What is Airport Lounge?
An airport lounge is a building that offers upgraded amenities and services to customers flying by air. These facilities are often run by airlines or independent businesses. Airports frequently have lounges, which provide a range of services including cosy seats, free food and beverages, free Wi-Fi, newspapers and magazines, showers, and occasionally even sleeping rooms. Airport lounge access is frequently restricted to specific categories of travellers, such as holders of business class or first-class tickets, eminent frequent fliers, or participants in particular credit card programmes.
Global Airport Lounge Access Market Overview
The Global Airport Lounge Access Market showcased growth at a CAGR of 14.52% during 2018-2022. The market was valued at USD 6.42 Billion in 2022 which is expected to reach USD 55.71 Billion in 2028. The increasing disposable income of middle-class people and increasing trend of using flight for save time are contributing to the overall growth of the Airport Lounge market.
The Global Airport Lounge Access Market is expected to grow in the forecast period and register a market value of USD 55.71 Billion in 2028 at a CAGR of 10.63% during the forecast period. Many customers are ready to pay additional costs to have access to upscale amenities like comfortable seats, delicious food and drink options, workplaces, and entertainment venues as air travel becomes more widespread and economical.
In comparison to busy public areas, regular travellers who spend a lot of time at airports may appreciate the ease and comfort of lounges. The development of airline networks, which has intensified rivalry among airlines for the allegiance of valuable clients, is another factor contributing to the rise of the airport lounge business. In order to set themselves apart from their rivals and give their most precious passengers a better travel experience, several airlines have invested in their lounge offers.
Increasing Air Travel
There is a growing need for handy places where travellers may unwind, work, or get some rest before flights as more people choose to travel by air. Passengers may escape the congestion and commotion of the airport terminal in a luxurious setting at an airport lounge.
In addition, as low-cost carriers have grown in popularity, more travellers are prepared to pay a premium to enter airport lounges, which include perks like free food and beverages, Wi-Fi, and plush seats. As a result, there are now more airport lounges than ever before as airlines and other third parties try to meet the rising demand.
Advancement in Airport Technology
Travellers are seeking methods to unwind and relax before their trips as airports becoming more congested and unpleasant. In contrast to the terminal's commotion, noise, and throngs of people, airport lounges offer a relaxing and calm environment where passengers may wait for their flights.
The creation of mobile applications that enable travellers to reserve lounge access and other amenities straight from their smartphones is one of the major technical developments that has fuelled the expansion of the airport lounge business. Travellers now find it simpler to locate and reserve lounge access, which has increased demand for these services.
The adoption of biometric identification technology to expedite the security and boarding procedures is another significant technical innovation. Travellers now spend less time standing in queue and more time relaxing in the lounge as a result of this. Additionally, a lot of airport lounges now provide modern travellers with facilities like charging stations, high-speed Wi-Fi, and other conveniences.
The Business segment accounts for USD 4.22 Billion in 2022.
Businesses' corporate travel plans may include access to airport lounge memberships for their employees. As a result, demand and income for both airports and lounge operators may rise as more people use airport lounges.
Airport lounges are a desirable choice for business travellers, who are frequently regular flyers who appreciate comfort and convenience when travelling. Business travellers, especially those who fly long distances or regularly, are as a result in constant demand for these lounges. As a result, airports and lounge operators could broaden their services to expressly appeal to this category of travellers, offering things like private conference rooms, high-speed internet, and other facilities that might assist business travellers work productively.
According to Azoth Analytics Estimates, the Americas accounts for the largest revenue share in 2022. There are many large firms in the Americas, and business travel is a big factor in the demand for airport lounges. Airport lounges are popular places for business travellers to work or unwind before departure.
Moreover, the market for airport lounges in the Americas is extremely competitive, with a wide range of businesses fighting for market share. As a result, many travellers are drawn to the high-quality lounges that have been developed.
Global Airport Lounge Access Market is fragmented with the top 5 companies accounting for a significant revenue share in the year 2022. Leading companies and brands in the market are executing different strategies and partnerships to strengthen their foothold and increase their competitiveness and product offerings in the market.
Cathay Pacific, Delta Airlines, Deutsche Lufthansa, United Airlines, American Express are the leading companies in the Global Airport Lounge Access Market.
Leading companies in the Global Airport Lounge Access Market include:
Recent Developments in the Global Airport Lounge Access Market
â€¢ May, 2021: American Express and MAG (Manchester Airport Group) USA made an agreement of partnership and announced that they opened a new Centurion Lounge at the Phoenix Sky Harbor International Airport, Arizona. MAG USA specializes in the development, management, and operation of airport terminal facilities, including common-use lounges, retail, food, and beverage outlets.
â€¢ March, 2021: The launch of a new lounge at the Domodedovo Moscow Airport in Russia was announced by Plaza Premium Group, a prominent supplier of airport hospitality services. Comfortable seats, a variety of food and drink options, and shower facilities are just a few of the amenities offered at the Plaza Premium Lounge at Domodedovo Airport.
Segmentations in the Report
By Lounge Access Method
Frequently Asked Questions
What is the expected market value of the Global Airport Lounge Access Market in 2028?
Global Airport Lounge Access Market is expected to be valued at USD 55.71 Billion in 2028.
At what growth rate is Global Airport Lounge Access Market expected to grow in the forecast period?
During 2023-2028, Global Airport Lounge Access Market is expected to grow at a CAGR of 25.75%.
Which Region dominates the Global Airport Lounge Access Market?
Americas contributes the largest revenue share in the Global Airport Lounge Access Market and is expected to continue in the forecast period as well.
Which are the leading companies in the Global Airport Lounge Access Market?
The leading companies in Global Airport Lounge Access Market Cathay Pacific, Delta Airlines, Deutsche Lufthansa, United Airlines, American Express, Air France.
At what rate will China Global Airport Lounge Access Market Grow?
During 2023-2028, China Global Airport Lounge Access Market is expected to grow at a CAGR of 32.74%.
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