Budget carriers surpass major airlines in international passenger numbers

A display board at Incheon International Airport's Terminal 1 departure hall shows check-in information for low-cost carriers. Yonhap

SEOUL, July 22 (AJU PRESS) - Low-cost carriers (LCCs) in South Korea have outpaced both full-service carriers (FSCs) and foreign airlines in international passenger numbers during the first half of 2024, according to the Ministry of Land, Infrastructure and Transport's aviation statistics.

From January to June, LCCs carried 15.26 million international passengers, accounting for 35.6 percent of the total 42.78 million. This figure exceeded the 14.16 million (33.1 percent) transported by Korean Air and Asiana Airlines combined, and the 13.36 million (31.2 percent) by foreign airlines.

Among LCCs, Jeju Air led with 4.33 million international passengers, followed by T'way Air, Jin Air and Air Busan.

LCCs first overtook major airlines in international passenger numbers last year. Their market share has grown significantly from the 10 percent range between 2014 and 2016 to 26.4 percent in 2017 and 29.5 percent in 2019. Despite a sharp decline during the COVID-19 pandemic, LCCs rebounded strongly, reaching a 49.3 percent share in 2023.

Industry experts attribute this shift to LCCs focusing on short-haul routes to Japan, China, and Viet Nam, while major airlines concentrated on more profitable long-haul and cargo markets. The slow recovery of Chinese routes, traditionally dominated by FSCs, also contributed to this reversal.

Candice Kim candicekim1121@ajupress.com