The functioning of the European railway services market largely depends on the activities and monitoring of access to railway services by the regulatory body. A well-developed legislative framework in line with market needs supports market growth, while overregulated legislation hinders development, which can also be the case in the railway market. The liberalisation of the railway freight market is a result of the principle of freedom to provide services and the development of the railway services market, leading to the elimination of monopolies. An increasing number of market stakeholders, including undertakings and service providers, as well as the development of new services, are indicators of market progress. The European railway freight market has evolved with the emergence of new undertakings; however, whether it has reached the desired level and how the legislative environment has influenced it remain open questions, which this research aims to address. Railway infrastructure, due to its relatively high maintenance and construction costs, has generally remained a natural monopoly; however, it is accessible to all under equal conditions. The separation of railway infrastructure maintenance and traffic management from railway transport operations is a key step for market liberalisation. However, without an efficient transformation of national railway operators into market-oriented companies with supply adapted to demand, or without competition, the development of the railway freight services market is impossible. Was this the intended outcome of the liberalisation policy? The answer will be sought through the analysis of development indicators.