The Machinery Leasing by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Machinery Leasing, The machinery leasing market size has grown strongly in recent years. It will grow from $408.15 billion in 2023 to $444.61 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to strong economic growth, growth in the manufacturing industry, growing demand from the automobile industry and growing demand from the increasing construction activities.
The machinery leasing market size is expected to see strong growth in the next few years. It will grow to $619.73 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to rising healthcare expenditure, rising demand from agricultural industry, increasing number of drilling activities. Major trends in the forecast period include strategic partnerships and collaborations to grow in the market, introduction of innovative products to strengthen their position in the market, introducing digitization platforms, artificial intelligence and machine learning in the machinery leasing market for improving the efficiency and productivity of the machinery, and focus on offering evs as the go-to option for environmentally conscious consumers who want to reduce their carbon footprint.
The emergence of start-ups as major clients of leasing service providers is expected to drive the growth of the machinery leasing market. Start-ups often face budget constraints and may not have the capital to purchase expensive machinery outright. Leasing allows them to access the machinery they need without a large upfront investment. This cost-efficiency is particularly attractive to start-ups looking to conserve capital for other critical expenses like research and development or marketing. For instance, according to Fortunly, a US-based news magazine, in 2022, there were 33.2 million startups in the US, which is a 700,000 rise compared to 2021.
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The machinery leasing market covered in this report is segmented –
1) By Type: Heavy Construction Machinery Rental, Commercial Air, Rail, And Water Transportation Equipment Rental, Mining, Oil And Gas, And Forestry Machinery And Equipment Rental, Office Machinery And Equipment Rental And Other Commercial And Industrial Machinery And Equipment Rental
2) By Mode: Online, Offline
3) By Leasing Type: Capital Lease, Operating Lease
Major companies operating in the machinery leasing market are innovating new technological solutions, such as ASPIRE Express to increase their profitability in the market. ASPIRE Express is a low-cost, entry-level servicing system that enables speedy booking and servicing of lease and loan contracts. For instance, in March 2022, LTi Technology Solutions, a US-based provider of lease, loan and asset finance software solutions, launched ASPIRE Express. It is a safe software-as-a-service (SaaS) option that gives companies a simple and cost-effective way to swiftly book and service lease and loan contracts with low entry costs. The platform is intended to make the equipment leasing and financing procedure for businesses simpler and has no cap on the number of contracts that may be executed.
The machinery leasing market report table of contents includes:
1. Executive Summary
2. Machinery Leasing Market Characteristics
3. Machinery Leasing Product/Service Analysis -Product/Service Examples
4. Machinery Leasing Market Trends And Strategies
5. Machinery Leasing Market – Macro Economic Scenario
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31. Belgium Machinery Leasing Market
32. Denmark Machinery Leasing Market
33. Finland Machinery Leasing Market
34. Ireland Machinery Leasing Market
35. Netherlands Machinery Leasing Market
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