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regions. Rather, the non-US carriers have operated within a structure largely governed by international regulations and bilateral agreements that have arguably protected many car- riers from the pressures of unfettered competition and the tendency to overexpand during the macroeconomic growth cycles. Non-US carrier growth has been more measured, as capacity expansion was largely dictated by new route opportunities that emanated from relaxed bilateral restrictions between countries. This is in contrast to the US airline indus- try after its deregulation, which has emulated other capital-intensive commodity industries by overexpanding during the up cycles and then not removing the uneconomic capacity in the down cycles. While the US industry stagnated as it focused on the restructuring of its costs and productivity in the 2002 - 2007 period, airlines in other regions of the world continued to grow. Carriers in Latin America and the Middle East grew at aggressive rates while most carriers in Europe and Asia grew at steady and sustainable rates, reflecting the relative maturity of their respective regional markets. Throughout the restructuring period, the industries in Asia and Europe remained profitable with only a slight loss for the European airlines in 2002 largely attributable to their dependence on international service to the US market. During this period, the European carriers expanded their networks into many non-North American markets. China has become a growth opportunity for carriers in all regions and secondary markets in Asia have developed to the point where there is sufficient demand to justify service. Africa is presenting new growth opportunities particularly for the European airlines that can expand based on their historical presence in that region.
Evolution of US and Global Airline Markets 471 Similar to the US, Europe saw rapid growth in new intra-Europe city pairs. Just as the LCC sector expanded aggressively at the expense of the legacy carriers in the USA, a significant low cost sector grew even more rapidly in Europe. Certain LCCs entered the more mature markets in Europe while Ryanair expanded to secondary markets surrounding the largest population centers. Europe has many geographic areas left in which LCCs can expand further, such as Eastern Europe and the Mediterranean, whereas the US domestic
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