Manufacturing firms worldwide are increasingly using asset finance to fund new equipment and technology upgrades, according to a study by Siemens' Financial Services Division (SFS).
The research reveals that 76% of global manufacturers have seen increased demand for asset finance when acquiring equipment over the last two years.
It also finds 93% of firms expecting global interest in asset finance to rise from manufacturing customers over the next two years – with growth estimated at more than 5% annually across Europe – potentially reflecting a previously deferred need to invest as economic confidence returns.
Meanwhile, in the US and Asia, uptake of asset finance is expected to continue annual growth of 3% and more than 14% respectively.
"Access to up-to-date technology is critical to a manufacturing company's competitive position, cost-control and productivity," comments Brian Foster, head of industry finance at SFS.
"By using asset finance, businesses can meet the constant demand for high-specification, tailor-made equipment in a financially sustainable way."
Siemens' survey was conducted among global top 40 industrial machinery manufacturers.
