Market Overview: —
The global full service carrier (FSC) market can anticipate an impressive CAGR of 5% during the forecast period (2017-2023), reports Market Research Future (MRFR) in a thoroughly analyzed study. People who prefer luxury while flying generally opt for full service carriers. At the same time, full service carrier providers eye for the maximum customer satisfaction. Hence, they provide various in-flight entertainments such as meals, beverages, checked baggage, and comforts such as blankets and pillows. The seats have more legroom than most of the low-cost carriers. Most of the big international cities are connected via a network of full service carriers which give the customers more option to travel quickly to their destination.
However, competition from low-cost service providers is proving to be a significant market deterrent. In addition, some of the service providers have started charging for the extra service provided which can put a string on the market growth. But FSCs are developing new strategies to fight back. For instance, they are developing loyalty rewards programs to retain their client base. In India, Jet Airways found success by implementing the same.
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With too many international players in the market, competition is getting tougher day by day. Strategies such as expansion are now not the only method which the airlines are imbibing, promoting cities or countries as tourist destinations in innovative ways is getting precedence. American Airlines is trying to grow their business by opening up different routes such as a daily route to Vancouver and a periodic one to Reykjavik. However, All Nippon Airways (ANA) launched a website with the theme Craftsmanship under their program ‘Is Japan Cool?’ to promote Japan as a tourist destination. On the other hand, China came up with a blend of the two by promoting Laos as a tourist destination and budding their network there as well.
The key players in the global full service carrier market are All Nippon Airways (Japan), China Eastern Airlines (China), American Airlines (U.S.), Delta Airlines (U.S.), United Airlines (U.S.), Air China (China), China Southern Airlines (China), British Airways (England), Emirates (UAE), China Eastern Airlines (China), Lufthansa (Germany), Turkish Airlines (Turkey), and others.
The global full service carrier market is estimated to witness a CAGR of more than 5% during the forecast period.
Industry/ Innovation/ Related News:
April, 2018: Tata Vistara a full service carrier received its 20th aircraft to fly overseas.
April 2018: Full-service carrier Jet Airways signed an agreement with Boeing to purchase 75 B-737 Max aircraft.
The global FSC market can be segmented by connectivity and aircraft type.
Connectivity-wise the market can be segmented into regional and global.
Based on aircraft type, the market comprises wide body and narrow body.
Regionally, the global FSC market covers North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South America (LATAM).
North America is doing significant business with several FSC service providers ruling the regional market. The main of the region is to have a knock-out effect on the gulf FSC service providers. In this, boosting from the government help the airlines in providing cheap air tickets to their consumers. The top three, United Airlines, Delta Airlines, and American Airlines have a firm grip over the market and outsiders are not getting much benefit.
FSCs from the MEA region have carefully planned their market dominion. By providing one-stop flights to destinations across the world, they have created an interest among the customers and gaining a significant customer base. Apart from Europe, they have included South East Asia, India, and Australia under their radar.
The European FSCs found out North Atlantic region to be a profitable zone which they can exploit to the fullest to gain the upper hand over the market. Hence, FSC service providers such as Air France have centered their business accordingly.
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As per the market estimates, APAC will likely have an annual average growth of 6.3% in passenger traffic for the next 20 years. It is estimated that almost 50% of global air passenger traffic over the next 20 years will originate from APAC. APAC will likely account for the most air passenger traffic by 2035, overtaking North America and Europe. In 2014, APAC accounted for about 34% of the global air passengers. The region has witnessed one of the highest growth rates in the global aviation industry and will likely drive the industry for the next two decades, as demand becomes saturated in mature markets such as Europe and North America. With a population of more than four billion people, APAC is home to 60% of the global population. Growth in GDP and increasing purchasing power in the region, mainly fuelled by emerging countries such as China and India, contribute to an increased demand for air travel.
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Name: Abhishek sawant
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Release ID: 396249