A new report launched today provides a detailed insight into the impact of the global pandemic on the international asset finance industry and predicts a return to health for the market this year.
The Solifi Global Leasing Report uncovers the real-world impact of the crisis as it unfolded, resulting in significant business reductions around the globe, but also some unexpected highlights.
For example, countries reporting annual growth in new business during 2020 included India (9.68%) and China (11.94%).
Overall, the Asia region maintained a moderate level of growth, while the largest markets were hit by declines, including the UK (-19.65%), Australia (-11.76%), and Japan (-14.20%).
The US was down 7% while the North America region fell 1.9%.
Globally, there was a 1.8% decline in new business, less than forecast based on the impact of the pandemic on the global economy, as the equipment leasing industry showed “remarkable resilience” in the light of the challenges it faced.
Across the top 50 countries covered in the report, new business volumes were US$1,338 billion, which means the global leasing industry has grown 125% in the past decade.
David Hamilton, CEO of global asset finance software provider Solifi, revealed that recent reports from the industry showed positive signs for a strong recovery.
He said: “Our research suggests that organizations are recouping the losses of the early pandemic. We expect to see a significant market recovery to pre-2020 volumes through the rest of this year.”
The Solifi Global Leasing Report contains data including:
- International leasing volume and growth by region
- Market penetration
- GDP penetration ratios
- Market shares
- Unique ranking of the top 50 leasing markets by size
It is available to download today using the form below.
The Global Leasing Report is prepared by Solifi in association with the World Leasing Yearbook and is an extract from the 336-page World Leasing Yearbook. To obtain the complete report, which contains further extensive data, tables and figures, you can purchase the book at www.world-leasing-yearbook.com