The equipment finance services market is rapidly expanding, increasing from $1,200.45 billion in 2023 to $1,333.83 billion in 2024, at a CAGR of 11.1%. This growth is supported by economic factors, regulatory changes, and a shift towards leasing. The market is anticipated to reach $2,039.99 billion by 2028 at a CAGR of 11.2%, driven by demand for flexible financing options and sustainability considerations. Key trends include enhanced data analytics and digital transformation.
Major Driver In The Equipment Finance Services Market
The equipment finance services market is expected to benefit from the growth of the construction industry, which encompasses activities related to building and renovating structures. This sector is expanding due to increased urbanization, infrastructure development, and rising demand for residential and commercial properties. Equipment finance services play a crucial role by enabling companies to acquire advanced machinery without substantial upfront capital, enhancing project efficiency. The Office for National Statistics reported a 5.6% increase in annual construction output in February 2023 compared to 2021, following a remarkable 12.8% increase in 2021. Thus, the growth in the construction industry will drive the equipment finance services market.
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Equipment Finance Services Market Competitive Landscape
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
Key Equipment Finance Services Market Trend
In the equipment finance services market, embedded coverage solutions are being integrated to enhance customer relationships. Great American Insurance Group introduced a cutting-edge embedded coverage solution in August 2023, streamlining insurance processes within equipment finance agreements. This innovation provides automatic coverage against risks, improving operational efficiencies for finance companies.
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Equipment Finance Services Market Segmentation
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
By Geography:The regions covered in the equipment finance services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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 Equipment Finance Services Global Market Report 2024 furnishes information about the global equipment finance services market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
