Ed White, president & CEO White Clarke Group and author of the report , said that the year 2013, the latest year for which reliable global figures are available, again offered proof of the industry’s resilience against a backdrop of pessimism at the close of the previous year.

He added: "The leasing industry in China, whose stellar performance had fuelled much of the previous years’ growth, effectively ceased to exist for the first six months of the year following changes in the treatment of VAT for sale-and-leaseback transactions. The European Commission was forecasting a 2% decrease in equipment investment in 2013, and the USA, the world’s largest market for leasing finance, could see ‘few if any growth drivers’. Despite the pessimism, new business volumes grew by more than 1.6% over the previous year, achieving an all-time high of $884bn.

"As to 2014, low interest rates still dominated, eroding the tax advantages of pure leasing. In response, the industry was adopting forms of finance that stretch the boundaries of true leasing and it remains to be seen whether this is a temporary phenomenon.

"Although final global figures for the following year will not be available for a few months, we do have encouraging observations from the four largest markets which, between them, represent 60% of world volume.

"The USA was anticipating growth across the whole of the equipment finance sector of 2.6%. China had resolved its issues with the treatment of VAT, and its government ushered in a significantly more sympathetic environment for the leasing industry. Germany, the third largest territory by volume was forecasting a 6.9% growth rate for investment in equipment and related products. Finally, the UK was reporting a 14% increase in new business performance during the first nine months of the year.

"Overall, a reassuring picture."