying Criteria for Low Cost Carrier Aircraft Types
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