Ryanair CEO Michael O'Leary says he will drive strong growth for the airline to win market share from its European rivals, with the aim of doubling passenger numbers over the next decade. 

Ryanair wants to reach 300 million passengers a year by 2034, which is more than any other airline has achieved so far. 

”"I think the notion that there is no more growth in Europe is completely wrong," says the airline's CEO Michael O'Leary in an interview with Financial Times.

Part of that effort is the deal with Boeing that was completed in early May this year. When the company purchased 300 short-haul planes for $40 billion. 

After the pandemic, Ryanair has been the winner among European airlines, entering new markets when other companies had to withdraw for economic reasons. In terms of passenger numbers, Ryanair is the largest player on the continent, with 168 million passengers in the past year.

Compared to 2019, the company has nearly 40 million more seats today.

At the same time, there are analysts and investors who question the future of aviation with the current climate crisis and rising aviation taxes. 

”Double-digit growth rates were sustainable when the company was smaller. But with almost 600 aircraft, you can’t maintain that rate without destroying returns,” Bernstein analyst Alex Irving told the Financial Times.

However, that is not something that worries Michael O'Leary. By taking market share from competitors and expanding further in Central and Eastern Europe, he is convinced that the goals will be achieved. He describes the business model in three words: "Lowest cost wins."”

”As long as we don't do anything stupid – which is a daily challenge in this industry – we will continue to sweep the runway with every other airline in Europe,” he says.

Source: DI.SE