Scandinavian airlines experienced a 26% growth in gross bookings in 2023, driven by increased seat capacity. However, the industry faces challenges such as high costs and weak profitability, leading to bankruptcy protection in 2022. SAS, a market leader, is expected to emerge from bankruptcy by the end of 2024. The consolidation of European legacy carriers around Air France-KLM, Lufthansa, and IAG is evident, with low-cost carriers like Ryanair, Wizz Air, and Norwegian Air also challenging traditional airlines.
Scandinavian airline market excels, but risks remain
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