The Equipment Leasing and Finance Association (ELFA) recently revealed its Top 10 Equipment Acquisition Trends for 2020. Projections for U.S. businesses, nonprofits, and government agencies estimate they will spend $1.91 trillion in capital goods or business investments this year, with financing being used to purchase a large majority of those assets.

According to ELFA these are the top 10 equipment acquisition trends you need to know for 2020:

1. Economic Growth – A strong labor market and healthy consumer spending in 2019 should continue its trend through the first half of 2020.

2. Capital Spending – The forecast for growth in equipment and software investment is 1.1% this year.

3. Interest Rates – Equipment financing will remain an attractive strategy as businesses take advantage of low fixed rates, flexibility, and other financing benefits.

4. Financing – Nearly eight out of 10 U.S businesses—79 percent—use at least one form of financing for their equipment acquisitions, with leasing being the most used method.

5. Trade Issues – Businesses will keep in mind trade issues and their influence to help or hinder the U.S. and global economic outlook.

6. Equipment – A number of equipment verticals are expected to improve or grow modestly in 2020.

7. Technology – Innovations in technology will make acquiring the most up to date equipment more attractive.

8. Lease Accounting – Small businesses and nonprofits will have additional time to meet requirements for compliance and take advantage of the benefits from leasing.

9. Politics – Elections in November have the potential to impact equipment investment decisions.

10. Wild Cards – There are also other factors that businesses need to keep an eye on for the potential impact they might have on their strategies.