The Romanian financial leasing market recorded new business volumes of €769m (£544m) in the first half of 2015, an increase of 16% compared to the same period in 2014, according to the country’s financial companies association ALB.

Vehicle leasing, which represented 77.5% of total leasing volumes, increased by 18% year-on-year to €596m.

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Heavy commercial vehicles accounted for 41% of the total new leasing volumes for vehicles, while light commercial vehicles accounted for 10%.

Equipment leasing volumes were up 20% in the first six months of 2015 compared to the same period in the previous year, reaching €154m. According to the ALB data, the increase was driven by the medical and building equipment segments.

Compared to the same period in 2014, in H1 2015 there was an increase in construction equipment sector’s share of the total equipment financing from 14% to 22%. A similar trend was observed in the medical equipment segment (increased from 5% to 10%) and the food and beverage industry equipment segment (from 5% to 7%).

The financing of the agricultural equipment sector remained at a high level, representing a majority of 27% out of the total equipment financed through financial leasing.

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Wood processing, electric power technologies and metal processing leasing segments’ share of the total equipment leasing volumes decreased in the first half of 2015 compared to the same period in 2014.

The most frequent period of leasing contracts was the one between 4 -5 years (33%), followed by the one between 3 -4 years (23%), 2-3 years (18%), 5-7 years (12%), 1-2 years (8%), 1 year (4%), and 7-15 years (2%).

Felix Daniliuc, President at ALB said: "The first semester results confirm our expectations for a positive evolution of the leasing market in 2015 under a climate favorable for the growth in all sectors that are important for the economy.

The car market has been financed by financial leasing with €600m in the first semester of this year, the vehicle segment representing still the main growth engine of the industry, however supported by another very important element, namely the growth of the leasing notoriety among the companies, the number of SMEs that have used the financial leasing services recording an increase this year compared to 2014."