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The global low cost airlines market was valued at US$ 172.54 Billion in 2021.
We expect the global low cost airlines market to exhibit a CAGR of 9.60% during 2022-2027.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in the temporary restrictions on intra- and inter-national travel activities, thereby negatively impacting global market for low cost airlines.
The rising consumer awareness towards the associated benefits of low cost airlines in reducing the cost of transactions and services and operating via point-to-point nonstop flights, that enables in limiting the travel time and providing better aircraft utilization, is primarily driving the global low cost airlines market.
Based on the purpose, the global low cost airlines market has been segmented into leisure travel, VFR, business travel, and others. Among these, leisure travel currently exhibits a clear dominance in the market.
Based on the destination, the global low cost airlines market can be divided into domestic and international. Currently, domestic holds the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Europe currently dominates the global market.
Some of the major players in the global low cost airlines market include Air Arabia PJSC, Alaska Airlines Inc., Capital A Berhad (Tune Group Sdn Bhd), easyJet plc, Go Airlines (Wadia Group), IndiGo, Jetstar Airways Pty Ltd (Qantas Airways Limited), Norwegian Air Shuttle ASA, Ryanair Holdings PLC, Southwest Airlines Co., SpiceJet Limited, Spirit Airlines Inc., and WestJet Airlines Ltd.
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