The equipment finance services global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Equipment Finance Services Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size -
The
equipment finance services market size has grown rapidly in recent
years. It will grow from $1,200.45 billion in 2023 to $1,333.83 billion
in 2024 at a compound annual growth rate (CAGR) of 11.1%. The growth in
the historic period can be 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 shifts in customer preferences towards leasing over
purchasing.
The equipment finance services market size is expected to see rapid growth in the next few years. It will grow to $2,039.99 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to growth in demand for flexible financing options tailored to customer needs, expansion of equipment leasing in emerging markets, rising environmental and sustainability considerations influencing equipment choices, a shift towards sustainable and eco-friendly equipment options, and the and the impact of geopolitical factors on global supply chains and equipment demand. Major trends in the forecast period include the integration of embedded insurance solutions, enhanced data analytics, the expansion of industry-specific solutions, and digital transformation.
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Scope Of Equipment Finance Services Market
The Business Research Company's reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market's historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Equipment Finance Services Market Overview
Market Drivers -
The
growth in the construction industry is expected to propel the growth of
the equipment finance services market going forward. The construction
industry encompasses the activities involved in building, repairing, and
renovating structures. The construction industry is experiencing growth
due to increasing urbanization, infrastructure development, and rising
demand for residential and commercial properties. The use of equipment
finance services in the construction industry supports growth by
enabling companies to acquire advanced machinery and technology,
improving efficiency and project scalability without substantial upfront
capital expenditure. For instance, in February 2023, according to the
Office for National Statistics, a UK-based statistics authority, annual
construction output increased by 5.6% in 2022 compared with 2021, which
follows a record increase in 2021 of 12.8%. Therefore, growth in the
construction industry will drive the growth of the equipment finance
services market.
Market Trends -
Major companies operating in
the equipment finance services market are focusing on multiple strategic
areas to enhance their market position and meet evolving customer
demands related to embedded coverage solutions to improve customer
relationship management and streamline operational efficiencies.
Embedded coverage solutions in equipment finance refer to integrated
insurance or protection plans included within the financing agreement,
providing automatic coverage for the financed equipment against risks
such as damage, theft, or loss. For instance, in August 2023, Great
American Insurance Group, a US-based provider of insurance solutions,
introduced an embedded coverage solution for equipment finance companies
utilizing Salesforce. This cutting-edge technology seamlessly
integrates insurance solutions into the leasing process. This system
makes insurance solutions available at any stage in the lease workflow,
delivering the following advantages, immediate quoting and enrollment,
decreased data entry using metadata, and flexible support for various
workflows.
The equipment finance services market covered in this report is segmented –
1) By Type: Equipment Loan, Equipment Lease, Other Types
2) By Provider: Banks, Non-Banking Financial Company (NBFC), Other Providers
3)
By Application: Transportation, Aviation, Information technology (IT)
And Telecom, Manufacturing, Healthcare, Construction, Other Applications
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Regional Insights -
North
America was the largest region in the equipment finance services market
in 2023. Asia-Pacific is expected to be the fastest-growing region in
the forecast period. The regions covered in the equipment finance
services market report are Asia-Pacific, Western Europe, Eastern Europe,
North America, South America, Middle East, Africa.
Key Companies -
Major
companies operating in the equipment finance services market are
JPMorgan Chase & Co., Bank of America Corporation, Wells Fargo &
Company, Siemens AG, TD Bank N.A., U.S. Bancorp, Truist Financial
Corporation, The PNC Financial Services Group Inc., Mitsubishi HC
Capital Inc., Fifth Third Bank, Regions Financial Corporation,
Huntington Bancshares Incorporated, KeyBank National Association,
First-Citizens Bank & Trust Company, Macquarie Group Limited, CIT
Group Inc., DLL Group, GreatAmerica Financial Services Corporation,
Balboa Capital Corporation, OnDeck Capital Inc., Hitachi Capital America
Corp., Crest Capital LLC, Keystone Equipment Finance Corp., Smarter
Finance USA LLC
Table of Contents
1. Executive Summary
2. Equipment Finance Services Market Report Structure
3. Equipment Finance Services Market Trends And Strategies
4. Equipment Finance Services Market – Macro Economic Scenario
5. Equipment Finance Services Market Size And Growth
…..
27. Equipment Finance Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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