What Has Been the Growth of the Equipment Finance Service Market So Far?
The equipment finance service market has seen considerable growth due to a variety of factors.
• The equipment finance service market has grown rapidly in recent years. It will increase from $1302.25 billion in 2024 to $1445.67 billion in 2025, with a CAGR of 11.0%.
This growth is driven by regulatory changes, interest rate trends, industry growth, corporate expansion, and vendor financing programs.
What Are the Future Growth Projections for the Equipment Finance Service Market?
The equipment finance service market is expected to maintain its strong growth trajectory in upcoming years.
• The equipment finance service market is projected to experience rapid growth, reaching $2166.86 billion by 2029 with a CAGR of 10.6%.
This expansion is attributed to the growth in healthcare, infrastructure development, Industry 4.0, sustainability efforts, and digital transformation. Key trends include the increasing use of AI and data analytics, the rise of digital platforms, the integration of blockchain, growth in cross-border financing, and improvements in customer experience.
What Are The Core Factors Supporting Growth In The Equipment Finance Service Market?
The heightened emphasis on public infrastructure development is expected to accelerate the growth of the equipment finance service market. Public infrastructure development involves constructing and maintaining key facilities like transportation, utilities, and public buildings, funded by the government to boost economic growth and welfare. Growing government efforts to enhance infrastructure and sustainability is increasing demand for equipment finance services. For example, in March 2022, Canada's Parliamentary Budget Officer projected that federal infrastructure expenditure would grow to $32,240 million for 2024-2025 from $22,778 million in 2020–2021.
What Are The Major Segments Within The Global Equipment Finance Service Market?
The equipment finance service 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 And Telecommunication, Manufacturing, Healthcare, Construction, Other Applications
Subsegments:
1) By Equipment Loan: Direct Equipment Loan, Secured Equipment Loan, Unsecured Equipment Loan
2) By Equipment Lease: Operating Lease, Financial Lease, Leaseback Financing
3) By Other Types: Hire Purchase, Rent-To-Own Financing, Equipment Financing Through Line Of Credit
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What Trends Are Shaping The Equipment Finance Service Market?
Companies in the equipment finance services market are focused on developing advanced software with predefined configurations and process catalogs to streamline infrastructure management and enhance competitiveness. These tools offer standardized operational procedures to ensure consistency across business processes. For instance, in October 2023, Alfa Financial Software Holdings plc introduced Alfa Start, a preconfigured software platform for equipment finance organizations in the US. Leveraging Alfa Systems, Alfa Start offers rapid deployment, predefined workflows, business rules, and integrates seamlessly with existing systems.
Who Are the Key Players In The Equipment Finance Service Market?
Major companies operating in the equipment finance service market are:
• JPMorgan Chase & Co.
• Bank of America Corporation
• Wells Fargo
• GE Capital
• Crest Capital
• American Express
• Toronto-Dominion Bank
• Société Générale S.A.
• Truist Financial Corporation
• The PNC Financial Services Group Inc.
• First American Equipment Finance
• First-Citizens Bank And Trust Company
• TIAA Bank
• UMB Financial Corporation
• Balboa Capital
• OnDeck Capital
• Commercial Credit Group Inc.
• National Funding Inc.
• SLR Investment Corp.
• Blue Bridge Financial LLC
• American Capital Group Inc.
• Keystone Equipment Finance Corp.
• Smarter Finance USA.
What Is The Most Dominant Region In The Equipment Finance Service Market?
North America was the largest region in the equipment finance service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the equipment finance service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
