Global Equipment Finance Services Market Report 2024: Trends, Strategies, And Opportunities
Equipment Finance Services Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
Equipment Finance Services Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
LONDON, GREATER LONDON, UK, August 29, 2024 /EINPresswire.com/ -- The global equipment finance services market3 has demonstrated robust growth, with an increase from $1,200.45 billion in 2023 to $1,333.83 billion in 2024, reflecting a compound annual growth rate (CAGR) of 11.1%. It will grow to $2,039.99 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The equipment finance services market expansion is attributed to economic growth and stability influencing capital investments, regulatory changes impacting lease accounting and tax policies, increased globalization leading to expanded equipment needs, industry-specific demands for specialized equipment solutions, and a shift in customer preferences towards leasing over purchasing.
Growth Driven by Construction Industry Expansion
The growth in the construction industry is a major factor driving the equipment finance services market. This sector, encompassing activities related to building, repairing, and renovating structures, benefits from equipment finance services by enabling companies to acquire advanced machinery and technology. This support enhances efficiency and scalability without requiring substantial upfront capital expenditure. The Office for National Statistics reported a 5.6% increase in annual construction output in 2022, following a record 12.8% rise in 2021, highlighting the sector's continued expansion.
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Key Players and Market Trends
Major companies in the equipment finance services market include JPMorgan Chase & Co., Bank of America Corporation, Wells Fargo & Company, Siemens AG, and many others. These firms are focusing on enhancing their market position through strategic initiatives such as embedded coverage solutions. For example, in August 2023, Great American Insurance Group introduced an embedded coverage solution for equipment finance companies utilizing Salesforce. This technology integrates insurance solutions into the leasing process, offering immediate quoting, enrollment, and decreased data entry through metadata, significantly improving operational efficiencies.
Trends Shaping the Market
Key trends in the equipment finance services market include:
Integration of embedded insurance solutions
Enhanced data analytics
Expansion of industry-specific solutions
Digital transformation
These trends are pivotal as they drive innovation and efficiency within the market, meeting evolving customer demands.
Market Segmentation
By Type: Equipment Loan, Equipment Lease, Other Types
By Provider: Banks, Non-Banking Financial Companies (NBFCs), Other Providers
By Application: Transportation, Aviation, Information Technology (IT) and Telecom, Manufacturing, Healthcare, Construction, Other Applications
Geographical Insights: North America Poised for Rapid Growth
North America was the largest region in the equipment finance services market in 2023. However, Asia-Pacific is expected to emerge as the fastest-growing region in the forecast period, driven by rapid economic development and increasing investments in infrastructure.
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Equipment Finance Services Global Market Report 20242 from TBRC covers the following information:
Market size data for the forecast period: Historical and Future
Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Equipment Finance Services Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on equipment finance services market size, equipment finance services market drivers and trends, equipment finance services market major players, competitors' revenues, equipment finance services market positioning, and market growth across geographies. The equipment finance services market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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