Top 10 Forklift Manufacturers/Suppliers of 2019
The forklift market has shown steady growth over the past decade. Trucks sales in 2018 (most recent data available) totaled more than 260,000 in the U.S. Electric truck sales grew by 2.8%. They made up 64% of the total market. Internal combustion (IC) truck sales grew by 2.7%. Overall, the lift truck market added more than $25 billion to the U.S. economy.
Forklift manufacturers expect the growth to continue over the next five years. Industry experts foresee a combined annual growth rate of more than 6% from 2020 to 2025. Factors driving the growth include strong demand in these sectors:
- Transportation and logistics
- Retail and e-commerce
- Food and beverage
Top forklift manufacturers also report strong demand from Europe and Asia-Pacific markets.
The Top 10 Forklift Manufacturers List
Many changes are taking place in the forklift sector. Some manufacturers have merged. Others are bringing different technologies together under one roof to provide one-stop shopping for customers. Despite these changes, the leading forklift manufacturers list contains mostly the same players from the previous year.
This should come as no surprise to anyone. Toyota has been the leading forklift manufacturer for many years. They show no signs of losing their top ranking. Last year, the company racked up $13.36 billion in forklift market sales. This was a 14% increase over the previous year. It was also nearly double their closest competitor. Known for their quality and reliability, Toyota offers electric trucks in a variety of models.
2. KION Group
The Kion Group is another fixture on the top forklift manufacturer’s list. They sell two brands of lift trucks, Linde and Baoli. Linde has been a leader in material handling equipment for over 150 years. It serves the North American market. Baoli sells trucks in the international market. Its products include diesel, gas, liquid propane and electric trucks. Last year, total sales for both brands were $6.79 billion – a gain of 6.3%.
3. Jungheinrich Group
Based in Germany, Jungheinrich achieved global sales of $4.36 billion in 2018. This equaled a 2.5% increase over the previous year. Their electric forklifts and lift trucks are sold in North America by more than 400 dealers. Their product line includes counterbalanced and lithium-ion trucks. This top forklift manufacturer also offers order pickers, turret and reach trucks, tow tractors, walkie stackers, and more.
4. Mitsubishi Logisnext
This forklift manufacturer is the result of the merging of Mitsubishi Nichiyu Forklift with its UniCarriers Corp. The company now offers six different brands of lift trucks. These include Mitsubishi Forklift Trucks, UNI Carriers, Nichiyu Electric Forklift, CAT Lift Trucks, TCM, and Rocla. In its first year, Mitsubishi Logisnext sales topped $3.9 billion.
5. Hyster-Yale Materials Handling (HYMP)
HYMP is the parent company of the Hyster and Yale forklift brands. They achieved overall revenues of $2.57 billion last year. Hyster-Yale was the fourth leading global lift truck brands in 2017. They expect strong growth in their Eastern Europe, Asia-Pacific, Latin America and China markets.
6. Crown Equipment
Crown Equipment is a privately held company based in Ohio. They specialize in electric trucks. Crown’s models include counterbalance, very narrow aisle, and reach trucks. They also offer order pickers, stackers and tow trucks. Crown’s 2018 forklift revenues of $3.1 billion increased by 5.8% over the previous year.
7. Anhui Heli Forklift
Based in China, Anhui Heli has led the Chinese market for nearly 30 years in a row. 2018 sales topped 130,00 units, generating income of $1.4 billion. The firm offers a mix of IC, electric and lithium battery trucks. They also offer empty container stackers, wheel loaders, tractors, forklift attachments, and more.
Komatsu is the only newcomer to our forklift manufacturers list. It is the second-largest manufacturer in the world, with 25 plants around the globe. Their forklift division specializes in IC pneumatic, electric riders, IC cushion and narrow aisle forklifts. It accounts for about $1.35 billion in sales. This is about 6% of Komatsu’s total sales.
9. Hangcha Group
Top forklift manufacturer Hangcha has been making forklifts for more than 50 years. They produce IC and electric trucks, including an explosion-proof model. Since 2016, their forklift sales have increased by 23%.
10. Clark Material Handling
Clark built their first “Tructractor” in 1917. More than a century later, they offer five major lines. These include LPG, gasoline, dual fuel, diesel, electric riders, and powered hand trucks. There are 250,000 Clark lift trucks being used in North America, and 350,000 worldwide. Their sales approached $1 billion in 2018.
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