Incheon International Airport's revenue South Korea 2014-2020
The consolidated turnover of Incheon International Airport in 2020 amounted to around 1.16 trillion won, which has been steadily increasing throughout recent years. Located in the city of Incheon in Korea, Incheon International Airport is the largest and major international airport in Korea.
Opening of Incheon International Airport
As the demand for international travel increased during the late 1990s, Incheon Airport opened to handle international flights. Incheon International Airport is about an hour away from Seoul and is a maritime airport which was made by filling the sea. Since the opening of Incheon International Airport as Korea's main international airport in 2001, it has played an important role in the air transportation industry in Asia and around the world. Incheon Airport recently opened Terminal 2 and now can handle more passengers and cargo. In addition, the turnover of duty-free shops at Incheon International Airport is the best in the world. Duty-free sales are increasing every year, mainly in the three major duty-free shops: Lotte Duty Free, Shilla Duty Free, and Shinsegae.
Growing low-cost carriers (LCCs)
Low-cost carriers have helped increase the number of passengers using Incheon International Airport. The number of using LCC airlines at Incheon International Airport grew by 20 percent each year. LCC airlines in South Korea are operating domestic flights and international flights with a focus on neighboring Asian countries including Vietnam and the Philippines. There are seven low-cost carriers in operation in South Korea. Jeju Air is the largest LCC in size, and Jin Air, established by Korean Air, and Air Busan and Air Seoul operated by Asiana Airlines. These carriers' share of international air passenger traffic has increased from 15 percent to 33 percent over the past five years.
Opening of Incheon International Airport
As the demand for international travel increased during the late 1990s, Incheon Airport opened to handle international flights. Incheon International Airport is about an hour away from Seoul and is a maritime airport which was made by filling the sea. Since the opening of Incheon International Airport as Korea's main international airport in 2001, it has played an important role in the air transportation industry in Asia and around the world. Incheon Airport recently opened Terminal 2 and now can handle more passengers and cargo. In addition, the turnover of duty-free shops at Incheon International Airport is the best in the world. Duty-free sales are increasing every year, mainly in the three major duty-free shops: Lotte Duty Free, Shilla Duty Free, and Shinsegae.
Growing low-cost carriers (LCCs)
Low-cost carriers have helped increase the number of passengers using Incheon International Airport. The number of using LCC airlines at Incheon International Airport grew by 20 percent each year. LCC airlines in South Korea are operating domestic flights and international flights with a focus on neighboring Asian countries including Vietnam and the Philippines. There are seven low-cost carriers in operation in South Korea. Jeju Air is the largest LCC in size, and Jin Air, established by Korean Air, and Air Busan and Air Seoul operated by Asiana Airlines. These carriers' share of international air passenger traffic has increased from 15 percent to 33 percent over the past five years.
