The global equipment financing services market was valued at more than USD 2 billion in 2016 and is expected to surpass USD 3 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on equipment financing services for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the equipment financing services market during the forecast period. Some of the top vendors listed in this industry analysis include JPMorgan Chase, Wells Fargo, Hitachi Capital, Cat Financial, and BNP Paribas Leasing Solution.
In terms of geographical analysis, the Americas is the largest shareholder in the global market, with a market share of around 55%. The US was the key revenue generating country in this region by accounting for almost 45% of the market in the Americas.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “A majority of the suppliers are automating the funding and servicing processes to increase accounting efficiency. Suppliers in the market are also automating underwriting, with many medium and small-sized suppliers focusing on instant quotation delivery and same-day funding owing to the increase in demand for cost-effective and faster services from buyers.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Positive economic growth that spurs development in various industries
Opening up of the economy to increase FDI is driving business growth, thus increasing the need for equipment financing services that aid capital requirements. Furthermore, economies such as the US, Germany, and India have a strong political administration that focuses on the economic development supported by an increase in business opportunities and investments. The trend is more prominent in developing regions than developed nations due to high demand and low operating cost opportunities.
Rapid emergence of technologically advanced equipment
Rapid advances in technology supported by the data-driven approach, need to reduce manual efforts, and production process with zero defect is propelling the adoption of technologically advanced equipment. Many industries, especially the construction and manufacturing units, the largest end-users of technology-intensive equipment, account for a majority of the demand for equipment financing services.
High growth of the transportation segment
Fueled by the growth of e-commerce and fleet management services, the transportation sector is one of the largest end-users of equipment financing services in the global market. The growth in the e-commerce sector that focuses on product delivery with short lead times and increase in the growth of taxi services is anticipated to manifold the demand for equipment financing from the transportation sector during the forecast period.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Equipment Financing Services – Procurement Market Intelligence 2017’.
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