November Air Traffic Data: IndiGo’s market share drops 2%; SpiceJet, Air India’s pie rise amid surging passenger load

Air traffic data for November 2025 showed that the market share of India’s largest airline operator IndiGo fell by 2%, while rivals such as Tata Group-owned Air India and SpiceJet witnessed a rise due to increased passenger load, the news portal reported. CNBC TV-18 On December 30, 2025.

Referring to air traffic data, the news emphasized that IndiGo’s market share decreased from 65.6% in October 2025 to 63.6% in November 2025.

However, the airline operator witnessed IndiGo’s passenger load growth of 6.3% to 88.7% in November 2025 compared to 82.4% in October 2025 on a month-on-month basis.

Passenger load is a measurement used in the aviation industry worldwide to measure the total number of people carried on an aircraft. The numbers are also measured through the passenger load factor (PLF), which shows the percentage of available seats filled by passengers.

Air India market share

Tata Group-owned full-service carrier Air India’s market share in the Indian aviation industry increased by 1% to 26.7% in November 2025, compared to 25.7% in October this year, according to the agency report.

Air India’s passenger load factor also increased by a whopping 10.2% to 87.5% in November compared to 77.3% levels in October 2025, driven by rising demand for air travel in India.

SpiceJet’s market share

According to the news portal’s report, low-cost carrier operator SpiceJet’s market share increased by 1.1% to 3.7% in November 2025, compared to 2.6% in October 2025.

Like Air India and IndiGo, SpiceJet also saw a 5.5% increase in passenger load to 87.7% in November from 82.2% in October 2025 due to increased bookings.

Akasa Air lost its market share

According to the news portal’s report, Mumbai-based carrier Akasa Air’s market share fell by 50 basis points to 4.7% in November 2025 compared to 5.2% in October 2025.

The airline was founded by Vinay Dube and Aditya Ghosh in December 2021 and was backed by notable investor Rakesh Jhunjhunwala.

Despite the decline in market share, Akasa Air’s passenger numbers increased by 2.6% to 93.8% in November 2025, from 91.2% in October 2025.

What does ICRA foresee?

Indian credit rating agency ICRA, in its latest December aviation sector update report, stated that the Indian aviation sector ₹17,000 to 18,000 crore ( ₹170-180 billion in the financial year ending 2025-26).

“ICRA expects Indian aviation sector to report net loss ₹170-180 billion in FY 2026, above previous estimate ₹“95-105 billion,” the rating agency said.

ICRA cited IndiGo’s mounting losses from the financial impact of flight cancellations, passenger refunds and increased operating expenses due to outages in December 2025 as the reason for their outlook. The agency also said domestic air traffic will decline in December data due to disruptions at IndiGo, which still holds the majority of India’s aviation market.