New leasing business in Europe reached 276bn (£195.7bn) in 2014, an increase of 9.5% compared to the previous year, according to Leaseurope’s annual statistical survey.
This was the fastest annual volume growth rate Leaseurope has recorded since 2007.
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The increase in new business volumes was largely driven by Europe’s four largest economies. New leasing volumes in the UK – the largest leasing market in Europe – increased by 16.54% year-on-year to 50.8bn, while in Germany total new leasing volumes stood at 49.8bn in 2015 after an 8.77% increase.
In France new business volumes for the vehicle segment of the market increased by 15.85% year-on-year while the rest of the market increased by 4.4%. The value of new leasing business in Italy rose by 11.62% in 2014 compared to the previous year, reaching 18bn.
Apart from the largest economies, growth in new leasing volumes was witnessed in Southern European countries, particularly in Spain and Portugal.
New leasing volumes in Portugal increased by 30.51% last year compared to 2013, while in Spain vehicle leasing grew by 17.9% and the rest of the leasing market by 39.92% over the same period.
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By GlobalDataAccording to Leaseurope the vehicle segment of the market remained the driving force behind the market’s positive performance across the continent.
New leasing volumes for passenger cars rose by 14.6% in 2014 compared to 2013, with slightly lower but still strong growth for commercial vehicles at 10.6%.
The machinery and industrial equipment segment expanded by 10.9% over the same period, while real estate leasing saw an increase of 10.0% in 2014, witnessing the first year of growth since 2010.
