Equipment Finance Industry Sees Mixed Growth Across Asset Classes

The equipment finance industry's 2025 asset class rankings reveal a mixed picture of growth and decline. Trucks & Trailers saw Wells Fargo Equipment Finance vault from third place to first, despite a 2.6% year-over-year drop in combined new business volume among the top 20 companies.

Wells Fargo's $2.85 billion in new business volume marked a 26.1% increase, while BMO Financial Group fell to second at $2.67 billion after a 19.5% decline. PNC Equipment Finance climbed to third with $1.64 billion, up 6.6%, and Huntington Asset Finance rose to fourth at $1.27 billion, up 20.9%. But the segment's gains at the top didn't translate into broader growth.

Construction equipment remained dominated by Caterpillar Financial Services, which posted $12.59 billion in originations, a 5.8% increase year-over-year. In contrast, Industrial & Manufacturing saw a big surprise with Wells Fargo Equipment Finance leaping from 17th place to third, with volume more than tripling to $476.6 million, a 259.4% increase.

Materials Handling volumes were more subdued, while Medical continued to attract new entrants. DLL USA retained the top spot in Materials Handling and Medical with $580.0 million and $1.06 billion in NBV respectively.