Overview and Scope
Equipment finance service is the process of offering businesses and individuals tailored financial solutions to acquire essential equipment for their operations. This service encompasses leasing, loans, or other arrangements designed to meet specific needs to enable clients to access equipment without significant upfront costs.
Sizing and Forecast
The equipment finance service market size has grown rapidly in recent years. It will grow from $1,177.43 billion in 2023 to $1,302.25 billion in 2024 at a compound annual growth rate (CAGR) of 10.6%. The growth in the historic period can be attributed to regulatory changes, interest rate trends, industry growth, corporate expansion, and vendor financing programs.
The equipment finance service market size is expected to see rapid growth in the next few years. It will grow to $1,958.93 billion in 2028 at a compound annual growth rate (CAGR) of 10.8%. The growth in the forecast period can be attributed to healthcare expansion, infrastructure development, industry 4.0 adoption, sustainability initiatives, and digital transformation. Major trends in the forecast period include increased use of data analytics and AI, growth of digital platforms, integration of blockchain technology, cross-border financing growth, and enhanced customer experience.
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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
The increasing focus on public infrastructure development is expected to propel the growth of the equipment finance service market going forward. Public infrastructure development is the planning, construction, and maintenance of essential facilities and systems, such as transportation, utilities, and public buildings, funded and managed by the government to support economic growth and public welfare. The growth in infrastructure development is supported by increasing government initiatives to boost economic growth, upgrading infrastructure, and pushing for sustainable and resilient solutions to address climate change. Equipment finance services provide the necessary funding for acquiring and maintaining essential construction and operational machinery in government-funded infrastructure development projects. For instance, in March 2022, according to the office of the Parliamentary Budget Officer, a Canada-based government office, the federal infrastructure expenditure is projected to reach $32,240 million for the year 2024-2025, from $22,778 million spent in the year 2020–2021, indicating a consistent upward trend over the years. Therefore, the increasing focus on public infrastructure development is driving the growth of the equipment finance service market.
Key Industry Players
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.
The equipment finance service market report table of contents includes:
1. Executive Summary
2. Equipment Finance Service Market Characteristics
3. Equipment Finance Service Market Trends And Strategies
4. Equipment Finance Service Market – Macro Economic Scenario
5. Global Equipment Finance Service Market Size and Growth
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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