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Global Low-Cost Airlines Market to reach USD 561.02 billion by the end of 2029.

Global Low-Cost Airlines Market Size study & Forecast, by Purpose (Leisure Travel, Vfr (Visiting friends and relatives), Business Travel, Others), by Destination (Domestic, International), by Distribution Channel (Online, Travel Agency, Others) and Regional Analysis, 2022-2029

Product Code: ALTAWT-14236780
Publish Date: 17-10-2022
Page: 200

Global Low-Cost Airlines Market is valued at approximately USD 254.23 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 10.4% over the forecast period 2022-2029. Low-Cost Airlines also known as low-cost carrier refers to passenger carrier that offers airline travel services at a relatively affordable cost as compared to other premium airline carriers. The low-cost airlines are different from other airlines in various aspects such as they offer onboard meals only at an additional fee, to reduce fuel cost these airlines use new fleet from the same company. In addition, these airlines generally offer direct sales, and mainly operate at smaller airports. The growing expansion of travel & tourism sector in post covid era and increasing growth of working-class individuals, as well as strategic initiatives from leading market players, are key factors driving the market growth.

According to Statista – as of 2022, the revenue in the global Travel & Tourism market is estimated at USD 716.80 billion, and as per projections, the revenue is expected to show an annual growth rate of 8.46% between 2022 & 2026 to reach USD 991.92 billion by 2026. Also, rising investment in aviation infrastructure in developing regions and growing emergence of low-cost airline services are anticipated to act as catalyzing factors for market growth during the forecast period. However, rising crude oil prices and increasing incidences of terrorism and crimes as well as travel restrictions would impede the market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Low-Cost Airlines Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the leading region across the world in terms of market share owing to availability of robust regional aviation infrastructure as well as presence of leading market players in the region. Whereas, Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as rising investment in aviation infrastructure as well as increasing emergence of low-cost airline services in the region would offer lucrative opportunities for the market over the forecast period.

Major market players included in this report are:
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
Recent Developments in the Market:
 New Service Launch, In February 2022, Finland based low-fare carrier Play launched a new low-cost service to connect Baltimore, Boston and New Windsor, New York, with 23 European destinations, such as Reykjavik, Iceland. The company would use narrow-body Airbus A320neo and A321neo planes. This new launch intended to expand the low-cost carrier offerings of the company.
 Fleet Expansion, In May 2022, carrier Norwegian Air Shuttle entered into an agreement with Boeing to buy 50 737 MAX 8 aircraft. The new fleet is set to be delivered between 2025 and 2028. This expansion would enable the company to enhance its short-haul network across the European Market.

Global Low-Cost Airlines Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Purpose, Destination, Distribution Channel, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Purpose
Leisure Travel
Vfr (Visiting friends and relatives)
Business Travel
By Destination
By Distribution Channel
Travel Agency
By Region:
North America
Asia Pacific
South Korea
Latin America
Rest of the World

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
1.2.1. Low-Cost Airlines Market, by Region, 2019-2029 (USD Billion)
1.2.2. Low-Cost Airlines Market, by Purpose, 2019-2029 (USD Billion)
1.2.3. Low-Cost Airlines Market, by Destination, 2019-2029 (USD Billion)
1.2.4. Low-Cost Airlines Market, by Distribution Channel, 2019-2029 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Low-Cost Airlines Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Low-Cost Airlines Market Dynamics
3.1. Low-Cost Airlines Market Impact Analysis (2019-2029)
3.1.1. Market Drivers Growing expansion of Travel & Tourism Sector in post covid era Increasing growth of working-class individuals Strategic Initiatives from leading market players
3.1.2. Market Challenges Volatile crude oil prices Increasing incidences of terrorism and crimes
3.1.3. Market Opportunities Rising investment in aviation infrastructure in developing regions Growing emergence of low-cost airline services
Chapter 4. Global Low-Cost Airlines Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Futuristic Approach to Porter’s 5 Force Model (2019-2029)
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.4. Investment Adoption Model
4.5. Analyst Recommendation & Conclusion
4.6. Top investment opportunity
4.7. Top winning strategies
Chapter 5. Risk Assessment: COVID-19 Impact
5.1. Assessment of the overall impact of COVID-19 on the industry
5.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global Low-Cost Airlines Market, by Purpose
6.1. Market Snapshot
6.2. Global Low-Cost Airlines Market by Purpose, Performance – Potential Analysis
6.3. Global Low-Cost Airlines Market Estimates & Forecasts by Purpose, 2019-2029 (USD Billion)
6.4. Low-Cost Airlines Market, Sub Segment Analysis
6.4.1. Leisure Travel
6.4.2. Vfr (Visiting friends and relatives)
6.4.3. Business Travel
6.4.4. Others
Chapter 7. Global Low-Cost Airlines Market, by Destination
7.1. Market Snapshot
7.2. Global Low-Cost Airlines Market by Destination, Performance – Potential Analysis
7.3. Global Low-Cost Airlines Market Estimates & Forecasts by Destination, 2019-2029 (USD Billion)
7.4. Low-Cost Airlines Market, Sub Segment Analysis
7.4.1. Domestic
7.4.2. International
Chapter 8. Global Low-Cost Airlines Market, by Distribution Channel
8.1. Market Snapshot
8.2. Global Low-Cost Airlines Market by Distribution Channel, Performance – Potential Analysis
8.3. Global Low-Cost Airlines Market Estimates & Forecasts by Distribution Channel, 2019-2029 (USD Billion)
8.4. Low-Cost Airlines Market, Sub Segment Analysis
8.4.1. Online
8.4.2. Travel Agency
8.4.3. Others
Chapter 9. Global Low-Cost Airlines Market, Regional Analysis
9.1. Low-Cost Airlines Market, Regional Market Snapshot
9.2. North America Low-Cost Airlines Market
9.2.1. U.S. Low-Cost Airlines Market Purpose breakdown estimates & forecasts, 2019-2029 Destination breakdown estimates & forecasts, 2019-2029 Distribution Channel breakdown estimates & forecasts, 2019-2029
9.2.2. Canada Low-Cost Airlines Market
9.3. Europe Low-Cost Airlines Market Snapshot
9.3.1. U.K. Low-Cost Airlines Market
9.3.2. Germany Low-Cost Airlines Market
9.3.3. France Low-Cost Airlines Market
9.3.4. Spain Low-Cost Airlines Market
9.3.5. Italy Low-Cost Airlines Market
9.3.6. Rest of Europe Low-Cost Airlines Market
9.4. Asia-Pacific Low-Cost Airlines Market Snapshot
9.4.1. China Low-Cost Airlines Market
9.4.2. India Low-Cost Airlines Market
9.4.3. Japan Low-Cost Airlines Market
9.4.4. Australia Low-Cost Airlines Market
9.4.5. South Korea Low-Cost Airlines Market
9.4.6. Rest of Asia Pacific Low-Cost Airlines Market
9.5. Latin America Low-Cost Airlines Market Snapshot
9.5.1. Brazil Low-Cost Airlines Market
9.5.2. Mexico Low-Cost Airlines Market
9.6. Rest of The World Low-Cost Airlines Market

Chapter 10. Competitive Intelligence
10.1. Top Market Strategies
10.2. Company Profiles
10.2.1. Air Arabia PJSC Key Information Overview Financial (Subject to Data Availability) Purpose Summary Recent Developments
10.2.2. AirAsia Group Berhad
10.2.3. Alaska Air Group, Inc.
10.2.4. Azul S.A.
10.2.5. easyjet Plc
10.2.6. New World Aviation, Inc.
10.2.7. Norwegian Air Shuttle ASA
10.2.8. Qantas Airways Limited
10.2.9. Ryanair Holdings Plc.
10.2.10. Westjet Airlines Ltd
Chapter 11. Research Process
11.1. Research Process
11.1.1. Data Mining
11.1.2. Analysis
11.1.3. Market Estimation
11.1.4. Validation
11.1.5. Publishing
11.2. Research Attributes
11.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

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