Spirit Airlines has been blamed for its collapse, yet deregulation alone cannot explain the short‑fall. Analysts argue that low‑cost carriers, such as Spirit, struggle to match the network reach of major airlines.

The core issue lies in hub connectivity. When a route intersects a major airline’s hub, the larger carrier can schedule more flights, offering passengers a wider array of connections. In contrast, low‑cost carriers rely on point‑to‑point traffic, limiting route flexibility and revenue potential.

Because of this structural advantage, the majors can set higher fares and capture more profit, even when Spirit offers lower ticket prices. The disparity underscores how market design, not deregulation alone, shapes airline competitiveness.

Investors watching the U.S. airline sector should recognize that cost efficiency gains for carriers like Spirit rarely translate into sustained market share without a robust network backbone.