LONDON--(BUSINESS WIRE)--The full-service long-term material handling equipment rental market in Europe is expected to grow at a CAGR of more than 3% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the full-service long-term material handling equipment rental market in Europe based on product (forklifts and telehandlers, cranes, hoists, and others) and end-user (industrial, construction, and agriculture). The report also provides an analysis of the market based on geographic regions such as Benelux, France, Germany, Italy, and Spain.
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Market driver: high initial investment and maintenance cost
Material handling equipment requires constant technical support and maintenance for it to operate efficiently. The maintenance cost of industrial trucks such as pallet trucks and forklifts can be high in the construction and manufacturing industries as they are regularly exposed to hazardous conditions, which accelerates the wear and tear and causes severe damage.
Due to the high initial and maintenance costs, the global material handling equipment market is stagnant in terms of growth. The demand for such equipment is reducing in favor of rental equipment. Rental material handling equipment market enables end-users to save on the cost of procurement and maintenance. In most cases, the rental company maintains the equipment.
According to a senior analyst at Technavio for construction research, “The high initial investment required to procure material handling equipment and their high maintenance cost will drive the growth of the full-service long-term material handling equipment rental market during the forecast period.”
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Market trend: increasing focus on AGVs
The increasing popularity of automated guided vehicles (AGVs) is due to the adaptability of this technology. AGVs can eliminate the hassle of adjusting physical barriers. Using an autonomous system provides benefits such as routing decisions based on real-time feedback of environmental conditions and the ease of navigational adjustments and control. Computer-aided design (CAD)-based software programs in AGVs route all available paths and indicate the appropriate locations for picking and unloading.
The first AGVs were guided by workers until CAD systems were introduced to guide AGVs to optimize and select the best route for a load of goods that needed to be delivered or picked up. However, traffic controllers are still responsible for task assignments and load movement requests for each AGV. AGVs can determine the best possible route for the efficient movement of goods.
Market challenge: uncertainty over Brexit to impact end-user industries
As the full-service long-term material handling equipment rental market considers construction and agriculture as the key end-user industries, there could be several impacts of Brexit on these industries. The UK has been among the top construction markets in the EU. Therefore, the challenges faced by the country's construction industry will have an impact on the construction industry of the EU.
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