According to a report from ResearchAndMarkets, the global short-term material handling equipment rental market will grow at a CAGR of 4.12% from 2018 to 2022.

Material handling equipment is used in major industries such as manufacturing and construction to transport, handle and store materials effectively. Short-term rental services provide equipment on rent for short periods of time as per requirement and are generally fewer than 12 months.

The latest trend gaining momentum in the market is an increasing focus on AGVs. AGVs can help eliminate the hassle of adjusting physical barriers. They help make real-time routing decisions based on environmental conditions and easy navigational adjustments and control.

One of the major drivers for this market is the high initial investment and maintenance cost. Material handling equipment needs constant technical support and maintenance for efficient operation. The maintenance cost of industrial trucks such as pallet trucks and forklifts is high in the manufacturing and construction industries as they are regularly exposed to hazardous conditions, which accelerates wear and tear and causes severe damage.

The report states that one of the major factors hindering the growth of this market is the uncertainty over Brexit and its impact on end-user industries.