For years, it's been evident that smaller airlines have had an operating advantage, particularly when they use less expensive airports. They've been able to post better numbers as a result, and in the current travel slump, they've outperformed the larger carriers. Well, they've also picked up a considerable amount of market share.

According to a report by USA Today, low cost carriers now have 30% of the market in the United States. Price-sensitive consumers are turning to cheaper alternatives, even if it means (for fliers with elite status) giving up the perks they've earned through years of customer loyalty.

What's one over-the-horizon trend that passengers (and investors) would be wise to monitor closely? Micro airlines.

Micro airlines will be small carriers that target the leisure travel market, stock analyst and frequent flier C. Leonard Bauer told BloggingStocks Tuesday.

Bauer is quick to point out that these carriers don't exist today -- the commercial aviation sector's financials can't currently support them -- but when design advances (including composites), increased engine efficiency, and a drop in oil and aviation fuel prices turn in the airline sector's favor, look for micro carriers to sprout, he predicted.

A streamlined air itinerary

Further, Bauer doesn't count current 'regional airlines' or 'express airlines' such as United Express as micro airlines because micro airlines will differ from the former in one significant way: "They'll have vastly reduced check-in times compared to regional airlines," Bauer said. "For a portion of the leisure travel public, this will be the deal-clincher." Bauer added that he doesn't own shares in nor have a rating on any airline.