The European low-cost giant Ryanair is committed to pursuing extensive growth and capturing a larger market share from rival airlines in Europe, as it aims to double passenger traffic by the end of 2034.
In an interview with the Financial Times, the airline's chief executive Michael O'Leary said he doesn't agree with the notion that there is no more growth potential in Europe. He feels that Ryanair has plenty of room to steal the market share from competitors in Western Europe. He said:
"As long as we don't do something stupid — which is a daily challenge in this industry — we will continue to wipe the floor with every other airline in Europe."
Doubling passenger traffic
Ryanair has emerged as a dominant force in the low-cost carrier market, particularly in terms of passenger traffic. In the fiscal year ending in March 2023, the Irish low-cost carrier successfully transported a total of 170 million passengers, reflecting a noteworthy 13% increase compared to pre-pandemic levels. Meanwhile, its competitor Wizz Air, based in Hungary, carried over 44 million passengers throughout the entirety of 2022, according to its report.
Moving forward, the airline has set even more ambitious goals, aiming to double its passenger traffic to reach 300 million by the year 2034. Indeed, it comes as no surprise that Ryanair is actively pursuing substantial growth with great determination.
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In line with this objective, the airline has recently placed a significant order for up to 300 aircraft from Boeing worth $40 billion, of which 150 are firm orders. The new order was announced on May 9 for the largest version of the Boeing 737 MAX family aircraft, the 737 MAX 10. Today's Ryanair Boeing 737 MAX order boosts the total number of MAXs ordered by the Irish budget carrier to 360.
The order negotiations between Ryanair and Boeing had commenced prior to the onset of the COVID-19 pandemic. However, the discussions were suspended in September 2021 due to the inability of both parties to reach a mutually satisfactory pricing agreement.
Ryanair's fleet
Just like most budget carriers, Ryanair sticks to a single-type fleet to minimize operational costs. Currently, the airline has a total of 544 aircraft in its fleet across its five subsidiaries. The airline's fleet comprises 410 Boeing 737-800s, 104 Boeing 737 MAXs, and a single Boeing 737-700 jet. The average age of Ryanair's fleet is 9.4 years.
The airline's subsidiary Lauda Europe operates a fleet of 29 Airbus A320-200 aircraft, according to Planespotters.net data. Despite operating a fleet of leased A320s, the airline has decided to transition to an entirely Boeing 737 fleet. However, it has encountered difficulties in securing new 737 aircraft.
What are your thoughts on Ryanair's growth plans? Do you have plans to fly with the Irish low-cost carrier this summer? Let us know what you think of the airline and its plans in the comments section below.
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Sources: Financial Times, Planespotters.net