Lui Tuck Yew: Low-cost carriers and new air hubs reshaping aviation sector
The growth of low-cost carriers and the rapid rise of new air hubs will shape the future of aviation, Transport Minister Lui Tuck Yew said at the opening of the Singapore Airshow Aviation Leadership Summit on Monday.
In Asia, low-cost carriers have grown from almost nothing 10 years ago to accounting for close to 20 per cent of the market today, he noted. The growth is even more "phenomenal" in South-east Asia, where such carriers account for more than half of intra-regional travel.
Regional air hubs have also been growing, he observed.
These two trends - the rapid growth of LCCs and the new hubs - will shake up the business and operating models of traditional carriers and air hubs, Mr Lui said.