Table of Contents
Forklift Market Overview
Forklift companies provide, essential for material handling in various industrial settings, that come in several types. Including counterbalance, reach trucks, pallet jacks, order pickers, and rough terrain models.
They are equipped with key components such as a mast, forks, and hydraulic systems to lift and move loads.
Operating principles involve balancing the load to ensure stability and prevent tipping. With a focus on adhering to the forklift’s maximum load capacity.
Safety considerations are critical, including proper operator training, regular maintenance, and awareness of the work environment to prevent accidents.
These versatile machines significantly enhance efficiency and productivity in warehouses, construction sites, and distribution centers.
Market Drivers
The global forklift market is propelled by several key factors, including industrial growth. Which increases the need for material handling in the manufacturing and logistics sectors.
The rise of e-commerce boosts demand for efficient warehousing solutions. While technological advancements, such as electric forklifts and automation, enhance operational efficiency.
Infrastructure development and regulatory compliance drive the adoption of modern, safe forklifts, and the need to replace aging fleets supports market expansion.
Additionally, growth in emerging markets offers new opportunities, further fueling the market’s development.
Market Size
The global forklift market is projected to reach approximately USD 201.63 million by 2032. Up from USD 53.6 million in 2023, growing at a CAGR of 12.8% from 2023 to 2032.
List of Major Companies
These are the top 10 companies operating in the Forklift Market:
- Toyota-Motor
- Kion
- Jungheinrich
- Crown-Equipment
- Komatsu
- Hyundai-Motor
- Caterpillar
- Mitsubishi
- Manitou
- Godrej-n-Boyce
Toyota-Motor
Company Overview
| Establishment Year | 1937 |
| Headquarter | Aichi, Japan |
| Key Management | Koji Sato (CEO) |
| Revenue (US$ Bn) | $ 410.8 Billion (2024) |
| Headcount | ~ 375,235 (2023) |
| Website | https://global.toyota/ |
About Toyota
Toyota Material Handling is advancing in the forklift companies/sector with notable innovations and growth initiatives.
Recently, the company invested nearly $100 million in a new Indiana facility to produce electric forklifts, highlighting its dedication to sustainability.
Toyota also introduced new electric models, including the 48V and 80V Pneumatic forklifts, enhancing performance across various environments.
Additionally, Toyota consolidated its operations by merging key divisions into Toyota Material Handling, Inc., aiming to boost synergies and customer service. These efforts underscore Toyota’s commitment to innovation and adapting to future market needs.
Geographical Presence
Toyota Motor Corporation, headquartered in Japan, boasts a significant global presence with operations spanning North America, Europe, Asia-Pacific, South America, and Africa.
In North America, Toyota has major manufacturing plants in the U.S., Canada, and Mexico, supporting a strong market presence.
In Europe, it operates in Western and Eastern countries with key facilities in the UK and France. In Asia-Pacific, Toyota maintains a dominant position in Japan, China, and India, focusing on hybrids and EVs.
South America sees Toyota’s impact through production in Brazil and Argentina, while in Africa, South Africa hosts significant manufacturing operations.
This extensive geographical footprint underscores Toyota’s strategic global market penetration and regional adaptation.
Recent Developments
- In May 2024, Toyota Material Handling introduced a new series of electric pneumatic forklifts in 48V and 80V models. Designed for durability, these forklifts are suited for outdoor use and various weather conditions, making them ideal for applications like lumber yards, home centers, landscaping, and store support.
- In May 2023, Toyota Material Handling introduced three new electric forklifts—Center Rider Stacker, Side-Entry End Rider, and Industrial Tow Tractor—enhancing efficiency, versatility, and operator comfort.
Kion
Company Overview
| Establishment Year | 2006 |
| Headquarter | Frankfurt, Germany |
| Key Management | Rob Smith (CEO) |
| Revenue (US$ Bn) | $ 12.4 B (2022) |
| Headcount | ~ 42,325 (2023) |
| Website | https://www.kiongroup.com/ |
About KION
KION Group, a leading player in industrial trucks and supply chain solutions, is enhancing its position in the forklift companies/industry with key expansions and innovations.
In 2024, KION North America introduced the Linde Series 1293 electric forklift, underscoring its focus on sustainability and efficiency.
The company also invested €80 million in a new plant in Poland, which is expected to create up to 400 jobs and strengthen its European presence.
Additionally, KION’s acquisition of Dematic, a leader in supply chain automation, has expanded its logistics and automation capabilities.
These moves highlight KION’s commitment to growth and innovation in the global material handling market.
Geographical Presence
Headquartered in Frankfurt, Germany, Kion Group has a broad global footprint with key operations in major regions.
In Europe, it has prominent facilities in Germany, Italy, and the UK, as well as an extensive network across Western and Eastern Europe.
In North America, Kion operates significantly in the United States and Canada. The Asia-Pacific region hosts crucial manufacturing and R&D centers in China and India, with broad sales and services in Japan, South Korea, and Australia.
In Latin America, the focus is on Brazil and Mexico, while the Middle East and Africa have service centers in South Africa and the UAE. This wide-reaching presence supports Kion’s global growth and market adaptability.
Recent Developments
- In February 2024, Kion North America introduced the Linde Series 1293 electric forklift in North America.
- In November 2023, Kion launched its fuel cell systems for its industrial trucks.
Jungheinrich
Company Overview
| Establishment Year | 1953 |
| Headquarter | Hamburg, Germany |
| Key Management | Dr. Lars Brzoska (CEO) |
| Revenue (US$ Bn) | $ 6.0 B (2022) |
| Headcount | ~ 21,117 (2022) |
| Website | http://www.jungheinrich.com/ |
About Jungheinrich
In 2023, Jungheinrich AG, a major player in the forklift companies/industry, significantly expanded its market presence by acquiring U.S.-based Storage Solutions Group for $375 million.
This move strengthens its position in warehouse automation and racking systems in the US, aligning with its 2025+ growth strategy. Jungheinrich’s revenue rose by 21% to €2.7 billion in the first half of 2023, partly due to this acquisition.
The company is also advancing in lithium-ion technology, automation, and digital products, aiming to surpass €5 billion in sales by 2025. These initiatives are designed to boost profitability, sustainability, and global reach.
Geographical Presence
Jungheinrich AG, headquartered in Hamburg, Germany, is a leading global provider of material handling equipment.
The company has a robust geographical presence, with operations throughout Europe, including Germany, Austria, Switzerland, the UK, France, Spain, Italy, and the Nordic countries.
In North America, Jungheinrich serves the United States and Canada, while in South America, it operates in Brazil and Argentina.
The company’s presence extends to Asia-Pacific, with significant operations in China, Japan, South Korea, India, and Southeast Asia.
Additionally, Jungheinrich has a growing footprint in the Middle East and Africa, including the UAE and South Africa, ensuring comprehensive market coverage and support.
Recent Development
- In March 2024, Jungheinrich launched the full flex forklift subscription in intralogistics.
- In October 2023, Jungheinrich launched a new material handling equipment plant in Chomutov, Czech Republic.
Crown-Equipment
Company Overview
| Establishment Year | 1945 |
| Headquarter | New Bremen, Ohio, U.S. |
| Key Management | James Frederick Dicke II (CEO) |
| Revenue (US$ Bn) | $ 5.18 B (2023) |
| Headcount | ~ 19,600 (2023) |
| Website | http://www.crown.com/ |
About Crown Equipment
Crown Equipment Corporation continues to expand its market presence and innovate within the forklift companies/sector.
Recently, Crown launched a new line of small-footprint LPG forklifts, the C-G Series, designed for operations with limited floor space, showcasing its commitment to addressing diverse customer needs.
Additionally, Crown has introduced the enhanced InfoLink 3.0 fleet and operator management system, which improves productivity and reduces costs by providing detailed insights into fleet performance and energy usage.
The company also expanded its UK operations by acquiring a new facility in the Midlands, which will serve as a national training center, reflecting its strategic growth ambitions in Europe.
These developments underscore Crown’s ongoing focus on innovation and global expansion in the forklift sector.
Geographical Presence
Crown Equipment Corporation, a leading global provider of material handling solutions, operates extensively across multiple continents.
In North America, the company is headquartered in New Bremen, Ohio, with numerous distribution centers and service facilities across the US and Canada.
Crown has significant operations in Germany, the UK, France, and other countries in Europe. The Asia-Pacific region is supported through China, Japan, and Australia facilities.
In South America, the company is growing its presence in Brazil, while in the Middle East and Africa, Crown serves the market through offices in South Africa and the UAE.
This broad geographical presence underscores Crown Equipment’s commitment to delivering high-quality solutions and support globally.
Recent Development
- In July 2024, Crown Equipment Corporation introduced the new Crown TSP 1000/1500 Series, a next-generation narrow-aisle turret truck.
- In July 2024, Universal Technical Institute revealed that Crown Equipment is providing paid work experience to select automotive and diesel students through its Early Employment Program.
Komatsu
Company Overview
| Establishment Year | 1921 |
| Headquarter | Tokyo, Japan |
| Key Management | Hiroyuki Ogawa (President) |
| Revenue (US$ Bn) | $ 26.7 B (2023) |
| Headcount | ~ 65,738 (2023) |
| Website | http://komatsu.jp/en |
About Komatsu
Komatsu Ltd. has been actively advancing its presence in the forklift companies/sector through several significant developments.
Recently, Komatsu launched proof-of-concept tests for electric forklifts powered by sodium-ion batteries, marking a pioneering effort in the industry.
This new battery technology offers rapid charging and long cycle life, aimed at reducing operational costs and environmental impact.
Additionally, Komatsu acquired American Battery Solutions in late 2023, further enhancing its capabilities in developing battery-powered industrial equipment.
This acquisition aligns with Komatsu’s broader strategy to electrify its product line and achieve carbon neutrality by 2050.
These initiatives highlight Komatsu’s commitment to innovation and sustainability in the material handling and forklift sectors.
Geographical Presence
Komatsu Ltd., based in Tokyo, Japan, operates a worldwide network to support its construction and mining equipment sectors.
Japan runs several manufacturing and research facilities. North American operations are centered in Peoria, Illinois, with additional sites in Canada and Mexico.
In South America, Komatsu has a strong presence in Brazil, Chile, and Argentina. Its European operations are managed from Germany, with offices in the UK and France.
In the Asia-Pacific region, key facilities are located in China, India, and Australia. The Middle East is served from Dubai, and in Africa, Komatsu South Africa (Pty) Ltd. oversees regional activities.
This extensive global network enables Komatsu to effectively address regional needs and maintain its leadership in the equipment manufacturing industry.
Recent Developments
- In March 2024, Komatsu introduced the concept of an electric forklift powered by sodium-ion batteries.
- In December 2023, Komatsu acquired iVolve Pty Ltd, a leading fleet management systems provider for mining and quarrying, to expand its global reach and market presence.
Hyundai-Motor
Company Overview
| Establishment Year | 1967 |
| Headquarter | Seoul, South Korea |
| Key Management | Chang Jae-hoon (CEO) |
| Revenue (US$ Bn) | $ 124.6 B (2022) |
| Headcount | ~ 70,032 (2022) |
| Website | http://hyundai.com/ |
About Hyundai
Hyundai is making notable progress in the forklift companies/sector through product innovation and strategic expansion.
The introduction of the 160D-9L, a heavy-duty diesel forklift with advanced emissions technology and enhanced fuel efficiency, highlights Hyundai’s focus on high-demand applications.
The acquisition of Doosan Infracore under Hyundai Genuine strengthens its global position in construction and industrial equipment.
This move aligns with Hyundai’s goal to be a top-five global player by 2025, emphasizing advancements in electrification and hydrogen fuel technologies for material handling.
Geographical Presence
Hyundai Motor Company, based in Seoul, South Korea, has a broad global footprint with key manufacturing facilities in North America (Alabama and Georgia), Europe (Czech Republic and Turkey), and the Asia-Pacific region (India, Indonesia, and Thailand).
It also operates in Latin America (Brazil and Mexico), the Middle East (focusing on SUVs and luxury vehicles), Africa (emphasizing durability), and Oceania (Australia and New Zealand). This extensive network supports a diverse range of regional market needs.
Recent Developments
- In July 2023, Hyundai Material Handling launched a new line of diesel and lithium-ion battery-powered forklifts designed for efficient lifting and transportation on busy job sites.
- In December 2021, Hyundai Genuine, an intermediary holding company, was created after Hyundai Heavy Industries Group acquired Doosan Infracore in August.
Caterpillar
Company Overview
| Establishment Year | 1925 |
| Headquarter | Irving, Texas, US. |
| Key Management | Jim Umpleby (CEO) |
| Revenue (US$ Bn) | $ 67.06 Billion (2023) |
| Headcount | ~ 113,200 (2023) |
| Website | http://www.lockheedmartin.com/ |
About Caterpillar
Caterpillar has been advancing its forklift and broader material handling companies/sectors through strategic investments and product innovations.
In early 2023, Caterpillar invested in Lithos Energy, a U.S.-based battery technology company, to accelerate the development of lithium-ion battery packs for its electrified product portfolio.
This investment aligns with Caterpillar’s commitment to supporting the energy transition and providing advanced power technologies for its equipment, including forklifts.
Additionally, the company announced a $90 million investment in its Texas facilities to produce the new Cat® C13D industrial engine, designed for heavy-duty applications such as material handling.
These developments reflect Caterpillar’s ongoing focus on innovation and sustainability, ensuring it remains competitive in the evolving industrial equipment market.
Geographical Presence
Caterpillar Inc. has a broad global presence, with key operations in North America, South America, Europe, Africa, the Middle East, and Asia-Pacific.
Its North American headquarters in Deerfield, Illinois, and major plants in Texas and Tennessee highlight its strong regional footprint.
In South America, the company operates notably in Brazil, with additional networks in Argentina and Chile.
Europe features plants in the UK, Germany, and France alongside a robust distribution network. Caterpillar’s presence extends to Africa, where it has significant operations in South Africa and strategic networks in the Middle East, including the UAE and Saudi Arabia.
In Asia-Pacific, the company maintains key manufacturing sites in China, Japan, and India, with additional support in Australia and Singapore, enhancing its global market reach and service capabilities.
Recent Developments
- In May 2024, Caterpillar announced a $90 million investment to upgrade its Schertz and Seguin, Texas facilities for manufacturing the new Cat® C13D industrial engine.
- In February 2024, Caterpillar invested in Lithos Energy, a US firm that makes lithium-ion battery packs.
Mitsubishi
Company Overview
| Establishment Year | 1918 |
| Headquarter | Tokyo, Japan |
| Key Management | Katsuya Nakanishi (CEO) |
| Revenue (US$ Bn) | $ 144.6 Billion (2023) |
| Headcount | ~ 80,037 (2023) |
| Website | https://www.mitsubishicorp.com/jp/en/index.html |
About Mitsubishi
Mitsubishi is enhancing its forklift companies/sector with significant advancements and strategic moves. Recently, Mitsubishi Logisnext introduced the AXiA EM.
A versatile stacker series designed for high bay stacking and order picking, offering high performance, flexibility, and cost efficiency with options for lead-acid or lithium-ion batteries for continuous operation.
Additionally, Mitsubishi Logisnext Americas has fully acquired Mitsubishi Caterpillar Forklift America Inc., strengthening its control and influence in the Americas while maintaining collaboration with Caterpillar.
These developments underscore Mitsubishi’s commitment to expanding its market presence and technological capabilities in the forklift industry.
Geographical Presence
Mitsubishi Corporation, headquartered in Tokyo, maintains a substantial global presence across various regions.
In Asia-Pacific, it operates extensively in Japan, China, India, and Southeast Asia, focusing on sectors such as energy, machinery, and chemicals.
In North America, Mitsubishi is active in the US and Canada, with interests in the automotive and industrial sectors.
Its European operations span the UK, Germany, and France, emphasizing trading and investment. In South America, the company is involved in Brazil and Chile, primarily in the automotive, energy, and mining sectors.
In Africa, Mitsubishi engages in South Africa’s trading and industrial activities. This extensive geographical reach reflects Mitsubishi’s strategic approach to global market opportunities.
Recent Development
- In May 2023, Mitsubishi Forklift Trucks expanded its acclaimed warehouse series with a new, highly durable, compact, and feature-rich platform stacker.
- In March 2021, Mitsubishi Logisnext Americas became fully owned by Mitsubishi Logisnext.
Manitou
Company Overview
| Establishment Year | 1957 |
| Headquarter | Ancenis, France |
| Key Management | Michel Denis (CEO) |
| Revenue (US$ Bn) | $ 3.1 Billion (2022) |
| Headcount | ~ 5,500 (2023) |
| Website | https://www.manitou-group.com/en/ |
About Manitou
Manitou, a key player in the material handling equipment industry, has been making advancements in the forklift companies/sector.
In 2023, the company reported a strong 22% increase in net sales, reaching €2.87 billion, driven by higher production rates and improved supply chain efficiencies.
To support its growth, Manitou announced an $80 million investment in its North American production facilities in Yankton and Madison, South Dakota.
This investment aims to expand manufacturing capacities by more than 150% by 2026 and includes the development of new product lines, particularly in electric forklifts and loaders.
Additionally, Manitou’s strategic plan, “New Horizons 2025,” is guiding these efforts, focusing on innovation and sustainability to maintain its competitive edge in the global market.
Geographical Presence
Manitou Group, a global leader in material handling equipment, is headquartered in France and has a strong presence across Europe.
Including Germany, Italy, Spain, and the UK, with expanding operations in Eastern Europe. In North America, the company operates through manufacturing and dealer networks in the US and Canada.
It is also growing in South America, especially in Brazil and Argentina, and targeting markets in Asia-Pacific, such as China, Australia, India, and Southeast Asia.
In Africa, Manitou focuses on South Africa while exploring additional opportunities across the continent. The company utilizes regional expertise and partnerships to strengthen its global market position.
Recent Developments
- In December 2023, Manitou Group acquired an 82% stake in easyLi, a company specializing in lithium-ion battery design and production.
- In August 2023, Manitou acquired a stake in COME SRL and Metal Work SRL.
Godrej-n-Boyce
Company Overview
| Establishment Year | 1897 |
| Headquarter | Mumbai, Maharashtra, India |
| Key Management | Jamshyd Godrej (Chairman) |
| Revenue (US$ Bn) | $ 1.4 B (2022) |
| Headcount | ~ 12,000 (2022) |
| Website | https://www.godrej.com/godrejandboyce/ |
About Godrej & Boyce’s
Godrej & Boyce’s Material Handling division is making significant strides in the forklift companies/sector with a focus on sustainability and green technology.
The company aims to capture 28% of India’s electric forklift market by FY24. Its expanded electric forklift portfolio includes the new UNO Electric Forklift, which is 10% more energy efficient than previous models.
These forklifts are designed to lower carbon footprints, reduce operational costs, and improve ergonomics.
Additionally, Godrej is investing in Li-ion battery technology to boost fleet productivity. Aligning with its broader sustainability goals under the Good & Green initiative.
Geographical Presence
Godrej & Boyce Manufacturing Company Limited, headquartered in Mumbai, Maharashtra, operates extensively across India.
With significant facilities and regional offices in key cities, including Delhi, Pune, Bangalore, and Kolkata. Internationally, the company has expanded its presence in the Middle East, Southeast Asia, South Asia, and parts of Europe through strategic partnerships and joint ventures.
Its global footprint includes diverse manufacturing plants and export markets, focusing on consumer goods, industrial solutions, and office furniture.
The company’s strategic initiatives emphasize technological innovation, localized market strategies, and global expansion to enhance its competitive edge and market reach.
Recent Developments
- In May 2024, Godrej & Boyce sold an office space in Vikhroli (East) to Godrej Industries Ltd.
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