The bottom line on Spain's rail liberalization is clear: 44.5 million passengers rode high-speed trains in 2025, double the 2019 count, and average fares fell 40% since competitors like Ouigo and Iryo entered the market. That's from the CNMC's annual rail report.
The big stat: high-speed riders grew 12% in one year, while overall rail (including commuter lines) flatlined at 0.3%. Translation: people are ditching cars and planes for the AVE. Critics who said liberalization would fragment the market should see this: more riders, fairer prices. The CNMC puts the average fare drop at 40%.
My take: tourism wins twice. More business and leisure travelers connect city pairs without airports, spreading hotel demand. Warning to airlines: review those sub-500 km routes, the train is eating your lunch with competitive pricing and growing frequencies.
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