Description
The global electronics test & measurement rental and lease market comprise the companies and end users that opt for procuring new and used general-purpose electronics test & measurement instruments through rental or lease financing options. The rental and leasing finance model provides an alternate procurement option for end users with CAPEX issues, enabling them to use electronics test-equipment without having to own the same. Higher equipment prices, concerns on asset utilization and return-on-investment, inadequacy in project budget allocation, a need to evaluate equipment performance before making purchase decisions, etc., are some of the key factors driving this market.
The demand for rental and leasing based procurement options has increased in recent times due to the economic uncertainty induced by the COVID-19 pandemic. Market participants have taken the initiative to improve the demand for such solutions by offering innovative business models such as rent-to-own and asset management services that helped broaden the serviceable market.
Furthermore, the advancements in communication technology and the rapid penetration of IoT, AI and ML integration have resulted in the emergence of a large number of product development activities across all end-user verticals and geographies.
Even though several factors drive the market, the penetration of the rental and lease model in the global electronics test and measurement market is still low. This report is focused on assessing the current and future potential of the rental and lease market. Finally, this report highlights various growth opportunities that market participants should capitalize on in the next 5 years along with call-to-action suggestions to realize higher growth. The report has also included separate analyses by end-user vertical and geography since market dynamics and growth opportunity can vary significantly based on region and end-user vertical.
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