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Global Equipment Finance Services Market Outlook and Key Insights for 2024
Equipment Finance Services Global Market Report 2024
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
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.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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
Equipment Finance Services Market 2024 Key Insights:
• 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%.
• Impact Of Construction Industry Growth On Equipment Finance Services
• Integrating Salesforce For Enhanced Efficiency And Customer Engagement In Equipment Finance Services
• North America was the largest region in the equipment finance services market in 2023
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