Albany, NY -- (SBWIRE) -- 01/14/2016 -- In terms of revenue, the global airline industry has grown rapidly over the years. As per the International Air Transport Association (IATA), revenues increased from US$369 billion in 2004 to US $746 billion in 2014. Much of this growth could be attributed to the growth in the low-cost carriers (LCCs), which control almost 25% of the worldwide market. To overcome the competition, there has been a rising trend of several full service carriers launching their low-cost subsidiaries.

Over the last 10 years in the Southeast Asia region, the capacity of the LCCs had increased by almost eight times from 25 million seats in 2004 to almost 200 million in 2014. During the same period, the capacity of Full Service Airlines (FSA) increased from 180 million seats in 2004 to 260 million seats in 2014.

In the domestic US market, LCCs are considered to be the fastest growing business segment. When the FSA reduce their flights on certain routes, the LCCs utilize the opportunity by filling seats on those routes. In 2014, according to Canadean, the capacity of the LCCs grew by 8%.

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The Eastern/Central Europe region is not much explored yet and there is scope for the penetration of LCCs in the region. At present, only Wizz Air and RyanAir are the strong players in LCC segment. According to the Official Airline guide (OAG), Wizz Airs capacity grew by 25% in 2014 and Ryanair expanded by 22%.

In the UAE, Ras Al Khaimah (RAK) airport is generally known for serving charter airlines on routes from the UK, Germany, and Russia. on the company has entered the LCCs segment, competing with other airports (Dubai and Sharjah), by offering cheap fares. However, after failing twice with its own LCC, RAK partnered with Sharjah's LCC Air Arabia in order to target its main markets Saudi Arabia and India.

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Historic and forecast revenue of global low cost airlines market covering 40 countries -

Detailed region-wise (Americas, Asia-Pacific, Europe, Middle East & Africa) of low cost airlines' key performance indicators such as the number of seats available and seats sold, load factor, average revenue per passenger, total revenues, revenue generating passenger kilometers and passenger kilometers available for the historic (2010-2014) and forecast (2015-2019) periods.

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