According to a new report from Research and Markets, the aircraft leasing market is expected to reach $179 billion in 2015 and then grow at a CAGR of 6% to reach $245 billion in 2021.

A reduced interest and lease rate along with increase in the low cost carriers, leased freighter aircrafts and demand for new aircrafts are the major reasons for the industry’s positive movement.

Europe is expected to be the largest market in 2015. However the Asia-Pacific region is projected to be the highest growing market for the forecast period. The full report from Research and Markets does analysis the competitive landscape of the companies in the Aircraft leasing market and includes companies like Boeing Capital, CIT Group and GE Capital Aviation Services.