Turkish Airlines & Pegasus Airlines: competitive equilibrium?
Among Europe's large aviation markets Türkiye has enjoyed the strongest recovery from the COVID-19 pandemic: its seat capacity in 2024 was 20% above its 2019 level, whereas capacity in Europe as a whole was flat on 2019.
The nation's two largest operators, the flag carrier Turkish Airlines and the ultra-low cost airline Pegasus Airlines, have also performed well. They occupy different market segments, and appear able to operate in a kind of competitive equilibrium.
Nevertheless, Pegasus has recovered capacity and traffic more rapidly, and with a higher load factor and superior operating margins.
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