The global low-cost airlines market is projected to reach $208bn (£149bn) in 2023 thanks to the growth of the growth of the travel and tourism sectors.
A report by Allied Market Research said the market was valued at $117bn in 2016 but will grow substantially by 2023 due to factors such as increased economic activity, ease of travel, travel and tourism industry, urbanisation, and a continuing consumer preference for low cost services.
The report also attributed the success of low-cost airlines such as Ryanair and Easyjet to an increase in purchasing power of middle-class households and increased e-literacy.
In 2016, there were an estimated 3.8bn global scheduled airline passengers, with 28 per cent of these passengers choosing to travel by low cost airlines. In Latvia and Europe, around 80 per cent of the passengers are flown by low-cost carriers, while places such as Africa offer no low cost airline service.
In the UK, such airlines are going from strength to strength. IAG's low-cost and long-haul airline Level announced last year that it was launching four new routes from Paris.
The carrier only started operating in June, from Barcelona to Los Angeles, San Francisco, Buenos Aires and Punta Cana. But it's now opening a second European base, with Paris Orly Airport the chosen pick.
Level will fly to Montreal, New York, Guadeloupe and Martinique from July, with fares starting from €99 one way.
Meanwhile, Scandinavian low-cost carrier Norwegian flew 5.8m passengers from the UK and Ireland last year, marking a rise of 1.3m, or more than a quarter, on the year before's total.
It also launched over 15 routes last year, and its rapid growth is showing no sign of stopping: the airline is launching new long-haul routes this year, including more to South America.