The low-cost carrier market is segmented by service (passenger service and cargo service), type (narrow body and wide body), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The rising preference for smart airports is the major low-cost carrier market trend which will positively influence the market value.
The low-cost carrier market share will value over USD 248.65 billion by 2027
It is estimated to decline at a CAGR of 15.15% from 2022 to 2027
The low-cost carrier market size will witness a YOY growth rate of 18.01% in 2023
Get a peek into the Low-Cost Carrier Market Analysis Report 2023-2027. Unlock the Sample Report The report includes historic market data from 2017 to 2021. In 2017, the market was valued at USD 181.55 Billion.
Browse Technavio's 164-page report and in-depth TOC on "Low-Cost Carrier Market by service (passenger service and cargo service), type (narrow body and wide body), and geography (APAC, North America, Europe, Middle East and Africa, and South America).
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Smart airports ensure a seamless exchange of information among airport operators, airlines, and passengers and can increase the efficiency and profitability of aviation stakeholders during volatile economic conditions. Several airline operators have developed a shared, agile infrastructure, which enables multiple stakeholders can share information seamlessly within a short time span.
Economic development in emerging countries such as India, China, and Indonesia and the growth of the global tourism industry have increased the number of air passengers globally. Factors such as the expanding middle-class population in emerging economies, the inclination of this population toward air travel, and the rise in the global working-age population are expected to increase total air passenger traffic.
Some of the major low-cost carrier market vendors are:
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The increasing operating expenses are the major hindrance for market players
The low-cost carrier market structure is fragmented in nature.
45% of low-cost carrier market growth will develop from APAC.
The market growth by the passenger service will be significant during 2023-2027.
