That’s the finding of the Biannual European Leasing Survey published by Leaseurope, the trade association representing the European leasing and automotive rental industries.

The survey is based on information collected from Leaseurope’s Member Associations on their national leasing markets and reveals that leasing volumes in Europe were €115bn in the first half of 2013, a slight contraction (-0.9%) compared to the same period a year ago.

In terms of asset segments, vehicle leasing grew by 3.7%, while equipment leasing volumes fell by 7.1%. Although there was some divergence in terms of regional performance, most national markets experienced a downturn in equipment leasing volumes. Notable exceptions include the UK, some Scandinavian and Eastern European countries.

Commenting on the figures, Leaseurope’s adviser in statistics and economic affairs, Jurgita Bucyte said: ‘Although the European leasing market was subdued in the first half of the year, it is encouraging to note that equipment and vehicle leasing is performing better than European business investment. Indeed, the European Commission is forecasting a 2% decrease in equipment investment in 20133. Nevertheless, the future outlook is relatively positive and the Commission expects investment levels to increase in 2014 as firms no longer postpone asset replacements. Together with an increase in business confidence, this bodes well for the European leasing industry.’