Low-Cost Carrier (LCC) Market: Democratizing Air Travel and Reshaping Aviation"
The group discussion on the Low-Cost Carrier (LCC) Market focused on how the aviation industry is undergoing a transformative shift. The LCC market, valued at USD 203.15 billion in 2024, is projected to skyrocket to nearly USD 680 billion by 2030, growing at an impressive CAGR of 16.30%. This growth trajectory is not only a testament to changing consumer behavior but also to government policies fostering regional and cross-border connectivity.
Participants agreed that the primary catalyst behind this explosive growth is the rising demand for affordable air travel. In both developing and developed countries, a growing middle class, higher disposable incomes, and a desire for quick and convenient travel have pushed millions to choose air travel over traditional transportation methods. LCCs, with their budget-friendly fare structures, have unlocked this demand by offering cost-effective alternatives to full-service airlines.
A key point of the discussion was how government initiatives, such as India's UDAN…