Global Low Cost Airlines Market to Reach $315.4 Billion by 2028
16-10-23
The global low cost airlines market reached a size of $189.1 billion in 2022, and it is anticipated to experience substantial growth in the coming years. Projections indicate that the market will reach $315.4 billion by 2028, exhibiting a robust compound annual growth rate (CAGR) of 8.7% during the period from 2023 to 2028.
Low cost airlines, also known as budget airlines or no-frills carriers, offer affordable air travel options for short-haul flights with fewer amenities compared to conventional full-service airlines. These airlines have adopted several cost-efficient strategies, such as charging separately for services like food, beverages, early boarding, carry-on baggage, and car rental, to generate non-ticket revenues.