Superação no céu: como novos entrantes sobrevivem no mercado aéreo brasileiro pós-desregulamentação

Marcelo Nascimento Marcusso; Marina Amado Bahia Gama; Paul Ferreira; Fernando Deodato Domingos

doi:10.5585/2025.27507

Authors

Marcelo Nascimento Marcusso FGV-EAESP. Fundação Getúlio Vargas, Escola de Administração de Empresas de São Paulo, São Paulo, SP, Brasil https://orcid.org/0009-0006-4854-9010
Marina Amado Bahia Gama FGV-EAESP. Fundação Getúlio Vargas, Escola de Administração de Empresas de São Paulo, São Paulo, SP, Brasil https://orcid.org/0000-0003-2154-1984
Paul Ferreira FGV-EAESP. Fundação Getúlio Vargas, Escola de Administração de Empresas de São Paulo, São Paulo, SP, Brasil https://orcid.org/0000-0001-8536-1697
Fernando Deodato Domingos FGV-EAESP. Fundação Getúlio Vargas, Escola de Administração de Empresas de São Paulo, São Paulo, SP, Brasil https://orcid.org/0000-0001-6149-7290

DOI:

https://doi.org/10.5585/2025.27507

Keywords:

air transportation, deregulation, liberalization, new entrants

Abstract

Objective: This study aims to identify the critical factors influencing the survival of new entrants in Brazil's post-deregulation air transportation market, focusing on the strategies employed by Gol, Azul, and Itapemirim airlines.

Methodology: Using an exploratory qualitative approach, the research employs case studies to analyze the strategic decisions of these three companies in the post-deregulation market. Data was gathered from secondary sources, including financial reports, press releases, and industry analyses.

Originality / Relevance: While deregulation successfully reduced fares and increased demand, the low survival rate of new entrants in the Brazilian market highlights a critical gap in the literature on airline competition. This study contributes to the limited research on how new entrants navigate challenges in highly concentrated markets, particularly in developing countries.

Main Results: Findings suggest that the survival of new entrants is primarily driven by their ability to scale operations and maintain high load factors. Key factors include low operating costs, access to financial capital, a young fleet, and skilled human capital. Additionally, brand perception, pricing strategies, and technological innovation were found to be essential for sustaining competitive advantages.

Theoretical / Methodological Contributions: The study advances understanding of strategic survival mechanisms in deregulated markets, offering insights into how firms can overcome barriers to entry and scale.

Managerial Contributions: The findings provide practical guidance for airlines and policymakers to foster a more competitive and sustainable market environment.

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Author Biographies

Marcelo Nascimento Marcusso, FGV-EAESP. Fundação Getúlio Vargas, Escola de Administração de Empresas de São Paulo, São Paulo, SP, Brasil

Masters Degree from FGV-EAESP. Experienced officer in the airline industry.

Marina Amado Bahia Gama, FGV-EAESP. Fundação Getúlio Vargas, Escola de Administração de Empresas de São Paulo, São Paulo, SP, Brasil

Assistant Professor at FGV-EAESP, holding a Ph.D. in Business Administration with a focus on Business Strategy (FGV-EAESP, 2017). She was a Visiting Scholar at Wharton Business School (2019, 2024) and a visiting doctoral student at the University of Illinois Urbana-Champaign (2016). She teaches business strategy at undergraduate and graduate levels and coordinates the discipline and research line in the field. Her research focuses on corporate and non-market strategies, partnerships between business, government, and the third sector, and the relationship between political and social responsibility

Paul Ferreira, FGV-EAESP. Fundação Getúlio Vargas, Escola de Administração de Empresas de São Paulo, São Paulo, SP, Brasil

Full-time Professor of Strategic Management at Fundação Getúlio Vargas (FGV EAESP, Brazil). He is also Director of the Executive Master’s in Business Administration at FGV EAESP, as well as Vice-Director of the Center for Organizations and People. Since 2020, Paul is Columnist for MIT Sloan Management Review Brazil. He is a permanent visiting researcher at the University of St. Gallen (Switzerland).

Fernando Deodato Domingos, FGV-EAESP. Fundação Getúlio Vargas, Escola de Administração de Empresas de São Paulo, São Paulo, SP, Brasil

Professor of strategy. His research interests are focused on impact-oriented initiatives. Before joining FGV, Fernando was a postdoctoral research fellow at the Blavatnik School of Government (University of Oxford), where he studied public-private partnerships and led the evaluation of British social outcome contracts. He holds a PhD in Economics (Insper, 2021, with a visiting period at HEC Paris, 2019-20), and a BSc also in Economics (USP, FEA-RP, 2015, exchange student at Toulouse Business School, 2013-14).

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