LONDON, Sept. 29, 2023 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the machinery leasing market, the global machinery leasing market size is expected to grow from $316.22 billion in 2020 to $342.66 billion in 2023 at a compound annual growth rate (CAGR) of 8.4%. 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 $454.78 billion in 2025 at a CAGR of 7%.
The top opportunities in the machinery leasing market segmented by type will arise in the heavy construction machinery rental segment, which will gain $47.1 billion of global annual sales by 2025, increasing the construction machinery leasing market size. The top opportunities in the machinery leasing market segmented by mode will arise in the offline segment, which will gain $124.0 billion of global annual sales by 2025. USA is the country that is leading in the machinery equipment leasing industry and it will gain $34.4 billion by 2025.
The Business Research Company’s report titled Machinery Leasing Global Market Report 2023 – 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), By Mode (Online, Offline), COVID-19 Impact And Recovery covers major machinery leasing companies, machinery leasing market share by company, machinery leasing manufacturers, machinery leasing market size, and machinery leasing market forecasts. The report also covers the global machinery leasing market and its segments.
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Machinery equipment leasing trends see a lot of technological advances in terms of predictive analysis, VR, AR, artificial intelligence, machine learning, blockchain.
Companies in the machinery leasing market are constantly using latest technologies to forecast the future of the machinery or equipment. Predictive analytics is a type of advanced analytics which is used to make predictions about unknown future events. The use of predictive analytics can help companies predict when equipment maintenance is due; machinery rental companies usually follow the original equipment manufacturers (OEM) maintenance schedules. Predictive analytics works closely with internet of things (IoT) enabled devices which use data analytics software to predict the maintenance schedule. Equipment leasing companies can now ensure that assets are maintained at the right time, this will greatly increase their performance, efficiency, and utilization rates.
By using virtual or augmented reality, machinery leasing companies can create and deliver more immersive customer experiences to improve their overall satisfaction. Customers can choose the right equipment for their needs as they can visualize exactly what they could be renting, they can use equipment as per best practices, and it also enables troubleshooting commonly occurring issues such as enabling the maintenance team to connect with customers and remotely diagnose and fix issues. Some of the major benefits of using VR or AR are that it extends lifetime of the asset, it saves a lot of time for the employees, and gives useful insights to the maintenance team regarding what they need to repair.
The use of artificial intelligence and machine learning in the machinery leasing market is improving the efficiency and productivity of the machinery. In the equipment rental sector, data is commonly isolated because it’s stored in different systems and formats, occasionally the formats in which the data is stored aren’t compatible with each other. Blockchain technology can centralise all this information.
Machinery leasing companies should use these technologies to enhance performance, improve productivity, efficiency, utilization rates. They also help in carrying out smoother operations and assessing the data all at a consolidated place to get better insights about the machinery.
Machinery Leasing Global Market Report 2023 – COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole market, segments and geographies, trends, drivers, restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Here Is A List Of Similar Reports By The Business Research Company:
Machinery Global Market Report 2023 – By Type (Agriculture, Construction, And Mining Machinery, Industrial Machinery, Commercial And Service Industry Machinery, Ventilation, Heating, Air-Conditioning And Commercial Refrigeration Equipment, Metalworking Machinery, Engine, Turbine, And Power Transmission Equipment), COVID-19 Impact And Recovery
Leasing Global Market Report 2023 – By Type (Automotive Equipment Leasing, Consumer Goods And General Rental Centers, Machinery Leasing, Lessors Of Nonfinancial Intangible Assets), COVID-19 Impact And Recovery
Automotive Equipment Leasing Global Market Report 2023 – By Type (Passenger Car Rental, Passenger Car Leasing, Truck, Utility Trailer, And RV (Recreational Vehicle) Rental And Leasing), By Mode (Online, Offline), COVID-19 Impact And Recovery
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