Informations Rapides ·
17 January 2025 · n° 11
Financial Lease kept growing in 2023 Annual financial lease survey - year 2023
In 2023, investment financed by financial lease (i.e. location with purchase option) rose by 3.0 billions euros (€ bn), i.e. an increase of 7.3 % after +9.0 % in 2022. These investments totalled €44.5bn, or 1.6% of GDP. Adjusted for price trends, the use of financial lease accelerated slightly (+3.6 % after +2.4 % in 2022), but remained less dynamic than before the health crisis (+9.2 % on average between 2014 and 2019).
Growth in Financial lease was driven mainly by new contracts of households leasing (mainly for the purchase of vehicles), which increased by 13.0 % in volume (contributing 3.8 points to total growth). Although equipment leasing for businesses accounted for more than half of the total, its moderate growth in volume (+1.0 %) made it the second largest contributor (for 0.6 points). Real estate leasing fell by €0.3bn in volume and contributed negatively by 0.8 points.
- Growth in equipment leasing was driven by automobile vehicles
- Investments via equipment leasing stagnated in most sectors except administrative services and agriculture
- After two years of strong growth, investments in factories by real estate leasing declined
- Real estate leasing declined among its main users
- Household leasing is dominated by cars
- For more information
In 2023, investment financed by financial lease (i.e. location with purchase option) rose by 3.0 billions euros (€ bn), i.e. an increase of 7.3 % after +9.0 % in 2022. These investments totalled €44.5bn, or 1.6% of GDP. Adjusted for price trends, the use of financial lease accelerated slightly (+3.6 % after +2.4 % in 2022), but remained less dynamic than before the health crisis (+9.2 % on average between 2014 and 2019).
Growth in Financial lease was driven mainly by new contracts of households leasing (mainly for the purchase of vehicles), which increased by 13.0 % in volume (contributing 3.8 points to total growth). Although equipment leasing for businesses accounted for more than half of the total, its moderate growth in volume (+1.0 %) made it the second largest contributor (for 0.6 points). Real estate leasing fell by €0.3bn in volume and contributed negatively by 0.8 points.
tableauInvestments financed by type of lease
| Real estate leasing (enterprises) chain-linked volumes | Real estate leasing (enterprises) current prices | Equipment leasing (households) chain-linked volumes | Equipment leasing (households) current prices | Equipment leasing (enterprises) chain-linked volumes | Equipment leasing (enterprises) current prices | Total chain-linked volumes | Total current prices | Total current prices | |
|---|---|---|---|---|---|---|---|---|---|
| 2014 | 5,439 | 5,171 | 3,123 | 3,054 | 15,629 | 14,314 | 24,19 | 22,539 | |
| 2015 | 6,156 | 5,814 | 4,284 | 4,222 | 16,026 | 14,762 | 26,466 | 24,799 | |
| 2016 | 5,893 | 5,577 | 6,209 | 6,115 | 17,698 | 16,45 | 29,8 | 28,143 | |
| 2017 | 4,088 | 3,948 | 7,533 | 7,473 | 19,723 | 18,355 | 31,344 | 29,775 | |
| 2018 | 4,444 | 4,364 | 9,382 | 9,411 | 20,607 | 19,508 | 34,434 | 33,284 | |
| 2019 | 4,936 | 4,908 | 10,032 | 10,007 | 22,583 | 21,813 | 37,551 | 36,728 | |
| 2020 | 3,862 | 3,862 | 8,723 | 8,723 | 20,519 | 20,519 | 33,103 | 33,103 | |
| 2021 | 4,997 | 5,121 | 10,139 | 10,33 | 21,399 | 22,617 | 36,535 | 38,067 | |
| 2022 | 5,093 | 5,522 | 11,008 | 11,818 | 21,296 | 24,167 | 37,397 | 41,507 | |
| 2023 | 4,799 | 5,357 | 12,434 | 13,956 | 21,51 | 25,235 | 38,743 | 44,548 |
- Note: Excluding investments made abroad.
- Source: INSEE - Annual leasing survey of 2024.
graphiqueInvestments financed by type of lease
- Note: Excluding investments made abroad. Excluding investments made abroad.
- Source: INSEE - Annual leasing survey of 2024.
Growth in equipment leasing was driven by automobile vehicles
In 2023, companies used equipment leasing mainly to acquire automobile vehicles (54.7 % of the total of equipment leasing). Investment in automobile vehicles was dynamic (+5.9 % in value) and accounted for three quarters of the growth in equipment leasing. Investment in machinery and equipment accounted for 29.5 % of the total, and were almost stable compared to 2022 (-0.4 %). Financing for computer, electronic and optical products fell slightly, after a strong growth in the previous year (-2.5 % after +34.1 % in 2022).
tableauEquipment leasing investments: main products
| Computer, electronic and optical products | Machinery | Automobile vehicles | Non-automobile vehicles and transport equipment | Others | |
|---|---|---|---|---|---|
| 2014 | 1,065 | 4,435 | 7,467 | 0,277 | 1,071 |
| 2015 | 1,021 | 4,406 | 7,593 | 0,557 | 1,187 |
| 2016 | 1,139 | 4,976 | 8,414 | 0,673 | 1,249 |
| 2017 | 1,202 | 5,396 | 9,65 | 0,879 | 1,228 |
| 2018 | 1,06 | 5,662 | 10,402 | 1,02 | 1,364 |
| 2019 | 1,42 | 6,253 | 12,053 | 0,314 | 1,773 |
| 2020 | 1,357 | 5,761 | 11,035 | 0,447 | 1,918 |
| 2021 | 1,09 | 6,258 | 12,559 | 0,401 | 2,308 |
| 2022 | 1,462 | 7,475 | 13,032 | 0,615 | 1,583 |
| 2023 | 1,426 | 7,449 | 13,803 | 0,6 | 1,958 |
- Note: Excluding investments made abroad.
- Source: INSEE - Annual leasing survey of 2024.
graphiqueEquipment leasing investments: main products
- Note: Excluding investments made abroad.
- Source: INSEE - Annual leasing survey of 2024.
Investments via equipment leasing stagnated in most sectors except administrative services and agriculture
The administrative and support services sector and the agricultural sector strongly increased their use of equipment leasing (respectively +13.8 % and +12.2 % in value). Among the other main client sectors for equipment leasing, investment growth was more moderate in construction (+2.2 %) and industry (+1.5 %). Investments in value decreased in trade (-0.8 %) and were almost stable in transport and storage (-0.1 %).
tableauEquipment leasing investments: main clients by sector of activity
| Agriculture, forestry and fishing | Manufacturing | Construction | Wholesale and retail trade repair of motor vehicles and motorcycles | Transportation and storage | Administrative and support service activities | |
|---|---|---|---|---|---|---|
| 2014 | 0,87 | 1,859 | 1,411 | 1,598 | 2,153 | 1,603 |
| 2015 | 0,926 | 1,929 | 1,466 | 1,718 | 2,488 | 1,559 |
| 2016 | 1,015 | 2,13 | 1,749 | 1,921 | 2,69 | 1,756 |
| 2017 | 1,047 | 2,149 | 2,098 | 2,135 | 3,033 | 2,069 |
| 2018 | 1,119 | 2,17 | 2,423 | 2,199 | 3,589 | 2,134 |
| 2019 | 1,466 | 2,284 | 2,804 | 3,235 | 3,498 | 2,505 |
| 2020 | 1,558 | 1,96 | 2,84 | 3,032 | 2,962 | 2,317 |
| 2021 | 1,764 | 2,262 | 3,224 | 3,531 | 3,023 | 2,712 |
| 2022 | 2,004 | 2,334 | 3,185 | 3,533 | 3,42 | 3,18 |
| 2023 | 2,255 | 2,378 | 3,275 | 3,523 | 3,432 | 3,628 |
- Note: Excluding investments made abroad.
- Source: INSEE - Annual leasing survey of 2024.
graphiqueEquipment leasing investments: main clients by sector of activity
- Note: Excluding investments made abroad.
- Source: INSEE - Annual leasing survey of 2024.
After two years of strong growth, investments in factories by real estate leasing declined
In 2023, purchases of factories and warehouses (land and construction) accounted for 41.0 % of property leasing (or €2.2 billion). These investments fell back in 2023 (-9.0%) after a strong growth in the previous two years (+38.0 % in 2022 and +45.2 % in 2021). Real estate fell for shops (-40.7 %) and offices (-24.7 %), but rose sharply for hotels and other buildings (+113.5 %).
tableauReal estate leasing investments: main usages
| Offices | Hospitals and clinics | Hotels and other buildings | Shops | Factories and warehouses | |
|---|---|---|---|---|---|
| 2014 | 1,417 | 0,389 | 0,792 | 1,31 | 1,264 |
| 2015 | 1,912 | 0,527 | 0,683 | 1,29 | 1,402 |
| 2016 | 1,87 | 0,434 | 0,755 | 1,143 | 1,375 |
| 2017 | 0,762 | 0,338 | 0,619 | 0,956 | 1,272 |
| 2018 | 0,73 | 0,34 | 0,666 | 1,075 | 1,553 |
| 2019 | 1,148 | 0,332 | 0,753 | 1,263 | 1,412 |
| 2020 | 0,736 | 0,237 | 0,718 | 0,966 | 1,205 |
| 2021 | 1,093 | 0,402 | 0,836 | 1,041 | 1,749 |
| 2022 | 0,849 | 0,407 | 0,665 | 1,187 | 2,413 |
| 2023 | 0,64 | 0,396 | 1,42 | 0,704 | 2,197 |
- Source: INSEE - Annual leasing survey of 2024.
graphiqueReal estate leasing investments: main usages
- Source: INSEE - Annual leasing survey of 2024.
Real estate leasing declined among its main users
The real estate sector, which accounts for almost half of all investment in property leasing, reduced its investment in 2023 by 14.7 %. It fell back below its 2021 level to €2.3bn. The specialised, scientific and technical activities sector also reduced its investments financed by real estate leasing (-12.8 %). These falls were partially offset by a strong growth in the accommodation (+91.8 %) and trade (+35.2 %) sectors.
tableauReal estate leasing investments: main clients by sector of activity
| Manufacturing | Wholesale and retail trade repair of motor vehicles and motorcycles | Accommodation and food service activities | Real estate activities | Professional, scientific and technical activities | |
|---|---|---|---|---|---|
| 2014 | 0,326 | 0,451 | 0,372 | 1,842 | 0,619 |
| 2015 | 0,373 | 0,497 | 0,246 | 1,94 | 0,745 |
| 2016 | 0,372 | 0,445 | 0,248 | 1,854 | 0,649 |
| 2017 | 0,311 | 0,352 | 0,295 | 1,394 | 0,547 |
| 2018 | 0,422 | 0,244 | 0,184 | 1,912 | 0,558 |
| 2019 | 0,376 | 0,372 | 0,167 | 2,272 | 0,713 |
| 2020 | 0,262 | 0,366 | 0,137 | 1,91 | 0,439 |
| 2021 | 0,457 | 0,286 | 0,304 | 2,5 | 0,558 |
| 2022 | 0,356 | 0,38 | 0,176 | 2,698 | 0,874 |
| 2023 | 0,418 | 0,514 | 0,338 | 2,3 | 0,763 |
- Note: Right scale for real estate activities. Excluding investments made abroad.
- Source: INSEE - Annual leasing survey of 2024.
graphiqueReal estate leasing investments: main clients by sector of activity
- Note: Right scale for real estate activities. Excluding investments made abroad.
- Source: INSEE - Annual leasing survey of 2024.
Household leasing is dominated by cars
In 2023, the total worth of new productsobtained by households by LOA amounted to €14.0bn, of which €13.7bn concerned automobile vehicules and €0.2bn boats. The rest includes other means of transports (such as wheelchairs).
For more information
The annual Financial Lease survey measures the breakdown of financial lease contracts by institutional sector and sector of activity, knowledge of which is necessary for the economic analysis of company accounts.
Starting with the 2023 edition, the Leasing Survey has been revamped. New questions allow for a detailed understanding of the products acquired by household leasing. Additionally, to streamline the questionnaire, business investments are now requested at the regional level instead of the departmental level but are further detailed by type of contract.
Additional information (simplified and detailed methodology, nomenclatures, etc.) is available through the “Documentation” tab of the web page of this publication.
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