Authored By: Sarah
28 Feb 2023

Low-Cost Carrier Market Size to Decline by USD 248.65 Billion at a CAGR of 15.15% Between 2022 and 2027

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. 

Low-Cost Carrier Market Outlook 2027 

  • 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). 

View detailed Table of Contents Here: https://www.technavio.com/report/low-cost-carrier-market-industry-analysis

Low-Cost Carrier Market Size to Decline by USD 248.65 Billion at a CAGR of 15.15% Between 2022 and 2027

Rising Preference for Smart Airports will Fuel the Market Growth  

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.

Increase in Air Passenger Traffic to Drive Market Growth 

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. 

Low-Cost Carrier Market Vendors 

Some of the major low-cost carrier market vendors are: 

  • Air Canada
  • Capital A Berhad
  • Cebu Pacific
  • Deutsche Lufthansa AG
  • easyJet Airline Co. Ltd.
  • Fly LEVEL SL
  • InterGlobe Aviation Ltd.
  • Jet2 Plc
  • Lion Air
  • Norwegian Air Shuttle ASA
  • PAL Holdings Inc.
  • Pegasus Air Transport Corp.
  • PT Garuda Indonesia (Persero) Tbk.
  • Qantas Airways Ltd.
  • Ryanair DAC
  • Singapore Airlines Ltd.
  • Southwest Airlines Co.
  • Vueling Airlines SA
  • WestJet Airlines Ltd.

Technavio's research report provides insights into the top market player and their product portfolio along with pipeline analysis of upcoming developments and growth opportunities. Download the Free PDF Sample Report 

Key Takeaways 

  • 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.

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