But it's not just fuel efficient widebody equipment that's changing the game - the new long haul narrowbodies are opening up vast new opportunities for airlines - and they'll be entering the fleets of airlines around the world in large numbers in the coming years.
The implications are profound, touching the entire travel value chain from airports to accommodation, ground transportation, distribution/payment and technology - and even corporate travel.
The CAPA Low Cost Long Haul Global Summit, returning for a second year, attempted to tap into the latest industry issues and developments, challenging leaders of the industry to reflect on what is needed to drive the industry forward.
The event, hosted at The Grand Elysée Hotel, close to Hamburg's city centre, brought together hundreds of aviation and travel executives from airlines, airports and suppliers to explore relevant issues, as well as the commercial and operational pillars underpinning strategic decision making at international carriers.
Here's full coverage of the panel sessions from the event.
Low cost long haul strategy: feeding the network
Moderator: CAPA - Centre for Aviation, Chairman Emeritus, Peter Harbison
Panel: flyadeal, CEO, Con Korfiatis; Lufthansa Group, Member of the Executive Board and CCO Network Airlines, Harry Hohmeister; Royal Jordanian, President & CEO, Stefan Pichler
The trans-Atlantic shift: what impact will low cost long haul have on this important market?
Moderator: John Byerly, Consultant, Principal, John Byerly
Panel: American Airlines, Director Sales Programs, Ivonne Brauburger; Norwegian, EVP Strategic Development, Tore Østby
How the Middle East LCCs will change Asia to Europe long haul
Moderator: CAPA - Centre for Aviation, Chairman Emeritus, Peter Harbison
Panel: Air Arabia, CEO, Adel Ali; flyadeal, CEO, Con Korfiatis
The low cost long haul air finance outlook
Moderator: Shane Matthews, Head of Strategic and Market Analysis, SMBC Aviation Capital
Panel: Steve Udvar-Hazy, Executive Chairman, Air Lease Corporation; Robert Martin, Managing Director & CEO, BOC Aviation; Wendy Sowers, Director, Market Analysis, Boeing Commercial Airplanes; Tony Davis, Managing Director, Gramercy Associates
How will investing in technology help drive low cost long haul growth?
Moderator: CAPA - Centre for Aviation, Content Editor, Blue Swan Daily, Rich Maslen
Panel: Bluebox Aviation Systems, Director Sales - EMEA, Mark Stevens; Caravelo, CCO, Jonathan Newman; Skyscanner, Commercial Director, Gavin Harris
What do airports and LCCs need from each other?
Moderator: ASM, SVP Consulting and Product Development, Nigel Mayes
Panel: Avinor, VP Traffic Development, Jasper Spruit; Hamburg Airport, General Manager Aviation Marketing, Joergen Kearsley; Kiwi.com, Airline Partnerships Manager, Slavomir Mucha; Nordstar Airlines, Deputy CEO, Sergei Koltovich; London Stansted Airport, CEO, Ken O'Toole
The impact of low cost long haul on evolving leisure markets
Moderator: CAPA - Centre for Aviation, Content Editor, Blue Swan Daily, Rich Maslen
Panel: Budapest Airport, CCO, Kam Jandu; Hamburg Tourist Board, Managing Director, Michael Otremba; TUI Aviation, Director Corporate Communications, Aage Dünhaupt
Who will win the greatest wallet share over the next five years?
Moderator: European Aviation Club, Chairman, Rigas Doganis
Panel: Amadeus, SVP, Airlines, Christian Baillet; Budapest Airport, CCO, Kam Jandu; VINCI Airports, Chief Commercial & Operational Officer, Pierre-Hugues Schmit