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Airlines Worldwide - International - December 2017

“Now the LCCs are increasingly looking for growth through establishing long-haul routes, as well as acting as feeders for long-haul flights. Not only are the dedicated LCCs like AirAsia X, WestJet, the Icelandic LCC WOW and Norwegian Airlines building up capacity in this market, but increasingly the LCC subsidiaries of the major European airline groups like Lufthansa’s Eurowings, Air France’s Joon and IAG’s LEVEL are also becoming players. In future, these big airline groups will continue to increase their long-haul budget offerings to the detriment of their standard full-service capacity.”
- Jessica Kelly, Senior Tourism Analyst

This report looks at the following areas:

  • Which are the biggest airlines in the world?
  • What is the share of airlines in the world’s biggest aviation markets?
  • To what extent are LCCs taking share from traditional airlines?
  • How essential is in-flight Wi-Fi?
  • How is the political landscape impacting the airline sector?
  • What are the current trends regarding distribution channels for air tickets?

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Table of contents

  1. Introduction

      • Key findings
      • Data Sources

        • Abbreviations

          • Issues in the Market

              • Distribution intermediaries
                • Insolvency
                  • LCCs taking share
                    • In-flight Wi-Fi
                      • Political risk
                      • Global Summary

                          • Demographic trends
                            • Figure 1: Trend in world population by region, 2017-2100
                          • Population ageing
                            • Figure 2: Population aged 60 years or over by region, in 2017 & 2050
                          • Implications for the air-travel sector
                            • In-flight medical emergencies
                              • Economy
                                • Growth accelerating in most regions
                                  • Commodity exporters rebounding
                                    • Trade to rebound
                                      • Figure 3: Overview of the World Economic Outlook projections (% change, unless noted otherwise), October 2017 update
                                    • Interest rates
                                      • Figure 4: Forecasted trend in central bank interest rates by currency zone, October 2017
                                      • Figure 5: Forecasted trend in 10-year government yield by currency zone, October 2017
                                    • Currency rates
                                      • Figure 6: Outlook for exchange rates in 3 months & 12 months, 2017
                                    • Forex impact on airlines
                                      • Consumer demand
                                        • Price sensitivity
                                          • Airline capacity decisions
                                            • Outlook for spending on travel and tourism
                                              • Figure 7: Spending on travel & tourism worldwide, 2016 & 2027
                                            • Africa
                                              • Figure 8: Spending on travel & tourism in Africa*, 2016 & 2027
                                            • North Africa
                                              • Figure 9: Spending on travel & tourism in North Africa*, 2016 & 2027
                                              • Figure 10: Spending on travel & tourism in Sub-Saharan Africa*, 2016 & 2027
                                            • Asia Pacific
                                              • Figure 11: Spending on travel & tourism in Asia Pacific*, 2016 & 2027
                                            • North East Asia
                                              • Figure 12: Spending on travel & tourism in North East Asia*, 2016 & 2027
                                            • Oceania
                                              • Figure 13: Spending on travel & tourism in Oceania*, 2016 & 2027
                                            • South Asia
                                              • Figure 14: Spending on travel & tourism in South Asia*, 2016 & 2027
                                              • Figure 15: Spending on travel & tourism in South East Asia*, 2016 & 2027
                                            • Americas
                                              • Figure 16: Spending on travel & tourism in the Americas*, 2016 & 2027
                                            • Latin America
                                              • Figure 17: Spending on travel & tourism in Latin America*, 2016 & 2027
                                            • North America
                                              • Figure 18: Spending on travel & tourism in North America*, 2016 & 2027
                                            • Europe
                                              • Figure 19: Spending on travel & tourism in Europe*, 2016 & 2027
                                            • Middle East
                                              • Figure 20: Spending on travel & tourism in Middle East*, 2016 & 2027
                                            • Trend in growth of air travel
                                              • Figure 21: Trend in air passenger numbers by major country aviation market, 2014-20
                                            • Worldwide passenger numbers increased by 7% in 2016
                                              • Growth accelerated in 2017
                                                • Profitability improving
                                                • Air Traffic Trends

                                                      • Figure 22: Air passenger volumes, 2014-July 2017
                                                    • Global business confidence plateauing
                                                      • Figure 23: Air passenger volume growth & the global composite PMI*, 2007-July 2017
                                                    • Effect of lower fares wearing off
                                                      • Figure 24: Global airline performance July 2017 & YTD
                                                    • Latin American airlines growing fastest
                                                      • Middle East coming back
                                                        • Figure 25: Overall airline performance by major region, July 2017 & YTD
                                                      • Europe slowing down
                                                        • A similar case for Asia Pacific
                                                          • A moderating uptrend in Africa
                                                            • North American airlines hold on to earlier gains
                                                              • Figure 26: Airline performance on international routes by major region, July 2017 & YTD
                                                            • Domestic markets
                                                              • Indian market regains some momentum
                                                                • Strengthening economy boosting Russian RPKs
                                                                  • Passenger traffic lifted by a rebounding Japanese economy
                                                                    • Growth in demand and capacity picking up in the US
                                                                      • Australian demand and capacity on the downswing
                                                                        • A recovering economy is boosting demand in Brazil
                                                                          • Figure 27: Airline performance on domestic routes by major country market, July 2017 & YTD
                                                                      • Distribution Intermediaries

                                                                          • GDSs depend essentially on air tickets
                                                                            • Figure 28: Bookings by type at Amadeus & Sabre, 2012-16
                                                                          • War with GDSs
                                                                            • Airlines react
                                                                              • Lufthansa charges €16 fee on GDS bookings
                                                                                • Lufthansa joined by Ukraine International Airlines
                                                                                  • Most tickets still sold via indirect channels
                                                                                    • More airlines to follow
                                                                                      • British Airways joins Lufthansa
                                                                                        • CWT avoids IAG charges
                                                                                          • Distribution fees not the only issue
                                                                                            • Air France follows suit
                                                                                              • GDSs under pressure?
                                                                                                • GDS CEOs continue to defend position
                                                                                                  • JetBlue cuts ties with 12 OTAs but not with major players
                                                                                                    • Metasearch favoured
                                                                                                      • Metasearch faces challenges
                                                                                                        • Rise of mobile poses a problem
                                                                                                          • Skyscanner demonstrates business benefits
                                                                                                            • NDC opens offers opportunities
                                                                                                              • It works in China
                                                                                                                • Airline/metasearcher relationship to evolve
                                                                                                                  • Google a threat?
                                                                                                                    • Loss of control
                                                                                                                      • What can airlines do?
                                                                                                                        • Harnessing ATPCo
                                                                                                                          • ATPCO needs to evolve
                                                                                                                            • Upgrading ATPCO
                                                                                                                            • Insolvency

                                                                                                                                • Air Berlin
                                                                                                                                  • Figure 29: Trend in Air Berlin’s profit, 2007-15
                                                                                                                                • 100,000 Air Berlin flight tickets invalid
                                                                                                                                  • Lufthansa steps in
                                                                                                                                    • Lufthansa takes over long-haul routes
                                                                                                                                      • easyJet to get planes and routes
                                                                                                                                        • Air Berlin in last-minute talks with easyJet and Condor
                                                                                                                                          • easyJet takes over Airbus 320 leases and slots
                                                                                                                                            • Alitalia
                                                                                                                                              • Next steps
                                                                                                                                                • Seven offers for Alitalia
                                                                                                                                                  • Lufthansa confirms interest in Alitalia
                                                                                                                                                    • Cerberus’ offer to acquire Alitalia
                                                                                                                                                      • Lufthansa close to Alitalia takeover
                                                                                                                                                        • Alitalia’s path out of bankruptcy
                                                                                                                                                          • New schedules for winter and summer 2018
                                                                                                                                                            • Improved finances
                                                                                                                                                              • Reinforcing the corporate segment
                                                                                                                                                                • No significant customer attrition
                                                                                                                                                                  • A complete turnover in management
                                                                                                                                                                    • Future growth prospects
                                                                                                                                                                      • Monarch Airways
                                                                                                                                                                        • UK airlines rush to engage Monarch crew
                                                                                                                                                                          • Monarch administrators fought to retain landing slots
                                                                                                                                                                            • Monarch wins right to airport slots
                                                                                                                                                                              • London Gatwick slots sold
                                                                                                                                                                                • Niki goes under too
                                                                                                                                                                                  • Hawaii’s Island Air files for Chapter 11
                                                                                                                                                                                    • Airline has ceased operations
                                                                                                                                                                                    • LCCs Taking Share

                                                                                                                                                                                        • LCCs have ramped up market share in Europe
                                                                                                                                                                                          • Figure 30: Rising trend in LCC market share in Europe, 2002-17*
                                                                                                                                                                                        • LCCs vs. legacy airlines
                                                                                                                                                                                          • Figure 31: Trend in the share of flights in Europe: LCCs vs. traditional scheduled carriers, 2007-16
                                                                                                                                                                                          • Figure 32: The biggest LCC country markets in Europe, 2016
                                                                                                                                                                                          • Figure 33: LCC share of flights by major European country market, 2016
                                                                                                                                                                                        • LCC share growing in German market
                                                                                                                                                                                          • Dramatic expansion of Eurowings
                                                                                                                                                                                            • Falling ticket prices
                                                                                                                                                                                              • LCCs taking over in Spain
                                                                                                                                                                                                • Figure 34: Year-on-year growth in seat capacity in Spain’s aviation market, 2014-16
                                                                                                                                                                                              • LCCs grow in Eastern Europe
                                                                                                                                                                                                • Figure 35: Seat capacity & LCC share of total, in the five largest Eastern European markets, February 2010 & February 2016
                                                                                                                                                                                              • Wizz Air and Ryanair lead the pack
                                                                                                                                                                                                • Figure 36: Trend in the capacity share of the top 5 airlines in the 5 leading Eastern European aviation markets, 2006-16
                                                                                                                                                                                              • Legacy carriers losing share
                                                                                                                                                                                                • Very little overlap between Wizz Air and Ryanair
                                                                                                                                                                                                  • Figure 37: Routes operated from 5 Eastern European countries by Wizz Air & Ryanair, in February 2016
                                                                                                                                                                                                  • Figure 38: Ryanair & Wizz Air combined share of selected country markets, seat capacity, in February 2016
                                                                                                                                                                                                • Poland
                                                                                                                                                                                                  • Romania
                                                                                                                                                                                                    • Czech Republic
                                                                                                                                                                                                      • Hungary
                                                                                                                                                                                                        • Bulgaria
                                                                                                                                                                                                          • LCC penetration high in much of Asia
                                                                                                                                                                                                            • Figure 39: LCC share of available seats within select North East & South East Asian domestic markets, 5-11 June 2016
                                                                                                                                                                                                          • Some international routes heavily penetrated by LCCs
                                                                                                                                                                                                            • Figure 40: LCC share of available seats in the 20 largest international North East & South East Asian routes, 5-11june 2016
                                                                                                                                                                                                          • LCCs dominate in South Asia
                                                                                                                                                                                                            • Figure 41: Domestic market share of airlines in India, February 2017
                                                                                                                                                                                                          • The Indian aviation market is booming
                                                                                                                                                                                                            • Figure 42: Passengers carried by domestic airlines in India, January 2017
                                                                                                                                                                                                          • Other performance indicators
                                                                                                                                                                                                            • LCC long-haul flights a new challenge
                                                                                                                                                                                                              • Long-haul LCCs going strong in Asia
                                                                                                                                                                                                                • A sharp rise in traffic at AirAsia X
                                                                                                                                                                                                                  • Figure 43: AirAsia X performance data, 2013-16
                                                                                                                                                                                                                • AirAsia X’s A330-300s have 377 seats
                                                                                                                                                                                                                  • Figure 44: Number of seats on A330-300s operated by a sample of Asian & European carriers, 2016
                                                                                                                                                                                                                • Australia is the leading country market
                                                                                                                                                                                                                  • Figure 45: AirAsia X's leading country markets served from Kuala Lumpur, 2016
                                                                                                                                                                                                                • Routes to the US?
                                                                                                                                                                                                                  • Learning by trial and error
                                                                                                                                                                                                                    • Figure 46: Routes launched & later abandoned by AirAsia X, 2009-15
                                                                                                                                                                                                                  • LCCs flying transatlantic
                                                                                                                                                                                                                    • Legacy LCC subsidiaries
                                                                                                                                                                                                                      • North American LCCs
                                                                                                                                                                                                                        • Lower fares to come?
                                                                                                                                                                                                                          • Over-capacity and Brexit worries
                                                                                                                                                                                                                            • Transatlantic LCC routes
                                                                                                                                                                                                                              • Eurowings
                                                                                                                                                                                                                                • Level
                                                                                                                                                                                                                                  • Norwegian Air Shuttle
                                                                                                                                                                                                                                    • Air Canada Rouge
                                                                                                                                                                                                                                      • WestJet
                                                                                                                                                                                                                                        • WOW Air adds new US services
                                                                                                                                                                                                                                          • easyjet collaboration with Norwegian and WestJet
                                                                                                                                                                                                                                            • Norwegian serves over 60 destinations
                                                                                                                                                                                                                                              • Figure 47: Norwegian's top 15 airports by departing flights, summer 2017
                                                                                                                                                                                                                                            • Expansion at Copenhagen
                                                                                                                                                                                                                                              • Figure 48: Destinations served by Norwegian from Copenhagen, summer 2017
                                                                                                                                                                                                                                            • US and Spanish routes dominate ASK rankings at CPH
                                                                                                                                                                                                                                              • Figure 49: Norwegian's top 15 routes from Copenhagen (CPH) by ASKs, summer 2017
                                                                                                                                                                                                                                            • Spain is biggest of 26 destinations from CPH
                                                                                                                                                                                                                                              • Figure 50: Norwegian's top 15 destinations from CPH ranked by weekly departing seats, summer 2017
                                                                                                                                                                                                                                            • Norwegian UK (NUK) gets transatlantic permit
                                                                                                                                                                                                                                              • Air France-KLM’s Millennial-focused airline
                                                                                                                                                                                                                                                • Getting the positioning right
                                                                                                                                                                                                                                                  • ‘Do not target Millennials explicitly’
                                                                                                                                                                                                                                                    • Cutting costs
                                                                                                                                                                                                                                                      • Future plans
                                                                                                                                                                                                                                                        • Impact on legacy business models
                                                                                                                                                                                                                                                          • Basic economy – a ‘loss-leader’ defence against ULCCs
                                                                                                                                                                                                                                                          • In-flight Wi-Fi

                                                                                                                                                                                                                                                              • In-flight Wi-Fi driven by the iPhone
                                                                                                                                                                                                                                                                • Paying for in-flight Wi-fi
                                                                                                                                                                                                                                                                  • Adoption growing fast
                                                                                                                                                                                                                                                                    • Outlook for in-flight Wi-Fi
                                                                                                                                                                                                                                                                      • A third of passengers log on to free Wi-Fi
                                                                                                                                                                                                                                                                        • Connectivity options
                                                                                                                                                                                                                                                                          • ATG networks
                                                                                                                                                                                                                                                                            • Satellite connectivity
                                                                                                                                                                                                                                                                              • Equipment suppliers
                                                                                                                                                                                                                                                                                • Figure 51: Juniper ranking of in-flight Wi-Fi providers, 2017
                                                                                                                                                                                                                                                                              • Panasonic Avionics
                                                                                                                                                                                                                                                                                • Gogo
                                                                                                                                                                                                                                                                                  • Thales Group
                                                                                                                                                                                                                                                                                    • SITA OnAir
                                                                                                                                                                                                                                                                                      • Key market trends
                                                                                                                                                                                                                                                                                        • In-flight Wi-Fi can be a money-spinner
                                                                                                                                                                                                                                                                                          • Emirates Wi-Fi offering
                                                                                                                                                                                                                                                                                            • Figure 52: Emirates’ revised in-flight Wi-Fi offering by loyalty tier, July 2017
                                                                                                                                                                                                                                                                                          • Find ways to generate revenue
                                                                                                                                                                                                                                                                                            • The importance of ancillary revenues
                                                                                                                                                                                                                                                                                              • Figure 53: Top 10 airlines – Total ancillary revenue in 2016
                                                                                                                                                                                                                                                                                            • Revenue streams from in-flight Wi-Fi
                                                                                                                                                                                                                                                                                                • Figure 54: Forecasted airline share of the US$30-billion broadband-enabled ancillary revenue by type, 2018-35
                                                                                                                                                                                                                                                                                              • E-commerce platforms
                                                                                                                                                                                                                                                                                                • Figure 55: Projected ancillary revenues for airlines from in-flight Wi-Fi by region, 2018-35
                                                                                                                                                                                                                                                                                              • Why not continuous in-flight shopping?
                                                                                                                                                                                                                                                                                              • Political Risk

                                                                                                                                                                                                                                                                                                  • Brexit
                                                                                                                                                                                                                                                                                                    • A warning from Ryanair
                                                                                                                                                                                                                                                                                                      • Qatar
                                                                                                                                                                                                                                                                                                        • Some respite
                                                                                                                                                                                                                                                                                                          • Trump
                                                                                                                                                                                                                                                                                                            • The US becoming a pariah
                                                                                                                                                                                                                                                                                                              • Bombardier tariffs
                                                                                                                                                                                                                                                                                                                • Gulf carriers targeted
                                                                                                                                                                                                                                                                                                                  • Delta CEO decries ‘subsidised’ Gulf carriers
                                                                                                                                                                                                                                                                                                                    • Electronic travel ban a protectionist move
                                                                                                                                                                                                                                                                                                                      • A move against open skies
                                                                                                                                                                                                                                                                                                                        • Why only those ten airports?
                                                                                                                                                                                                                                                                                                                          • Third travel ban blocked by judge
                                                                                                                                                                                                                                                                                                                            • Judge in Hawaii rules against ban
                                                                                                                                                                                                                                                                                                                              • Travel ban finally upheld
                                                                                                                                                                                                                                                                                                                                • Turkey
                                                                                                                                                                                                                                                                                                                                • Top 20 Country Markets

                                                                                                                                                                                                                                                                                                                                    • Australia
                                                                                                                                                                                                                                                                                                                                      • Qantas
                                                                                                                                                                                                                                                                                                                                        • Virgin Australia
                                                                                                                                                                                                                                                                                                                                          • Figure 56: Australia – Passenger airlines: company market share by volume of passengers (%), 2013-15
                                                                                                                                                                                                                                                                                                                                        • Domestic market
                                                                                                                                                                                                                                                                                                                                          • Figure 57: Australia – Passenger airlines: domestic market share by volume of passengers (%), 2013-15
                                                                                                                                                                                                                                                                                                                                        • International market
                                                                                                                                                                                                                                                                                                                                          • Figure 58: Australia – Passenger airlines: international market share by volume of passengers (%), 2013-15
                                                                                                                                                                                                                                                                                                                                        • Brazil
                                                                                                                                                                                                                                                                                                                                          • LATAM Airlines Group
                                                                                                                                                                                                                                                                                                                                            • Figure 59: Brazil – Passenger airlines: domestic market share by volume of passengers (%), 2014-15
                                                                                                                                                                                                                                                                                                                                          • Domestic market
                                                                                                                                                                                                                                                                                                                                            • International market
                                                                                                                                                                                                                                                                                                                                              • Figure 60: Brazil – Passenger airlines: international market share by volume of passengers (%), 2014-15
                                                                                                                                                                                                                                                                                                                                            • Canada
                                                                                                                                                                                                                                                                                                                                              • Air Canada
                                                                                                                                                                                                                                                                                                                                                • WestJet
                                                                                                                                                                                                                                                                                                                                                  • Figure 61: Canada – Passenger airlines: company market share by volume of passengers (%), 2013-15
                                                                                                                                                                                                                                                                                                                                                • China
                                                                                                                                                                                                                                                                                                                                                  • China Southern Airlines
                                                                                                                                                                                                                                                                                                                                                    • Air China
                                                                                                                                                                                                                                                                                                                                                      • China Eastern Airlines
                                                                                                                                                                                                                                                                                                                                                        • HNA Aviation
                                                                                                                                                                                                                                                                                                                                                          • Figure 62: China – Passenger airlines: domestic market share by volume of passengers (%), 2014-15
                                                                                                                                                                                                                                                                                                                                                        • Domestic market
                                                                                                                                                                                                                                                                                                                                                          • International market
                                                                                                                                                                                                                                                                                                                                                            • Figure 63: China – Passenger airlines: international market share by volume of passengers (%), 2014-15
                                                                                                                                                                                                                                                                                                                                                          • Colombia
                                                                                                                                                                                                                                                                                                                                                            • Avianca Holdings
                                                                                                                                                                                                                                                                                                                                                              • Passenger transport
                                                                                                                                                                                                                                                                                                                                                                • VivaColombia
                                                                                                                                                                                                                                                                                                                                                                  • Figure 64: Colombia – Passenger airlines: company market share by volume of passengers (%), 2014-15
                                                                                                                                                                                                                                                                                                                                                                • Domestic market
                                                                                                                                                                                                                                                                                                                                                                  • Figure 65: Colombia – Passenger airlines: domestic market share by volume of passengers (%), 2014-2015
                                                                                                                                                                                                                                                                                                                                                                  • Figure 66: Colombia – Passenger airlines: international market share by volume of passengers (%), 2014-15
                                                                                                                                                                                                                                                                                                                                                                • France
                                                                                                                                                                                                                                                                                                                                                                  • Air France-KLM
                                                                                                                                                                                                                                                                                                                                                                    • Domestic market
                                                                                                                                                                                                                                                                                                                                                                      • Figure 67: France – Passenger airlines: domestic market share by volume of passengers (%), 2014-15
                                                                                                                                                                                                                                                                                                                                                                    • International market
                                                                                                                                                                                                                                                                                                                                                                      • Figure 68: France – Passenger airlines: international market share by volume of passengers (%), 2014-15
                                                                                                                                                                                                                                                                                                                                                                    • Germany
                                                                                                                                                                                                                                                                                                                                                                      • Lufthansa
                                                                                                                                                                                                                                                                                                                                                                        • Air Berlin
                                                                                                                                                                                                                                                                                                                                                                          • Figure 69: Germany – Passenger airlines: company market share by volume of passengers (%), 2011-15
                                                                                                                                                                                                                                                                                                                                                                        • India
                                                                                                                                                                                                                                                                                                                                                                          • Air India
                                                                                                                                                                                                                                                                                                                                                                            • IndiGo
                                                                                                                                                                                                                                                                                                                                                                              • Jet Airways
                                                                                                                                                                                                                                                                                                                                                                                • SpiceJet
                                                                                                                                                                                                                                                                                                                                                                                  • Domestic market
                                                                                                                                                                                                                                                                                                                                                                                    • Figure 70: India – Passenger airlines: domestic market share by volume of passengers (%), 2014-15
                                                                                                                                                                                                                                                                                                                                                                                    • Figure 71: India – Passenger airlines: international market share by volume of passengers (%), 2013-15
                                                                                                                                                                                                                                                                                                                                                                                  • Indonesia
                                                                                                                                                                                                                                                                                                                                                                                    • Lion Air
                                                                                                                                                                                                                                                                                                                                                                                      • Garuda
                                                                                                                                                                                                                                                                                                                                                                                        • Domestic market
                                                                                                                                                                                                                                                                                                                                                                                          • Figure 72: Indonesia – Passenger airlines: domestic market share by volume of passengers (%), 2011-15
                                                                                                                                                                                                                                                                                                                                                                                        • International market
                                                                                                                                                                                                                                                                                                                                                                                          • AirAsia
                                                                                                                                                                                                                                                                                                                                                                                            • Figure 73: Indonesia – Passenger airlines: international market share by volume of passengers (%), 2011-15
                                                                                                                                                                                                                                                                                                                                                                                          • Italy
                                                                                                                                                                                                                                                                                                                                                                                            • Ryanair
                                                                                                                                                                                                                                                                                                                                                                                              • easyJet
                                                                                                                                                                                                                                                                                                                                                                                                • Figure 74: Italy – Passenger airlines: company market share by volume of passengers (%), 2011-15
                                                                                                                                                                                                                                                                                                                                                                                              • Japan
                                                                                                                                                                                                                                                                                                                                                                                                • All Nippon Airways (ANA)
                                                                                                                                                                                                                                                                                                                                                                                                  • Japan Airlines (JAL)
                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 75: Japan – Passenger airlines: company market share by volume of passengers (%), 2012-13
                                                                                                                                                                                                                                                                                                                                                                                                  • Mexico
                                                                                                                                                                                                                                                                                                                                                                                                    • Domestic market
                                                                                                                                                                                                                                                                                                                                                                                                      • Aeroméxico
                                                                                                                                                                                                                                                                                                                                                                                                        • Alliance with Delta
                                                                                                                                                                                                                                                                                                                                                                                                          • Volaris
                                                                                                                                                                                                                                                                                                                                                                                                            • Interjet
                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 76: Mexico – Passenger airlines: domestic market share by volume of passengers (%), 2014-15
                                                                                                                                                                                                                                                                                                                                                                                                            • United Airlines
                                                                                                                                                                                                                                                                                                                                                                                                              • American Airlines
                                                                                                                                                                                                                                                                                                                                                                                                                • Delta Air Lines
                                                                                                                                                                                                                                                                                                                                                                                                                  • Southwest Airlines
                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 77: Mexico – Passenger airlines: international market share by volume of passengers (%), 2014-15
                                                                                                                                                                                                                                                                                                                                                                                                                  • Russia
                                                                                                                                                                                                                                                                                                                                                                                                                    • Aeroflot
                                                                                                                                                                                                                                                                                                                                                                                                                      • S7 Airline
                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 78: Russia – Passenger airlines: company market share by volume of passengers (%), 2014-15
                                                                                                                                                                                                                                                                                                                                                                                                                      • South Africa
                                                                                                                                                                                                                                                                                                                                                                                                                        • South African Airways (SAA)
                                                                                                                                                                                                                                                                                                                                                                                                                          • Comair
                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 79: South Africa – Passenger airlines: company market share by volume of passengers (%), 2014-15
                                                                                                                                                                                                                                                                                                                                                                                                                          • Domestic market
                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 80: South Africa – Passenger airlines: domestic market share by volume of passengers (%), 2014-15
                                                                                                                                                                                                                                                                                                                                                                                                                          • International market
                                                                                                                                                                                                                                                                                                                                                                                                                            • Emirates
                                                                                                                                                                                                                                                                                                                                                                                                                              • British Airways
                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 81: South Africa – Passenger airlines: international market share by volume of passengers (%), 2014-15
                                                                                                                                                                                                                                                                                                                                                                                                                              • South Korea
                                                                                                                                                                                                                                                                                                                                                                                                                                • Korean Air Lines
                                                                                                                                                                                                                                                                                                                                                                                                                                  • Asiana Airlines
                                                                                                                                                                                                                                                                                                                                                                                                                                    • Jeju
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Air Busan
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 82: South Korea – Passenger airlines: company market share by volume of passengers (%), 2013-15
                                                                                                                                                                                                                                                                                                                                                                                                                                      • Spain
                                                                                                                                                                                                                                                                                                                                                                                                                                        • Ryanair
                                                                                                                                                                                                                                                                                                                                                                                                                                          • IAG/Vueling
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 83: Trend in IAG’s capacity by region for the year ended 31 December 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 84: Key performance data by airline subsidiary, 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Air Europa
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 85: Spain – Passenger airlines: company market share by volume of passengers (%), 2014-15
                                                                                                                                                                                                                                                                                                                                                                                                                                          • Turkey
                                                                                                                                                                                                                                                                                                                                                                                                                                            • Turkish Airlines
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Pegasus Airlines
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 86: Turkey – Passenger airlines: company market share by volume of passengers (%), 2014-15
                                                                                                                                                                                                                                                                                                                                                                                                                                              • Domestic market
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 87: Turkey – Passenger airlines: domestic market share by volume of passengers (%), 2014-15
                                                                                                                                                                                                                                                                                                                                                                                                                                              • International market
                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 88: Turkey – Passenger airlines: international market share by volume of passengers (%), 2014-15
                                                                                                                                                                                                                                                                                                                                                                                                                                              • UK
                                                                                                                                                                                                                                                                                                                                                                                                                                                • easyJet
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 89: Key figures for easyJet, 2007 compared to 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 90: Key performance data, 12 months to end September 2016 & 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                • British Airways
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Ryanair
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 91: UK – Passenger airlines: company market share by volume of passengers (%), 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                  • US
                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Southwest Airlines
                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Delta Air Lines
                                                                                                                                                                                                                                                                                                                                                                                                                                                        • United Air Lines
                                                                                                                                                                                                                                                                                                                                                                                                                                                          • American Airlines
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Domestic market
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 92: US – Passenger airlines: domestic market share by volume of passengers (%), 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • International market
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 93: US – Passenger airlines: international market share by volume of passengers (%), 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Vietnam
                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Vietnam Airlines
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • VietJet Aviation
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Domestic market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 94: Vietnam – Passenger airlines: domestic market share by volume of passengers (%), 2011-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • International market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 95: Vietnam – Passenger airlines: international market share by volume of passengers (%), 2014-15
                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Frequent-Flyer Programmes

                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 96: Frequent-flyer programme details by airline, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • American’s CEO likens miles to Bitcoin
                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Delta thins the top tier
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Co-branded credit cards an exception
                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Delta ups requirements drastically
                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Mixed reaction to change
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Air France-KLM switches to expenditure-based programme
                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Technology

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Alexa skills
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Biometric IFE
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Goggles for Air France’s new Joons LCC
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Gogo’s new hardware
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • IFE on easyJet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Netflix streaming services
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Check-in no longer necessary for iPhone app users
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Auto check-in not so popular
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Ten Biggest Airlines

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 97: Top 10 airlines by scheduled RPKs flown (international & domestic), 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • American Airlines (AA)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Fleet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 98: American’s fleet at 31 December 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Future deliveries
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Figure 99: Future aircraft deliveries for American Airlines, 2017-20*
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Current developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • American reduces international capacity from Chicago O’Hare
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • International capacity from O’Hare has declined
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 100: American’s capacity at O'Hare, 2007-17
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • American gaining ground on United 
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 101: American’s seat capacity share at O’Hare, 2007-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • American operates 138 routes from O’Hare, of which United serves 123
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 102: American’s top 40 routes from O’Hare in comparison with United, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • American’s summer 2017 network from O’Hare
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Delta Air Lines

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Fleet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 103: Delta’s aircraft fleet at 31 December 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Future deliveries
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 104: Delta’s future aircraft deliveries – purchases and options, as at 31 December 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 105: Delta’s aircraft purchase commitments by year of expected delivery, 31 December 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Current developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Corporate travel outlook brightest in years
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Delta introduces free texting
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Delta to invite Aeroméxico as transatlantic JV member
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • United Airlines (UAL)

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Fleet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 106: United’s mainline aircraft fleet, 31 December 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Future deliveries
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Figure 107: Aircraft purchase commitments, 31 December 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Current developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • United Continental takes a tumble
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • United ready to ‘re-bank’ hubs
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • United launches new long-haul routes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Emirates

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Fleet and future deliveries
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 108: Emirates’ operating aircraft fleet & new orders at 31 March 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Current developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • ‘Superconnectors’ under pressure
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 109: Growth in passenger traffic on the three main Gulf carriers, Emirates, Etihad & Qatar Airways, 2006-16
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • New competitors in the market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Adapting the business model
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • China Southern Airlines

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Fleet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 110: China Southern’s fleet at 31 December 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Future deliveries
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Current developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Domestic routes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Regional routes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • International routes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Southwest Airlines

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Fleet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 111: Southwest’s aircraft fleet, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Future deliveries
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 112: Southwest’s aircraft firm orders & options, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Current developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • International routes
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Lufthansa

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Fleet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 113: Lufthansa airline group aircraft fleet, 31 December 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Future deliveries
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Figure 114: Lufthansa airline group’s expected aircraft deliveries, 2017-25
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Current developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Lufthansa completely dominates German market
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Lufthansa Partners with blockchain start-up
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • A B2B solution
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • British Airways

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Fleet and future deliveries
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Figure 115: British Airways’ fleet & expected future deliveries at 31 December 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Current developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Fares for under £40
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Ryanair

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Fleet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Future deliveries
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Current developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Ryanair cancels 18,000 flights
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • China Eastern Airlines

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • SWOT analysis
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Strengths
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • Weaknesses
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Opportunities
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • Threats
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Fleet
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 116: China Eastern’s aircraft fleet at 31 December 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Future deliveries
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          • Figure 117: Fleet additions & retirements at China Eastern, 2017-18
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Current developments
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Air Freight

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Figure 118: Top 10 airlines by scheduled freight tonne, kilometres flown (international & domestic), 2016
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • What Next?

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            • Where will growth occur?
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Figure 119: Projected passenger numbers by region in 2035
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              • Further growth of LCCs
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                • Long haul a growth opportunity
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  • China and Russia
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    • Consolidation of Europe’s aviation sector
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      • More fragmented than US
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 120: Market share of total seats in % of top 6 carriers in Western Europe, 2017
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        • Figure 121: Market share in % of total seats of top-6 carriers in the US, 2017

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Airlines Worldwide - International - December 2017

                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    US $2,018.70 (Excl.Tax)