New York, Feb. 15, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Machinery Leasing Global Market Report 2022" - https://www.reportlinker.com/p06229747/?utm_source=GNW
, Ltd., NetJets, Nissan Motor Co. Ltd. and Air Lease Corporation.
The global machinery leasing market is expected to grow from $334.64 billion in 2021 to $373.41 billion in 2022 at a compound annual growth rate (CAGR) of 11.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $554.43 billion in 2026 at a CAGR of 10.4%.
The machinery rental market consists of sales of machinery rental services by entities (organizations, sole traders and partnerships) that rent out or lease commercial-type and industrial-type machinery and equipment.Establishments in this generally provide capital or investment-type equipment that clients use in their business operations.
These establishments typically cater to a business clientele and do not generally operate a retail-like or storefront facility.
The main types of machinery leasing are 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, other commercial and industrial machinery and equipment rental. Heavy equipment rental refers to a location where huge pieces of machinery or large vehicles, typically related with construction, can be stored and retrieved for public use, and may also feature extra and related retail activities. he different modes include online, offline and involves various lease types such as closed ended lease, option to buy lease, sub-vented lease, others.
The emergence of start-ups as major clients of leasing service providers is expected to drive the market.Driven by cost efficiency and the necessity to acquire advanced equipment which are often highly priced, start-ups have started renting or leasing their equipment.
The increasing number of start-ups is also expected to positively impact the market. For instance, according to the Department for Promotion of Industry and Internal Trade, the number of start-ups in India reached 16,000 in 2020, depicting new opportunities for the leasing market in the client expansion and revenue generation.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the machinery leasing market in 2020 as the need for services offered by these establishments declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak had a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the machinery leasing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy
Companies are increasingly leasing 3D printing equipment for manufacturing purposes. The 3D printer is a computer-aided manufacturing device which creates three-dimensional objects by receiving digital data from a computer as input by building a three-dimensional model out of custom material. 3D printing is gaining popularity as manufacturers are becoming more familiar with industrial-grade 3D printers. Industrial grade 3D printers are capable of printing large products with high precision and with a wide range of materials. 3D printer leasing can reduce the overall reduction of cost of the manufacturer rather than buying. For instance, Divide by Zero technologies offers 3D printers on a lease for customers in India.
Asia Pacific was the largest region in the machinery leasing market in 2021.North America was the second-largest region in the machinery leasing market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the machinery leasing market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam
Read the full report: https://www.reportlinker.com/p06229747/?utm_source=GNW
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