South Korea may be too crowded a market

AirAsia's CEO, Tony Fernandes, was quoted a couple of years ago - while on a trip to South Korea - that the country would be an ideal market for a new low-cost carrier.
He said this because at that time there were only two domestic airlines - both full service carriers - and South Korea has some good short-haul domestic and international routes, ideal for the Boeing 737s and Airbus A320s that low-cost carriers tend to operate.
Today it seems South Korea is no longer an ideal market for a new airline starting out simply because its now too crowded.
The incumbent full-service carriers Korean Air and Asiana Airlines are establishing low-cost carriers of their own.
There are two small regional operators - Han Sung Airlines and Jeju Air - looking to expand.
Plus there are three new airlines starting - Kostar Airlines, Incheon Tiger Yeongnam Air.
I can't see how all these carriers can survice and that can only mean one thing - future consolidation.