The low-cost carrier (LCC) industry is replacing old airplanes with new ones. Recently, a series of accidents has raised concerns about safety, prompting this change to alleviate such worries. The intense competition among LCCs also plays a role, as they seek to attract customers with new aircraft.
According to industry sources on the 1st, Jeju Air has introduced three new aircraft this year and plans to bring in three more in the second half of the year. All are Boeing B737-8 models, with each priced at over 100 billion won. Typically, LCCs lease new planes, but Jeju Air purchased them directly.
Jeju Air currently owns a total of 43 aircraft, with an average age of 13.5 years. The airline plans to lower the average age of its fleet to under 5 years by 2030 through new aircraft purchases.
T'way Air introduced two B737-8 aircraft this month and plans to add 16 more in the future. By 2027, the plan is to expand this model to 20 units, which would reduce the average age from the current 13.4 years to 8.9 years.
Eastar Jet also plans to introduce 5 more B737-8 aircraft by the end of this year, reducing the average age from 8.9 years to 6.7 years.
The reason the LCC industry is introducing new aircraft is to dispel the notion that 'LCCs only use old used aircraft.' Following the incident involving a Jeju Air passenger plane at Muan International Airport at the end of last year, various accidents have further strengthened this perception.
An industry representative noted, 'While younger aircraft are not necessarily safer, we want to communicate our commitment to ensuring safety, especially given the recent frequency of incidents.' The average ages of the aircraft at Korean Air and Asiana Airlines are 11.4 years and 9 years, respectively.
The increasing competition in the LCC industry has also accelerated the push to introduce new aircraft. T'way Air and Air Premia have recently changed major shareholders, and the merger of Korean Air and Asiana Airlines is set to give rise to a unified LCC that combines Jin Air, Air Busan, and Air Seoul.
An industry representative commented, 'Jeju Air, which had been leading until now, is slowing down, and with the unified LCC coming soon, the industry is in a state of confusion,' adding, 'Each company feels a sense of urgency to increase its market share. The introduction of new aircraft is one of the means to expand operations.'