“Frecciarossa” Trenitalia trains connecting Paris and Lyon, Ouigo services on Spanish tracks — the opening of high-speed rail markets in Europe has been accelerating since 2020. In France, this has led to competition between SNCF Voyageurs with its inOui and Ouigo brands, foreign historical operators like Trenitalia and Renfe, and new entrants adopting innovative business models, such as Kevin Speed (Ilisto), Le Train, and Proxima.
In 2024, the sector entered a new phase of competition:
- Proxima announced a €1 billion equity and debt fundraising to launch operations on the Atlantic axis by 2028 and placed an order for Avelia trains from Alstom.
- Trenitalia launched a major advertising campaign at the end of the year to promote its competing offer on the Paris-Lyon route and opened new seasonal destinations (Chambéry, Saint-Jean-de-Maurienne).
- Ilisto (Kevin Speed) signed a framework agreement with SNCF Réseau to secure multi-year train paths.
At the same time, SNCF has been preparing for increased competition, announcing expanded Ouigo services on numerous routes targeted by new entrants.
2025 will be a pivotal year for the sector, with high-stakes challenges to meet tight timelines for launching new services. Additional fundraising rounds are anticipated from other new entrants seeking to join Proxima, alongside progress in negotiations for framework agreements, which many will need. Meanwhile, SNCF Voyageurs is set to roll out the next-generation TGV-M.
In this new economic and competitive context, the issue of rail infrastructure funding could resurface as a central topic of debate.
For more insights into the growth of high-speed rail competition, feel free to consult our detailed study on the subject.
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