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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According 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.