Dublin, Sept. 24, 2024 (GLOBE NEWSWIRE) -- The "Airport Lounges - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)" report has been added to ResearchAndMarkets.com's offering.
The Airport Lounges Market size is estimated at USD 4.21 billion in 2024, and is expected to reach USD 9.44 billion by 2029, growing at a CAGR of 17.52% during the forecast period (2024-2029).
Airport lounge providers, in recent years, have focused on upgrading their lounge infrastructure in order to provide a more luxurious and comforting experience for their passengers. Moreover, airport lounge providers are also entering into partnerships with various technology companies. They are engaged in working on premium class lounges in order to provide more amenities to meet the needs of the passengers. Furthermore, the integration of new-age technology within airport lounges, such as smart check-ins, virtual reality experiences as well as interactive displays, will lead to generating significant business opportunities within the market in the coming years.
The airport lounges market is expected to witness significant growth in the years to come. Several factors, such as the growth of the middle-class population in emerging countries leading to increased spending capacity and growing demand for luxury travel experiences globally, are expected to drive the market growth. Moreover, the addition of new lounges with greater amenities at airports to improve passenger experience and growing collaboration between credit card companies and airports to make airport lounges accessible, thereby attracting a large number of passengers, are some of the other factors driving the market growth in coming years.
On the other hand, the high operational costs of airport lounges will be the major factor hampering the growth of the market. Furthermore, increasing focus on digitization and incorporation of virtual reality and artificial intelligence will lead to growing business opportunities within the market in the coming years.
Connectivity and Entertainment Segment Will Showcase Remarkable Growth During the Forecast Period
The growth in the number of air passengers worldwide coupled with growing need for airport lounge providers to upgrade their facilities drive the growth of the market. Introduction of advanced connectivity and entertainment systems in order to provide better passenger experience and rising spending on enhancing aviation infrastructure propels the segment growth.
There has been a significant growth in the number of airport lounges worldwide. An increasing number of air travelers in recent years has led to lounge providers improving their services and focusing on digitization in order to provide a better lounge experience. Moreover, various airport lounge providers are now experimenting with virtual reality in order to provide their passengers with various entertainment and connectivity options. By making use of virtual reality, passengers will have a chance to explore exotic destinations, enjoy live performances and also enjoy sports activities from the comfort of the lounge.
Asia-Pacific is Projected to Show Significant Growth in the Market During the Forecast Period
In recent years, the aviation sector across Asia Pacific showcase significant growth in terms of number of air travelers, spending on aviation infrastructure, and development of new airports. Various factors such as growth in the number of new airport lounge construction projects as well as a growth in the number of passengers who can afford lounge services within the region will lead to the growth of the market.
There has been a significant growth in the usage of airport lounge services in the Asia-Pacific region in recent years. According to the data presented by the International Air Transport Association (IATA), airlines in the Asia-Pacific region witnessed an increase in the number of air traffic passengers by 98.5% in August 2023 as compared to August 2022.
Furthermore, growth in the spending capacity of the passengers has led to various airports within the region increasing their construction of new airport lounges or revamping their existing lounges with better facilities. For instance, in December 2023, Hirsch Bedner Associates (HBA) a hospitality design firm announced that they have collaborated with Air India in order to improve the lounge experiences at New Delhi International Airport. Moreover, the company will be designing Air India's first and business class lounges at the New Delhi airport.
Furthermore, in July 2023, Delhi International Airport Limited (DIAL) launched the India's biggest lounge facility "Encalm Prive," at the Airport's Terminal 3. It aims to optimise lounge space and provide a luxurious and relaxing environment for business and first-class travellers. Such developments and increasing investment in airport infrastructure drive the market growth across the region.
Key Topics Covered:
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Service
5.1.1 Food and Beverage
5.1.2 Connectivity and Entertainment
5.1.3 Passenger Services
5.2 Lounge Ownership
5.2.1 Airline, Airport, and Government Owned
5.2.2 Privately Owned
5.3 Type
5.3.1 Economy Lounge
5.3.2 Premium Lounge
5.4 Geography
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 United Airlines, Inc.
6.2.2 American Express Centurion Lounges
6.2.3 DreamFolks
6.2.4 Airport Dimensions (Collinson Group Ltd)
6.2.5 Plaza Premium Group
6.2.6 Emirates Group (Marhaba Lounge)
6.2.7 Qantas Airways Limited
6.2.8 Cathay Pacific Airways Limited
6.2.9 Lufthansa
6.2.10 CAVU Experiences (AMER) LLC
6.2.11 American Airlines
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/ki9e42
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachments
- Airport Lounges Market Airport Lounges Market By Number Of Civil Airports By Year China 2016 2021
- Airport Lounges Market Airport Lounges Market Growth By Geography 2022 2027
