Low-cost air carriers increase market share

The share of Korea’s low-cost carriers in international passenger traffic topped 20 percent last month, aided by growing demand for cheap air tickets and expanded capacity, data showed on Friday.

According to the data compiled by the Ministry of Land, Infrastructure and Transport, a total of 1.27 million passengers coming into and leaving Korea used flights operated by the country’s five budget carriers in November, with their combined market share surging to 22.1 percent.

Currently, five low-cost carriers - Jeju Air, Jin Air, Air Busan Co., Eastar Jet, T’way Air Co. and Air Seoul Co. - operate in the country.

Their market portion has been on a steady rise, standing at 16.2 percent in November 2015 and 12 percent in November 2014, the data showed.

The two largest Korean flag carriers - Korean Airlines and Asiana Airlines - saw their combined market share stand at 44.1 percent in November, the data showed.’

The budget carriers’ domestic market share also continued to rise, standing at 56.6 percent last month.

In November, the country’s overall air passenger traffic rose 8.7 percent on-year to reach 8.32 million. International passengers to and from the country also jumped 11.1 percent to 5.8 million last month, the data showed. Yonhap