January 16, 2025 - 16:10
The UK asset finance market experienced a notable decline of 4% in November 2024, according to recent data. While the commercial vehicle finance segment showed positive growth, other sectors, including new car and machinery finance, reported significant downturns.
The commercial vehicle sector demonstrated resilience, benefitting from increased demand as businesses seek to expand their fleets. This growth contrasts sharply with the new car finance market, which has faced challenges due to changing consumer preferences and economic uncertainties. The machinery finance sector also struggled, reflecting broader trends in manufacturing and investment.
Industry experts suggest that the decline in these sectors may be linked to rising interest rates and inflationary pressures, which have led to cautious spending among businesses and consumers alike. As the market navigates these challenges, stakeholders are hopeful that targeted strategies and innovations can stimulate growth in the asset finance landscape moving forward.
