The global equipment finance services market was valued at $1.2 trillion in 2022, and is projected to reach $3.1 trillion by 2032, according to a recent report by US-based Allied Market Research.
The equipment finance services market is set to grow at a CAGR of 9.7% from 2023 to 2032.
The Equipment Finance Services Market Report focuses on growth prospects, restraints, and trends of the equipment finance services market forecast.
The report cites that growth in the equipment finance services market is being driven by technological advancements such as AI, blockchain and IoT, which are revolutionising the way equipment is acquired, managed and financed, thereby attracting both providers and consumers towards equipment finance solutions.
Bias Dey - Lead Analyst, BFSI at Allied Market Research noted: “The continued adoption of digitalization and automation technologies, such as AI, IoT, and blockchain, streamlines processes, enhances efficiency, and improves customer experiences within the equipment financing ecosystem, potentially expanding the market reach of equipment finance services.”
Evolving customer preferences and demands for flexible financing options and value-added services are driving the equipment finance services market growth by reshaping the industry landscape to better meet the diverse needs of businesses. Providers are increasingly adapting their offerings to meet changing market needs, fostering competition and innovation.
The research highlights the volatility and challenges to market growth introduced by regulatory compliance and economic uncertainty, such as geopolitical tensions and trade disputes, which impact investment decisions and the overall stability within the equipment finance services market.
The growing equipment finance services market trends towards sustainability and environmental consciousness provide lucrative growth opportunities for equipment finance providers to offer green financing solutions, according to the study, leading to the rising demand for eco-friendly equipment and practices.
The report identifies how partnerships and collaborations across industries enable equipment finance companies to leverage complementary expertise and resources, expanding their market reach and enhancing their service offerings to meet diverse customer needs in the upcoming years.
Key findings of the study include:
- By type, the equipment loan segment held the largest equipment finance services market share in 2022.
- By provider, the banks segment held the largest share in the equipment finance services industry in 2022.
- By application, the healthcare segment is expected to show the fastest market growth during the equipment finance services market forecast period.
- Region-wise, North America held the largest market share in 2022. However, Asia-Pacific is expected to witness the highest CAGR during the forecast period.
