INDUSTRIES & MARKETS

Low-cost carrier market

worldwide
 Table of Contents

01 Overview 04 Regional focus: Europe

Global air traffic - scheduled passengers 2004-2022 04 Average cost per passenger of LCCs in Europe 2020 22
Global air traffic - annual growth of passenger demand 2006-2023 05 Ryanair: annual revenue 2010-2022 23
Ancillary revenue in the airline industry 2011-2022 06 Number of passengers carried by Ryanair 2011-2022 24
Low-cost carrier (LCC) market size worldwide 2020-2027 07 Monthly number of passengers carried by Ryanair 2011-2022 25
Worldwide air passenger traffic by airline segment 2020 08 EasyJet plc: annual revenue 2009-2022 26
Low cost carrier market - global capacity share 2007-2020 09 Passengers uplifted by EasyJet in UK 2008-2020 27
Number of passengers of Eurowings 2015-2022 28
02 Segments Lufthansa AG - revenue by segment 2022 29

Regional distribution of the low cost carrier (LCC) market 2008-2020 11

Regional distribution of the low cost carrier (LCC) market 2022 12 05 Regional focus: Americas
Low-cost carrier market share in Europe 1998-2018 13 Revenue of Southwest Airlines 2010-2021 31
Ancillary revenue in the airline industry by category 2020 14 Southwest Airlines - revenue passengers 2011-2022 32
JetBlue Airways - operating revenue 2011-2022 33
03 Airlines JetBlue Airways - revenue passengers 2011-2022 34

Revenue of the biggest low cost carriers worldwide 2021 16 WestJet Airlines - passenger traffic 2012-2020 35

Busiest low cost carriers worldwide by passenger traffic 2021 17 GOL Linhas Aéreas: passenger traffic 2011-2021 36

The most profitable low cost carriers worldwide 2019 18 GOL Linhas Aéreas: net revenue 2015-2021 37

Low cost carriers worldwide - highest number of seats 2019 19

Most punctual low cost carriers worldwide 2022 20 06 Regional focus: Asia Pacific
AirAsia's number of passengers FY 2014-2022 39

1
 Table of Contents

Financial performance for IndiGo FY 2015-2022 40

Passenger traffic of IndiGo FY 2014-2022 41
Operating revenue of SpiceJet FY 2018-2022, by category 42
Passenger traffic in SpiceJet FY 2014-2022 43

2
CHAPTER 01

Overview
 Number of scheduled passengers boarded by the global airline industry
from 2004 to 2022 (in millions)
Global air traffic - scheduled passengers 2004-2022

5,000 4,723
4,543
4,378
4,500
4,095
Number of passengers in millions

4,000 3,817 3,781

3,569
3,500 3,328
3,145
2,991
2,859
3,000 2,695
2,452 2,489 2,479
2,500 2,135 2,255 2,185
1,994
2,000 1,807

1,500
1,000
500
0

**

**
04

05

06

07

08

09

10

11

12

13

14

15

16

17

18

19

21
VI

22
20

20

20

20

20

20

20

20

20

20

20

20

20

20

20

20

20
*

O
D

20
-C
VI

st
CO

po
e-

20
pr

20
20
20
4 Description: In 2021, due to the coronavirus pandemic, the estimated number of scheduled passengers boarded by the global airline industry amounted to just over 2.2 billion people. This represents a 50 percent loss in global air passenger traffic compared to 2019.
Read more
Note(s): Worldwide; 2004 to 2022; * This figure was taken from a previous edition which was released prior to the coronavirus outbreak and can be accessed here . ** Forecast Figures prior to 2019 were taken from previous reports. 2021 figure is [...] Read more
Source(s): Airfinance Journal (Airline Analyst); IATA; ICAO; Refinitiv; S&P Global Platts
 Annual growth in global air traffic passenger demand from 2006 to 2021,
with forecasts until 2023
Global air traffic - annual growth of passenger demand 2006-2023

80%
69.4%

60%

40%
21.8% 21.1%
Percentage growth

20%
6.9% 7.9% 8% 6.3% 5.3% 5.7% 6% 7% 7.5% 8.1% 7.3%
2.4% 4.1%
0%
-1.2%
-20%

-40%

-60%

-65.8%
-80%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022** 2023**

5 Description: In 2021, the global air traffic passenger demand grew by almost 22 percent compared to the previous year, when the passenger demand sharply decreased by nearly 66 percent compared to the last year due to the coronavirus pandemic. Annual
passenger demand growth was forecasted to increase by 69.4 percent and 21 percent in 2022 and 2023, respectively. Read more
Note(s): Worldwide; 2006 to 2021
Source(s): Airfinance Journal (Airline Analyst); IATA; ICAO; Refinitiv; S&P Global Platts
 Total ancillary revenue in the airline industry from 2011 to 2022 (in billion
U.S. dollars)
Ancillary revenue in the airline industry 2011-2022

120
109.5
102.8
100 92.9
Revenue in billion U.S. dollars

82.2
80
67.4 65.8
59.2 58.1
60
49.9
42.6
40 36.1
32.5

20

0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

6 Description: The airline industry is more and more contingent on ancillary revenue as airlines are trying to improve their operating margins with new sources of revenue; in 2019 this value amounted to 109.5 billion U.S. dollars. However, in 2020, due to the
coronavirus outbreak, ancillary revenue dropped to only 58.1 billion U.S. dollars, a 47 percent decrease compared to the previous year. Read more
Note(s): Worldwide; 2011 to 2022; Estimates
Source(s): CarTrawler; IdeaWorks
 Projected size of the low-cost carrier market worldwide from 2020 to 2027
(in billion U.S. dollars)
Low-cost carrier (LCC) market size worldwide 2020-2027

300

254.1
250 237.04
221.12
Market size in billion U.S. dollars

206.27
200 192.42
179.5
167.44
156.2
150

100

50

0
2020 2021* 2022* 2023* 2024* 2025* 2026* 2027*

7 Description: The global low-cost carrier market is anticipated to exceed 254 billion U.S. dollars by 2027. The main drivers of growth in this market are the increase in air passenger traffic and investments made by major airlines in this business model. Read more
Note(s): Worldwide; 2020
Source(s): GlobeNewswire; ReportLinker; Statista
 Revenue passenger kilometers (RPKs) in worldwide air traffic in 2020, by
business model (in billions)*
Worldwide air passenger traffic by airline segment 2020

3,500

2,986.99
3,000

2,500
2,150.63
RPKs in billion

2,000

1,500

1,000
746.75

500

59.74
0
Leisure Low-cost carrier Traditional/ legacy Total

8 Description: This statistic illustrates the worldwide air passenger traffic in 2020, broken down by business model. In that year, traditional carriers accounted for roughly 2.1 trillion revenue passenger kilometers. Read more
Note(s): Worldwide; 2020
Source(s): IATA; Statista
 Low cost carriers' worldwide market share from 2007 to 2020
Low cost carrier market - global capacity share 2007-2020

40%

35%
35%
31% 31%
30%
30%
25.9% 25.4% 25.5%
25%
25% 22.8% 23.4%
Market share

21.4%
20.3%
19.2%
20%
17.5%
15.7%
15%

10%

5%

0%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

9 Description: Low cost carriers have rapidly expanded their share of the global air travel market over the last decade or so; in 2020, low-cost carriers accounted for 35 percent of the world`s total seat capacity. Read more
Note(s): Worldwide; 2007 to 2020
Source(s): Airline Leader; CAPA; ICAO; OAG; Statista
CHAPTER 02

Segments
 Market share of low cost carriers (LCCs) in selected regions from 2008 to
2020*
Regional distribution of the low cost carrier (LCC) market 2008-2020

2008 2013 2018 2019 2020

50%

45%

40%

35%

30%
Market share

25%

20%

15%

10%

5%

0%
Asia Pacific North America Europe Latin America

11 Description: In 2020, low cost carriers in Europe held 44.5 percent of the total seats in the region. In 2019, the Irish-headquartered low cost airline, Ryanair, was ranked fifth among the leading airline groups in Europe. Read more
Note(s): Worldwide; 2008 to 2020; * Values are based on seats. Figures prior to 2019 can be accessed here . Read more
Source(s): Aviation News; CAPA; Citibank; CTC; OAG; Statista estimates
 Market share of low cost carriers worldwide in March 2022, by region
Regional distribution of the low cost carrier (LCC) market 2022

60%
54%

50% 48.3%
45%
42.6%

40% 36.5%
33.9%
Market share

32%
30%
23.9%

20%
15.7%

9.2% 8.6%
10%

0%
South East Lower South Western Central Eastern/ Southwest North Middle East Upper South Africa North East
Asia America Europe America & Central Pacific America America Asia
Caribbean Europe

12 Description: In March 2022, low cost carriers in the South East Asia region are expected to held over half of the market. The success and emergence of low cost carriers are mainly attributed to the growing demand for air travel in the region. Read more
Note(s): Worldwide; March 2022
Source(s): OAG
 Market share of low-cost carriers in Europe from 1998 to 2018
Low-cost carrier market share in Europe 1998-2018

35%

30.1% 30.6% 30.3%

30% 28.7%
27.5%
25.7%
24.8%
25% 23.9%
22.6%
21.3%
20.2%
Market share

20% 18.8%

16.1%
15% 13.3%

10.6%
10%
7%

5% 3.7%
1.6% 1.7% 1.8% 2.1%

0%
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

13 Description: In 2018, low cost carriers (LCCs) in Europe performed more than 30 percent of the total number of flights in the region. In 2021, Ryanair was the busiest airline group in Europe, transporting 72.4 million passengers. Read more
Note(s): Europe; 1998 to 2018; based on total European IFR flights
Source(s): Eurocontrol
 Breakdown of the ancillary revenue in the airline industry in 2020, by
airline category (in billion U.S. dollars)
Ancillary revenue in the airline industry by category 2020

Revenue in billion U.S. dollars

0 5 10 15 20 25 30

Traditional airlines 26.3

U.S. major airlines 16.1

Ancillary revenue champs 12.4

Low-cost carriers 3.4

14 Description: This statistic illustrates the breakdown of ancillary revenue in 2020, based on airline category. In that year,due to the coronavirus outbreak, it is estimated that low-cost airlines will generate ancillary revenue of only 3.4 billion U.S. dollars worldwide. Read
more
Note(s): Worldwide; 2019
Source(s): CarTrawler; FlyerTalk; IdeaWorks
CHAPTER 03

Airlines
 Leading low cost airlines worldwide in 2021, based on revenue (in billion
U.S. dollars)
Revenue of the biggest low cost carriers worldwide 2021

Revenue in billion U.S. dollars

0 2 4 6 8 10 12 14 16 18

Southwest Airlines 15.8

JetBlue Airways 6

Ryanair 4.2

Spirit Airlines 3.2

IndiGo 3.2

EasyJet 2.8

Wizz Air 1.6

Gol 1.3

Eurowings 1.3

Vueling 1.2

Norwegian 0.6

AirAsia 0.2

16 Description: Despite a difficult year due to the COVID-19 pandemic, U.S.-based Southwest Airlines generated more revenue than any other low-cost carrier in 2021, amounting to 15.8 billion U.S. dollars. The next-largest was the American airline, JetBlue, with a revenue
of around six billion U.S. dollars. Read more
Note(s): Worldwide; 2021
Source(s): Statista; Various sources (Company reports)
 Leading low cost carriers worldwide in 2021, ranked by passenger traffic
(in millions)
Busiest low cost carriers worldwide by passenger traffic 2021

Passengers in millions
0 10 20 30 40 50 60 70 80 90 100 110

Southwest Airlines 99.1

Ryanair 70.7

IndiGo 45.9

Spirit Airlines 30.8

JetBlue Airways 30.1

EasyJet 29.5

Wizz Air 21.7

Gol 19

Vueling 15.8

Eurowings 7.8

Norwegian 6.2

AirAsia 4.8

17 Description: Southwest Airlines transported only 99.1 million passengers on its flights in 2021 due to the coronavirus pandemic but still was the busiest low-cost carrier in the world that year. Read more
Note(s): Worldwide; 2020
Source(s): Bureau of Transportation Statistics; Statista; Various sources (company reports)
 Leading low cost airlines worldwide in 2019, based on net profit (in million
U.S. dollars)*
The most profitable low cost carriers worldwide 2019

Net profit in million U.S. dollars

-500 0 500 1,000 1,500 2,000 2,500

Southwest Airlines 2,300

Ryanair 719

JetBlue Airways 569

EasyJet 443

Spirit Airlines 335

Wizz Air 312

Gol 164

IndiGo -35

AirAsia -69

Norwegian -182

18 Description: U.S. airline Southwest is by far the most profitable low-cost carrier in the world, with a net profit of 2.3 billion U.S. dollars in 2019. Irish carrier Ryanair was the second most profitable with 719 million for the same year. These two airlines were the most
profitable low-cost carriers by a significant margin. Read more
Note(s): Worldwide; 2019; * The ranking is limited to the 70 largest air carrier groups worldwide in 2019 by revenue. Values are for the fiscal year ending December 2019, excluding Ryanair ((fiscal year ends March 2019), EasyJet (fiscal year ends [...] Read more
Source(s): Cirium; Flight Airline Business
 Leading low cost airlines worldwide in 2019, by number of seats (in million
seats)*
Low cost carriers worldwide - highest number of seats 2019

Seats in millions
0 50 100 150 200 250

Southwest Airlines 211

Ryanair 148

EasyJet 104

IndiGo 83

AirAsia 66

JetBlue Airways 52

Lion Air 51

Norwegian 47

Gol 43

Vueling 40

19 Description: This statistic illustrates the low cost carriers worldwide with the greatest number of seats for the year ending June 30, 2019. During this period, the U.S. based low-cost airline, Southwest Airlines, had the highest number of seats with 211 million. Read
more
Note(s): Worldwide; * Values are for the year ending June 30, 2019. Values have been rounded. Read more
Source(s): Cirium; Flight Airline Business; Flightglobal
 Most punctual low cost carriers worldwide in 2022, ranked by on-time
performance
Most punctual low cost carriers worldwide 2022

On-time arrival performance

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 110%

Eurowings 95.26%

Thai AirAsia (Thailand) 92.33%

Jeju Airlines (Korea) 91.84%

Azul Airlines (Brazil) 84.87%

Sky Airline (Chile) 84.82%

IndiGo (India) 83.51%

Viva Air Colombia (Colombia) 81.63%

Peach Aviation Limited (Japan) 79.19%

Norwegian Air Shuttle (Norway) 79.12%

Jin Air (Korea) 78.91%

Pegasus Airlines (Turkey) 75.07%

Volaris Costa Rica (Costa Rica) 75.05%

Spirit Airlines (USA) 73.18%

Southwest Airlines (USA) 71.61%

FLYNAS (Saudi Arabia) 68.25%

20 Description: The German low-cost carrier (LCC), Eurowings, was the world's most punctual LCC in 2022, with 95.26 percent of all flights departing less than 15 minutes later than their scheduled time. Thailand's Thai AirAsia ranked second with 92.33 percent on-time
arrival performance. Read more
Note(s): Worldwide
Source(s): OAG
CHAPTER 04

Regional focus: Europe

 Average cost per passenger of selected low-cost airlines in Europe in 2020
(in euros)
Average cost per passenger of LCCs in Europe 2020

300
279

250
Average cost per passenger in euros

200 186

150
124

100 90 90

50

0
Norwegian Eurowings Wizz Air easyJet Ryanair

22 Description: Amongst European low-cost airlines, Ryanair and EasyJet had the lowest cost per passenger in 2020, with 90 euros per passenger. This is almost three times more than the average cost per passenger reported in 2019. The reason for this is the impact of
the coronavirus pandemic on the aviation industry. Read more
Note(s): Europe; 2020
Source(s): Statista; Various sources (Company reports)
 Annual revenue of Ryanair from 2010 to 2022 (in million euros)
Ryanair: annual revenue 2010-2022

9,000 8,494.8

8,000 7,697.4
7,151
7,000 6,535.8 6,647.8
Revenue in million euros

6,000 5,654

4,884 5,036.7
5,000 4,800.9
4,390.2

4,000 3,629.5

3,000

2,000 1,635.8

1,000

0
2010/11 2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22

23 Description: This statistic illustrates the total revenue of Ryanair from the fiscal year of 2010/11 to 2021/22. Ryanair`s annual revenue dropped at roughly 1.6 billion euros in the company`s 2020/21 fiscal year. From the financial years 2011 to 2020, the budget airline
increased their revenue by roughly 134 percent. The worldwide commercial airline market was forecast to be worth 872 billion U.S. dollars by 2020, but due to the coronavirus pandemic it dropped to 382 billion U.S. dollars. Read more
Note(s): Europe; April 2010 to March 2022
Source(s): Ryanair
 Number of passengers traveling with Ryanair from 2011 to 2022 (in
millions)
Number of passengers carried by Ryanair 2011-2022

160
148.6
142.1
140
130.3
120
Number of passengers in millions

120
106.4
97
100 90.6
79.3 81.7
80 75.8

60

40
27.5

20

0
2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22

24 Description: Ryanair managed to increase the number of passenger until 2020/21 growing from 75.8 million passengers in 2011/12 to 148.6 million passengers in 2019/20. Summer tends to be the busiest months, with 14.9 million passengers uplifted in August 2019.
In FY21, the impact of COVID-19 affected the airline industry with Ryanair's passenger traffic dropping to 27.5 million passengers. Read more
Note(s): Europe; 2011 to 2022; financial year ends on March 30 of each year.
Source(s): Ryanair
 Monthly number of passengers traveling with Ryanair from 2011/12 to
2021/22 (in millions)
Monthly number of passengers carried by Ryanair 2011-2022

2011/12 2012/13 2013/14 2014/15 2015/16 2016/17 2017/18 2018/19 2019/20 2020/21 2021/22
16

14
Number of passengers in millions

12

10

0
April May June July August September October November December January February March

25 Description: The Irish low-cost carrier Ryanair saw its passenger figures rise consecutively over the past seven years, with the 2018/19 fiscal year proving to be the airlines busiest yet. Across all years, the summer months saw the largest number of passengers uplifted.
In 2019, these figures peaked in August at 14.9 million. However, due to the coronavirus outbreak worldwide, Ryanair's passenger traffic in June 2020 decreased by 97 percent to only 40,000 passengers. Read more
Note(s): Ireland; April 2011 to March 2022; fiscal year starts April and ends March.
Source(s): Ryanair
 Annual revenue of easyJet plc from 2009 to 2022 (in million GBP)
EasyJet plc: annual revenue 2009-2022

7,000
6,385
5,898 5,769
6,000

5,047
5,000 4,686 4,699
4,527
Revenue in million GBP

4,258
3,854
4,000
3,452
2,973 3,009
3,000 2,667

2,000
1,458

1,000

0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

26 Description: In 2022, EasyJet recorded an annual revenue of 5.8 billion British pounds. The company's revenues collapsed amid the COVID-19 pandemic but have recovered to similar levels as recorded prior to the pandemic. Read more
Note(s): Europe; 2009 to 2022; financial year ends September 30 of each year.
Source(s): easyJet
 Number of passengers uplifted by EasyJet Airline Company Ltd in the UK
from 2008 to 2020 (in millions)*
Passengers uplifted by EasyJet in UK 2008-2020

90

80

70
Number of passengers in millions

60

50

40

30

20

10

0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

27 Description: Over the last ten years, easyJet's passenger numbers in the UK have been steadily increasing over this period until 2020, when the coronavirus pandemic hit. In that year, easyJet uplifted only 11.42 million passengers. Read more
Note(s): United Kingdom; 2008 to 2020; * Figures for years previous to 2020 published earlier by the source. Figures for 2018 include easyJet Airline Company Ltd and easyJet UK Ltd. Figures have been rounded. Read more
Source(s): Civil Aviation Authority (UK)
 Number of passengers of Eurowings from 2015 to 2022 (in 1,000s)
Number of passengers of Eurowings 2015-2022

45,000

40,000 38,212
Number of passengers in thousands

35,000 32,613

30,000
26,971

25,000

20,000 18,430
16,933 16,969

15,000

10,000 7,792
7,235

5,000

0
2015 2016 2017* 2018 2019 2020 2021 2022

28 Description: In the financial year of 2022, the airline Eurowings had boarded approximately 17 million passengers, significantly up from the 7.8 million recorded in the previous year. In the period of consideration, Eurowings carried the highest number of passengers
in 2018 at 38.2 million travelers. Read more
Note(s): Worldwide, Europe, Germany; 2015 to 2022
Source(s): Lufthansa
 Lufthansa AG's revenue in FY 2022, by segment (in billion euros)
Lufthansa AG - revenue by segment 2022

Revenue in billion euros

0 5 10 15 20 25

Passenger airlines 21.87

MRO 4

Logistics 4.58

Catering 1.9

Additional businesses and group functions 0.41

29 Description: In the financial year 2022, Lufthansa AG generated the most significant revenue from its passenger airlines operations, amounting to nearly 21.9 billion euros. Meanwhile, MRO (maintenance, repair, and overhaul) had 4 billion euros in revenue. Read
more
Note(s): Worldwide; FY 2022; Fiscal year ends December 31.
Source(s): Lufthansa
CHAPTER 05

Regional focus: Americas

 Southwest Airlines Co.'s operating revenue from FY 2010 to FY 2021 (in
million U.S. dollars)
Revenue of Southwest Airlines 2010-2021

25,000

21,965 22,428
21,146
19,820 20,289
20,000 18,605
17,699
Revenue in million U.S. dollars

17,088
15,658 15,790
15,000
12,104

10,000 9,048

5,000

0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

31 Description: In the fiscal year of 2021, Southwest Airlines generated 15.8 billion U.S. dollars in revenue. The airline saw incremental increases since 2010, before declining severely when the coronavirus pandemic started. Read more
Note(s): Worldwide; FY 2010 to FY 2021; fiscal year ends December 31.
Source(s): Southwest Airlines
 Southwest Airlines' revenue passengers carried from FY 2011 to FY 2022
(in millions)
Southwest Airlines - revenue passengers 2011-2022

160

140 134.89 134.05

130.26
124.72 126.59
118.17
120
Revenue passengers in millions

109.35 108.08 110.5

103.97
99.11
100

80

60 54.09

40

20

0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

32 Description: Southwest Airlines carried around 126.6 million paying passengers in 2022. This was a significant increase compared to the previous years, when passenger numbers had been impacted by travel restriction due to the COVID-19 pandemic. Read more
Note(s): Worldwide; FY 2011 to FY 2022; fiscal year ends December 31.
Source(s): Southwest Airlines
 JetBlue's operating revenue from FY 2011 to FY 2022 (in million U.S.
dollars)
JetBlue Airways - operating revenue 2011-2022

10,000
9,158
9,000
8,094
Operating revenue in million U.S. dollars

8,000 7,658
7,012
7,000 6,416 6,584
6,037
5,817
6,000 5,441
4,982
5,000 4,504

4,000
2,957
3,000

2,000

1,000

0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

33 Description: In the fiscal year of 2021, the JetBlue's operating revenue amounted to over 9 billion U.S. dollars. The airline's operating revenues collapsed amid the COVID-19 pandemic in 2020. In 2022, operating revenues had recovered and exceeded pre-pandemic
revenues in 2019. Read more
Note(s): Worldwide; FY 2011 to FY 2022; fiscal year ends December 31.
Source(s): jetBlue Airways
 JetBlue's revenue passengers from FY 2011 to FY 2022 (in millions)
JetBlue Airways - revenue passengers 2011-2022

45 42.73
42.15
40.04 39.56
40 38.26
35.1
35
32.08
Revenue passengers in millions

30.46 30.09
30 28.96
26.37
25

20

14.27
15

10

0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

34 Description: In the fiscal year of 2022, the JetBlue Airways carried approximately 39.56 million passengers. Although still slightly lower than pre-pandemic numbers in 2019, the airline's passenger numbers have recovered compared to 2020 and 2021. Read more
Note(s): Worldwide; FY 2011 to FY 2022; fiscal year ends December 31.
Source(s): jetBlue Airways
 Number of passengers carried by WestJet from 2012 to 2020 (in millions)
WestJet Airlines - passenger traffic 2012-2020

30

25.5 26
25 24.1
Revenue passenger miles in millions

22
20.3
19.7
20 18.5
17.4

15

10
8

0
2012 2013 2014 2015 2016 2017 2018 2019* 2020*

35 Description: The statistic illustrates WestJet's passenger traffic between 2012 and 2020. In 2020, the Canadian airline carried only eight million passengers on its aircraft. Read more
Note(s): Worldwide, Canada; 2012 to 2020; fiscal year ends December 31.
Source(s): Cirium; Flight Airline Business; Westjet Airlines
 Number of passengers boarded by GOL Linhas Aéreas Inteligentes S.A.
from 2011 to 2021 (in millions)
GOL Linhas Aéreas: passenger traffic 2011-2021

45

39.16 39.75
40 38.87
36.22 36.31 36.45
35 32.62 33.45
32.51
Passengers in millions

30

25

20 18.97
16.78

15

10

0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

36 Description: The number of passengers transported by GOL Linhas Aéreas was around 19 million in 2021. These figures had declined by more than 50 percent in 2020, which reflects the severe crisis of the global travel industry caused by the COVID-19 pandemic. In
the years prior to the pandemic, the Brazilian low-cost airline boarded more than 30 million passengers each year, and even reached nearly 40 million in 2012 and 2014. Read more
Note(s): Worldwide, Brazil; 2011 to 2021; including only revenue passengers
Source(s): Gol Transportes Aéreos
 Net revenue of GOL Linhas Aéreas Inteligentes S.A. from 2015 to 2021 (in
million Brazilian reals)
GOL Linhas Aéreas: net revenue 2015-2021

16,000

13,864.7
14,000
Revenue in million Brazilian reals

12,000 11,411.35
10,329.03
9,778.01 9,867.44
10,000

8,000 7,057.88
5,895.78
6,000

4,000

2,000

0
2015 2016 2017 2018 2019 2020 2021

37 Description: In 2021, the Brazilian carrier GOL Linhas Aéreas generated a revenue of 7.1 billion Brazilian reals, up by over 1.1 billion reals from the previous year. The low-cost airline was one of the leading domestic passenger carrier in Brazil in 2021. Read more
Note(s): Brazil; 2015 to 2021
Source(s): Gol Transportes Aéreos
CHAPTER 06

Regional focus: Asia Pacific

 Number of passengers carried by AirAsia from fiscal year 2014 to 2022 (in
millions)
AirAsia's number of passengers FY 2014-2022

60

51.56
50
44.44
Number of passenger in millions

39.09
40

30
26.41
24.25 24.25
22.14
20
13.31

10
4.81

0
2014 2015 2016 2017 2018 2019 2020 2021 2022

39 Description: The number of passengers carried by the low-cost airline AirAsia increased to around 24.25 million in 2022, a significant increase from the previous year. The Malaysian airline is operating in 25 countries, mainly with international flights, but also with local
offshoots such as AirAsia Indonesia, Thai AirAsia, AirAsia India or Philippines AirAsia. Read more
Note(s): Malaysia, APAC; FY 2014 to FY 2022
Source(s): AirAsia
 lnterGlobe Aviation Limited's (IndiGo) financial performance from financial
year 2015 to 2022 (in billion Indian rupees)
Financial performance for IndiGo FY 2015-2022

Profit before tax Operating revenue Total income

400

350

300
Value in billion Indian rupees

250

200

150

100

50

-50

-100
FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

40 Description: Despite being a market leader in the Indian air carrier industry, IndiGo reported a loss before tax of nearly 61.5 billion rupees at the end of the fiscal year 2022. The company had significant losses due to national lockdown and restrictions of air travel on
account of COVID-19 pandemic. Read more
Note(s): India; FY 2015 to FY 2022
Source(s): IndiGo
 Number of passengers transported by IndiGo from financial year 2014 to
2022 (in millions)
Passenger traffic of IndiGo FY 2014-2022

80
75.03

70
64.74

60
52.14
Passengers in millions

50 46.68
43.53

40
33.1
29.34
30
25.18

20

10

0
FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

41 Description: India`s leading low-cost air carrier, IndiGo, carried around 46.68 million domestic and international passengers in the financial year 2022. This was an increasing number as compared to about 29.3 million in the fiscal year 2021. Read more
Note(s): India; FY 2014 to FY 2022; includes domestic and international services
Source(s): DGCA (India); IndiGo
 Operating revenue of SpiceJet from financial year 2018 to 2022, by
category (in million Indian rupees)
Operating revenue of SpiceJet FY 2018-2022, by category

Passenger revenue* Other operating revenue Cargo revenue

140,000

120,000 114,448
Revenue in million Indian rupees

100,000
85,784

80,000 74,208

60,000
43,051
40,000 35,282

20,585
20,000 14,205
2,633 3,079 3,691 5,448
717 2,270 1,846 1,938
0
FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

42 Description: During the financial year 2022, the operating revenue from passenger services of SpiceJet stood at around 66 billion Indian rupees. There was a constant rise in the revenue generated by cargo operations. The airline had benefitted exponentially since the
plummet of its competitor airline Jet Airways, but the COVID 19 hugely impacted the passenger revenue. Read more
Note(s): India; FY 2018 to FY 2022; standalone figures; *Passenger revenue includes certain passenger-related ancillary revenue. India's financial year begins in April and ends in March. For example, FY 2021 started in April 2020 and ended in March [...] Read more
Source(s): SpiceJet
 Passenger traffic in SpiceJet Limited from financial year 2014 to 2022 (in
millions)
Passenger traffic in SpiceJet FY 2014-2022

30

24.78
25
Passenger traffic in millions

19.9
20
18.09

14.91
15
13
12 12

10 9
8

0
FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022

43 Description: Over nine million passengers traveled with SpiceJet in the financial year 2022. This was a slight increase compared to the previous year. The shutdown of the competing Jet Airways allowed the low budget airline company to dominate the domestic airline
market in the south Asian country. Read more
Note(s): India; FY 2014 to FY 2022
Source(s): SpiceJet
 Sources

AirAsia IndiGo
Airfinance Journal (Airline Analyst) jetBlue Airways
Airline Leader Lufthansa
Aviation News OAG
Bureau of Transportation Statistics Refinitiv
CAPA ReportLinker
CarTrawler Ryanair
Cirium S&P Global Platts
Citibank Southwest Airlines
Civil Aviation Authority (UK) SpiceJet
CTC Statista
DGCA (India) Statista estimates
easyJet Various sources (company reports)
Eurocontrol Various sources (Company reports)
Flight Airline Business Westjet Airlines
Flightglobal
FlyerTalk
GlobeNewswire
Gol Transportes Aéreos
IATA
ICAO
IdeaWorks

44