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Budget carriers’ share up

May 17,2010
Korean budget airlines took a bigger share of the domestic market in the first quarter thanks to price competitiveness and improved safety measures, the Transportation Ministry said yesterday.

The four carriers - Jeju Air, Jin Air, Air Busan and Eastar Jet - had a combined market share of 34.2 percent in the January-March period, the highest level since the first budget carrier began domestic flights in 2005, the Ministry of Land, Transport and Maritime Affairs said.

The budget carriers’ market share has grown rapidly since the first quarter of 2009 as more low-cost airlines entered the sector. Prior to that, their market share was less than 10 percent in 2008.

In October 2008, Air Busan was launched, while Eastar Jet started operating in January 2009.

The market share of the budget carriers exceeded the 30 percent mark for the first time in the third quarter of last year when it recorded 30.7 percent.

As a result of the low-cost competition, the local market share of the country’s two full-service carriers, Korean Air Lines and Asiana Airlines, stood at 65.8 percent in the first quarter.


Yonhap



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