Learn French: Chacun prend un peu de matériel. - Each one takes a little bit of equipment.

No, you cannot use chaque here. Chaque is an adjective meaning "each" and must be followed by a noun (like chaque personne). Chacun is a pronoun meaning "each one," so it stands alone and replaces the noun entirely to act as the subject of the sentence.

Why is it chacun and not chacune?

Chacun is the default masculine form. We use it when the group of people being referred to is mixed-gender, all male, or when their gender is simply unspecified. If we were talking specifically about a group composed entirely of women, we would use the feminine form, chacune.

Which verb conjugation do we use with chacun?

Chacun literally means "each one", so it is always singular. It takes the third-person singular verb conjugation (the same as il or elle), which is why we use prend instead of the plural prennent.

Why is it un peu de matériel instead of un peu du matériel?