South Korean Budget Airlines Grab More Than 50 Percent Market Share

D-Bo , Jan. 20, 2015, 10:08 a.m.

The domestic market share of low-cost carriers exceeded 50 percent for the first time last year.  Five budget carriers -- Air Busan, Eastar Jet, Jeju Air, Jin Air and T'way Air -- handled a combined 12.5 million passengers last year, or 51.25 percent of all 24.4 million, the Korea Airports Corporation announced.

Jeju Air had the most with 3.4 million or 13.9 percent, followed by Air Busan (2.9 million or 11.7 percent), Jin Air (2.2 million or 9.2 percent), T'way Air (2.1 million or nine percent), and Eastar Jet (1.8 million or 7.4 percent).

"No-frills carriers that have entered the market since 2005 increased their market share because they’re recognized as safe and their prices are competitive," a KAC official said. "They will probably handle an increasing number of passengers on short and medium-haul international routes like Southeast Asia and Japan as well as on domestic flights."

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