Expert View – Evolving Asset Finance: Embracing Strategic Opportunities in Spain

What is the current situation of the asset finance market in Spain?

Spain has seen solid growth in the leasing business over the past five years. In 2024,  Spain was the 5^th largest asset finance market in Europe. While still behind larger markets like Germany, France or the UK, Spain’s annual growth rate of around 6.7% is higher than the European average.

Historically, the Spanish market has developed differently in comparison to other European markets. The Covid crisis impacted Spain much deeper than other European nations and the recovery process was progressive and remarkably slower than the rest of Europe. In terms of the country potential we consider that Spain is an established market but with significant potential to grow, especially in the energy efficiency, healthcare, technology, construction and transportation sectors.

How does Spain compare to other leading European markets?

The main difference is market penetration. In Spain, leasing contributes to about 30% of total business investment, compared to over 50–60% in countries like Germany, France, or the Nordics.

Service maturity is another notable difference. In Central and Northern Europe, leasing often includes full-service packages: maintenance, insurance, replacements, usage analytics, etc. While this is starting to develop in Spain, it’s not yet the standard. There’s also a gap in leasing of sustainable equipment, where Spain lags behind, but we recognise this presents a strong growth opportunity.

What are the main challenges the sector faces in the short and medium term?

There are several challenges. Firstly, the macroeconomic environment where elevated interest rates and inflation pressures has made traditional financing more expensive, delaying the investment decisions of businesses.

 Secondly, the pace of technological change poses residual value risks. Equipment depreciates faster, so leasing companies must manage asset life cycles carefully.

And thirdly, regulatory pressure is increasing, especially around sustainability and ESG reporting. Whilst this is a challenge, it’s also an opportunity to position ourselves as green finance enablers.

What opportunities exist, and how can Asset Finance Companies deliver added value?

One of the biggest opportunities lies in smart, sustainable, and service-integrated equipment financing. Companies are no longer just looking for assets, but they want more comprehensive solutions: predictive maintenance, usage insights, flexible contract terms, and guaranteed upgrades.

We’re seeing high growth in leasing technology, especially among SMEs aiming to digitalize efficiently. There’s also strong potential in specialized sectors like construction, logistics, healthcare and renewable energy, where tailored leasing structures are in high demand.

Asset Finance providers need to evolve, we’re not just a financing partner. We are strategic enablers. Offering advisory services, ESG-aligned packages, and hybrid models (equipment + service) will set the winners apart in this market.

On a final note…

Spain’s  asset finance sector is developing quickly but still has a room to grow in comparison with other, more mature European markets. The companies that embrace technology, sector specialization and sustainability, whilst providing flexible, value-driven solutions, will be best positioned to lead in the coming years.