Machinery leasing is an effective way to access the expensive items that your business requirements to flourish. Leasing is fundamentally a method of renting an asset for a specific period of time, which is not permanent, and it can facilitate many businesses get to the next level. The two main types of machinery leasing are known as operating leases and finance leases. Operating lease calls for the series of regular payments, typically annual and semi-annual, for a period of years. Between these two kinds of leasing along with the hire purchase, there are various different approaches to get new and used equipment for the business. Some of the key advantages of equipment leasing includes preferable to term loans, easy source of finance, more attractive balance sheet, low maintenance cost and tax benefits. Apart from this, key disadvantages include penalties, restricted usage of asset and higher cost.
As per study, “Machinery Leasing Global Market Report 2020-30: Covid 19 Impact and Recovery” the key companies operating in the global machinery leasing market include United Rental; Sunbelt Rental; Blueline Rental; H&E Equiment Services; Home Depot Rentals. Leading companies are increasingly leasing Three-Dimensional (3D) printing equipment to manufacture the purposes, which is a computer-aided manufacturing device that creates 3D objects by receiving the digital data from a computer as input by building a 3D model out of custom material. 3D printing is gaining popularity because manufacturers are becoming more recognizable with the industrial-grade 3D printers. Industrial grade 3D printers are competent of printing huge products with high precision as well as wide range of materials. 3D printer leasing reduces the overall reduction-of-cost of the manufacturer rather than buying.
By type, machinery leasing market is segregated as commercial air machinery rental, heavy construction machinery rental, rail machinery rental, water transportation equipment rental, office machinery & equipment rental, forestry machinery & equipment rental, oil & gas machinery rental and other commercial & industrial machinery & equipment rental. In addition, by mode, market is segregated as offline mode and online mode.
The machinery leasing market is driven by rise in demand for efficient computing, followed by convergence of data with accuracy & high speed, increase in opportunities through the improved research, computation, and data analysis performances. However, high price & data security issues and rise in concerns for cyber attacks may impact the market. Moreover, increase in optimization of workforce & efficiencies are key opportunity for market. Furthermore, rise in demand of heavy machinery is a major trend for market.
Based on geography, the Asia-Pacific region dominates the global machinery leasing market owing to appearance of start-ups as main clients of leasing service providers and presence of amount of shoppers in the region. The North-America and Europe regions are likely to witness higher growth rate due to increase in benefits such as rising productivity, monitoring the risk, and expansion of businesses over the forecast period. It is anticipated that future of the global machinery leasing market will be optimistic because of presence of major players across the world during the forecast period.
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Ankur Gupta, Head Marketing & Communications