Main market for Arriva 126/127 is Quorn/Mountsorrel/Rothley/Birstall - Leicester/Loughborough and Shepshed - Loughborough. Quorn - Loughborough is not a major battle ground as the market is small. Main market for Kinch 2 is Barrow/Sileby - Leicester/Loughborough. Main market for Skylink are interurban traffic. All mostly separate from each other.
126/127 are in fact far more convenient between Leicester - Loughborough than the train as Loughborough Midland Station is way out of town and Leicester's is not exactly in the heart of the city. The bus, with 6 departures an hour, is far more frequent than the train (5/6 trains an hour 10 years ago vs 3 these days), cheaper if you factor in Kinch's extortionate fares for a ride in Loughborough or a 15-minute walk at that end. Kinch 2 takes longer than Arriva and is only half-hourly for the same price.
The only real competition amongst these routes these days is on the Loughborough - Leicester flow, where Kinch reduced the fare on the Skylink to compete with Arriva and, if you have one of their 10-ride tickets, provide better value than Arriva. But again that one is hardly the focus for Arriva.
Along the golden mile, First 22 offers some competition to Arriva 5(A)/6, however First's real market lies along Rushey Mead area after turning off Melton Road.
Centrebus 100 cannot be a real threat to Arriva 5(A) as it only runs hourly as opposed to a 10-minute frequency Arriva runs.
Competition in Leicester is mainly on these flows atm:
- First 14(A)/94 and Arriva 14 en route to New Parks - has been going for a good few years now. Recently First lowered its single fare to match Arriva's;
- First 21A and Arriva 58(A) to Hamilton - fairly recent phenomenon owing to growth of the estate;
- First 38 and Arriva 58(A) to Humberstone and Nether Hall but not intermediately;
- First 38(A) and Arriva 53(A)/56 along Uppingham Road;
- First 38A and Arriva 53(A) en route to Thurnby Lodge - another remnant of the "war" a few years back;
- First 54 and Centrebus 54A en route to Beaumont Leys;
- First 22 and Centrebus 22A/B en route to Evington - started after First inexplicably cut the majority of evening services after 1900 in the city a while back;
- Stagecoach 48 and Arriva 153/158 en route to Leicester Forest East (including First 18 as far as Western Park);
and to a lesser extent:
- First 22 and Arriva 5(A)/6 along Melton Road;
- First 25/26 and Arriva 127 along Loughborough Road;
- First 88(A) and Arriva 47(A)/48(A)/86 along Saffron Lane;
- Stagecoach X7 and Arriva X3 en route to Market Harborough;
I would say that there is a decent amount of competition going on. Of course there is not always a market for two operators when you go deep into a residential area so competition is not really viable in those cases imo as it is best to have one operator who can operate on a sound financial basis than two neither of whom could make any money.