The Business Research Company’s Global Market Reports Are Now Updated With The Latest Market Sizing Information For The Year 2023 And Forecasted To 2032
LONDON, March 15, 2023 /PRNewswire/ — As per The Business Research Company’s Machinery Leasing Global Market Report 2023, the global machinery leasing market grew from $372.8 billion in 2022 to $406.7 billion in 2023 at a compound annual growth rate (CAGR) of more than 9%. The machinery leasing market is then expected to grow to $560.7 billion in 2027 at a CAGR of more than 8%. Going forward, rising healthcare expenditure and rising demand from agricultural industry are expected to drive the market.
The major participants in the machinery leasing market supply chain who are responsible for consistent growth are divided into four categories:
1. Raw Material Suppliers
Metals like iron, stainless steel, brass, aluminum, titanium, copper, and plastics are the key raw materials and are used for the body and parts of the machinery.
Manufacturers in the machinery leasing market include contract manufacturers who can be domestic or an international company and, assembly line manufacturers who use semi-automated system.
The dealers usually procure products such as trucks, cranes, bulldozers, cement mixers, and pile drivers from the manufacturer and lease it to the end users.
4. End Users/Lessee
The major end users of machinery leasing market include players in the construction, agriculture, mining, and transportation industries.
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The global machinery leasing market 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, Other Commercial And Industrial Machinery And Equipment Rental
2) By Mode: Online, Offline
3) By Lease Type: Closed Ended Lease, Option to Buy Lease, Sub-Vented Lease, Other Lease Types
The high growth commercial and industrial machinery and equipment rental segment has been strategically targeted by major machinery leasing market companies. For example, Ashtead Group, based in London, UK, offers commercial air, rail, and water transportation equipment rental for infrastructure maintenance, earthworks, drainage, signaling, track renewals, and tunneling work.
Ashtead’s growth strategy is centered on strategically acquiring other commercial equipment rental businesses to keep up with machinery leasing market trends. For example, in December 2019, Ashtead acquired William F. White International, a TV, film, and digital production equipment rental company based in Canada. William F. White International has 13 locations across Canada and serves a diverse range of customers, including Walt Disney, Warner Bros., MGM, and others.
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According to the machinery leasing market analysis, the USA will add the most value and experience a higher growth rate by 2027 in comparison to other regions. To capitalize on the top market segments in these high-growth regions, The Business Research Company suggests competitors in the machinery leasing market take up market-trend-based strategies such as seeking strategic partnerships and collaborations to grow in the market and developing innovative products by adopting artificial intelligence and machine learning to improve the efficiency and productivity of the machinery.
View More Similar Market Reports:
Machinery Global Market Report 2023
Leasing Global Market Report 2023
Automotive Equipment Leasing Global Market Report 2023
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