Korean budget carriers appear anxious in the wake of the disappearance of an AirAsia commercial jet over the weekend, as safety is the chief concern for consumers flying low-cost airlines.

Asia has seen a boom in the number of budget carriers since 2000, largely driven by the region’s growing middle class and eased regulations.

Among them, Malaysia-based AirAsia is the largest discount airline operating more than 220 routes across the region. Since the company started business in 2001, its market share has soared from 3 percent to 60 percent.

Korea is no exception. There are five homegrown no-frills airlines in a small, saturated market, with foreign-based carriers joining to lure customers with cheaper deals.

After a series of fatal accidents, however, regulators and industry watchers say that regulations have failed to keep pace with the market’s robust growth.

Though many budget carriers now boast younger fleets, some still buy or lease old planes that have been unused for years.

Fierce competition has also sparked a severe shortage of pilots, which may further undermine safety as more inexperienced aviators could hold the controls in the cockpit.

“AirAsia is a market leader with a good safety record. We are concerned that the latest incident could negatively affect the overall image of budget carriers,” said an official of a Korean low-cost airline on condition of anonymity.

The AirAsia jet that disappeared on Sunday en route to Singapore from Indonesia was a new Airbus A320 aircraft, piloted by a veteran with more than 6,000 flight hours. Rescue efforts are continuing and no survivors have been found yet.

“There are no changes in our reservation rates. But it seems unavoidable that government regulations on budget carriers will be toughened in the future,” the official added.

Another company official, who also declined to be named, predicted a limited impact on Korean carriers compared to their Southeast Asian rivals.

“Customers, even budget flyers, are likely to become more conscious about safety and other cabin services. Given that, Korean carriers would secure a competitive edge in the future competition, at least on their home turf,” he said.

By Lee Ji-yoon (jylee@heraldcorp.com)