White Clarke Group’s 20th annual Global Leasing Report, which is produced in association with the World Leasing Yearbook, is the world’s only guide to the top 50 leasing markets in the world, summarizes leasing volumes and other market trends for 2015.
The report reveals an optimistic industry outlook with positive growth and continued confidence.
Overall global volumes reached the $1 trillion milestone as leasing finally shrugged off the effects of the great recession, with growth in the industry outperforming that of the overall economy.
North America remained top of the world’s largest leasing regions - increasing its lead on Europe, and within North America, the United States remained the world’s largest leasing market by double-digit growth.
Canada, however was impacted by the collapse of global oil prices in 2014, and grew much slower.
Mexico, the smallest country in the region, rebounded from the previous year, becoming one of the world’s most improved markets, with the second highest growth year over year.
Europe, briefly the largest market in 2012, performed well but showed a small decline when business volumes were converted into US dollars.
In Europe, the two largest and most mature leasing countries, UK and Germany, continued to improve, with the UK achieving a 14% increase.
The rise within both of these markets was driven in part by auto finance.
Other countries didn’t fare as well, particularly in central and Eastern Europe, with Ukraine, Serbia and Estonia showing low or negative levels of change..
Asia showed the biggest surge of any region, with. China continuing its rapid rise towards top place, expanding its leasing market by more than 25% in one year. Business volumes were driven by infrastructure, manufacturing and a resilient car market.
Japan, second in the region, rebounded back from the previous year’s decline. Whilst Korea, which depends on transportation and industrial machinery, reinforced its position in third place.
So who were the movers and shakers in 2016?
In the top ten:
China retained its second place in the world rankings, but based on 2015 growth rates its set to overtake the US by 2022.
France moved up a spot, overtaking Australia to 6th place. The French market was encouraged by low inflation and high household consumption, which lead to a greater investment in leasing assets.
Russia continued its decline from 8th in 2013 to 16th in 2016.
Among the smaller players, Egypt joined Mexico as the top two in terms of year over year growth.
And despite infrastructure investment in preparation for the Olympics, Brazil still came in last with declines of nearly 40%.
Looking ahead, Brendan Gleeson, Group CEO at White Clarke Group said: “2016 has brought some significant economic and political events, namely Brexit and the election of Donald Trump to the US presidency. Both events have brought short-term volatility on the global foreign exchange and stock markets. It is too early to assess how these events may impact upon the economies of the world and the global leasing industry in the medium term – but there may be some resulting economic instability in 2017.”
Learn more by downloading the White Clarke Group Global Leasing Report or by purchasing the World Leasing Yearbook, which includes more than 50 country reviews, covering all leasing sectors with core data and statistics.
Complete the form below for your free copy of the WCG Global Leasing Report 2017