2024’s Top 20 Lift Truck Suppliers: Leading Forklift Manufacturers Ranked

Since 2020 when the pandemic and its shutdowns put a crimp in lift truck sales, the market rebounded, making 2021 a banner year for lift truck sales, as companies that had delayed purchases of industrial trucks resumed ordering equipment, while 2022 continued the growth curve.

This year’s Top 20 Lift Truck Supplier list—which looks at revenue figures from 2023—shows that demand continues to be strong. Maybe not a record pace for some suppliers, but overall, a strong year, as user companies grew or updated their fleets to keep up with all the pallet handling, case order picking, tow-tractor applications, and other workflows where lift trucks are the right solution to deploy.

On top of that, many suppliers on this list are offering cutting-edge technologies, including sensor-based features that aid operators in safe usage, fully autonomous trucks, and telematics and fleet software, making their offerings today much more than just “equipment.”

The overall growth is visible on the bottom line of our 2024 Top 20 Suppliers chart. While some companies provided an updated 2022 number, this year’s total comes to nearly $58.2 billion, growing by more than 8% compared to last year. That’s not bad for a year that globally saw many economies struggling with inflation or geopolitical conflict.

Conducted annually, Modern’s Top 20 Lift Truck Suppliers list is based on a questionnaire we send out to suppliers in May, combined with research on published numbers from publicly held vendors. For more details on our criteria and process, see the box on page 46.

The Top 10

Toyota Industries Corporation (TICO) once again tops our list at No. 1. The company, which includes the Toyota and Raymond brands, saw its 2023 lift truck-related revenue come in at $16.32 billion, down 3% compared to 2022’s $16.8 billion in revenue. Toyota sold 307,893 units, based on shipments, across classes 1 to 5.

Between the two major brands, the company released multiple new trucks and solutions in 2023, and also remains committed to charity and educational initiatives. For example, last March, company leaders joined representatives from Cornell University’s College of Engineering to dedicate the Toyota Forklift Learning Studio at Cornell University’s Sibley School of Mechanical and Aerospace Engineering.

At No. 2, KION Group’s 2023 revenue for its Industrial Trucks and Services business reached $9.35 billion, converted from Euros (€8.479 billion), compared to $7.85 billion for 2022. That’s a nearly 20% year over year increase for KION, whose international lift truck brands include Linde, STILL and Baoli, plus the more local brands of Fenwick and OM.

KION reported to us that it sold 242,00 trucks globally last year. In its annual report, the company noted sustainability and electrification as key driving factors in the industrial truck market, stating, “Customers are increasingly demanding solutions, primarily in the form of electric trucks, for environmentally friendly supply chains.”

In third place, Jungheinrich AG reported $6.12 billion in lift truck-related revenue, up from $5.26 billion for 2022, converted from Euros. The company stated it sold 121,800 truck units in 2023. In the U.S. market, Jungheinrich products are distributed under partnership with Mitsubishi Logisnext Americas Group. Last fall, the two companies launched a joint venture, Rocrich AGV Solutions, which offers autonomous lift trucks and automation solutions.

Crown Equipment Corporation comes in fourth, with $5.18 billion in 2023 revenue, up from $4.69 billion the previous year, a 10.4% increase. A key product release for Crown last year was the worldwide rollout of its SP 1500 Series orderpicker, which features a mid-console window, centered between the operator controls, to provide a view of the floor below when the platform is raised.

In fifth this year is Mitsubishi Logisnext Co., which generated $4.637 billion in fiscal 2023 revenue, compared with $4.630 billion in 2022. Looking at year-over-year growth in U.S. dollars, the percentage increase is less than 1%. However, looking at the Japan-based company’s revenue viewed in Japanese Yen (JPY), its revenues grew by 14% in its fiscal year 2023 compared to its previous year (701.77 billion JPY for 2023 versus 615.42 billion JPY in FY 2022). This shows the company had a solid growth year.

Besides its Rocrich joint venture launched with Jungheinrich last year, earlier in 2023, the company introduced new lithium-ion battery and charger solutions for its UniCarriers product line.

No. 6 Hyster-Yale generated just more than $4.1 billion in 2023 consolidated revenue, up from $3.54 billion in consolidated revenues its previous year, which represents a 16.1% increase. The company sold approximately 102,200 units in 2023, up from 100,800 units in 2022.

Hyster-Yale continued to expand its range of modular, scalable products in 2023, and last year it also launched the new brand identity for its Yale offering: Yale Lift Truck Technologies.

Top 20 Lift Truck Companies 2024

Figures based on currency exchange rates as of 12/31/23.    
* 2023 revenues were not available at press time. Using a previous year figure.    
** If a supplier gave an updated figure for 2022 revenue, we used the updated figure.    
*** Based on a figure from annual report, converted to USD
Note: We report the Top 20 in USD millions. Year-over-year growth for a supplier, by percentage, may be significantly higher when not converted to USD.
Source: Modern Materials Handling

ITA class of trucks manufactured

In seventh place is Anhui Forklift Group, which generated 2023 revenues of $2.45 billion, up from $2.25 billion for 2022, representing 8.5% growth. The company’s brands include Heli and CHL. The company states it sold 291,968 units worldwide in 2023, up by nearly 12% compared with 2022.

Holding onto eighth is Hangcha Group, which had 2023 revenue of $2.29 billion, up from the just under $2.07 billion in 2022 revenue they reported to us last year. The company sold 245,496 truck units in 2023. The group opened subsidiaries in Mexico and Brazil last year, and on the product front, it launched its XE series electric forklifts, which use lithium batteries.

Doosan Bobcat notched a strong growth year for its materials handling equipment to retain ninth place, with 2023 revenue of just more than $2 billion, up from $1.68 billion in 2022. In March 2023, the company rebranded from Doosan Industrial Vehicles to Doosan Bobcat. The company offers a full range of IC, LPG and electric lift trucks.

Holding onto No. 10 with a strong growth year is Clark Material Handling, which had 2023 revenue of $1 billion, up from $908 million in 2022. Clark, which remains part of Young An Hat Company of Korea, recently announced it is relocating its global headquarters back to the United States, to Dallas, Texas.

Clark also shared with Modern that from 2020 to 2023, it has increased its global production by 91% to meet strong demand from dealers and customers.

Growth in the rest of the list

The second half of our list also saw solid growth, with some changes in the makeup of the list.

Moving up to No. 11 this year with a high growth year is Hyundai Material Handling, which generated revenue of $885 million for 2023, up from $457 million in 2022. In 2023, the company launched a new, dedicated parts distribution center in Norcross, Ga., to service the U.S. market. Additionally, the company rebranded from HD Hyundai to HD Hyundai XiteSolution. The company maintains its Hyundai Material Handling designation.

EP Equipment, whose brands include Big Joe Forklifts and EP, comes in at No. 12 with another strong growth year. For 2023, EP had revenues of $831 million, up from $720 million in 2022, a 15.4% increase. The company’s North American headquarters is in Chicago.

ITA’s lift truck classifications

In the 13th spot this year is Komatsu, whose 2023 information was unavailable as of press time, so we are listing them at a previous year figure, $605 million, which was provided to us in 2021.

At No. 14 is Lonking Group, whose 2023 lift truck related revenue of $516 million is calculated from the group’s annual report, converted to dollars. The group has larger revenues overall, counting its construction industry equipment segment, though forklift products accounted for 34.78% of group in 2023, according to its annual report.

Rising to No. 15 on our list is Combilift, which generated 2023 revenue of $510 million, up from $420 million last year. The Irish company, which has global reach and is known for its long-load handling equipment, said it had multiple notable new products last year.

These include the Combi-CUBE, a compact truck with operator comfort features and a high level of maneuverability, as well the Combi-CB70E, a 7-ton capacity truck with an optional Auto Swivel seat. Combilift also launched an autonomous sideloader, the Combi-AGT, as well as Combi-Connect, a telematics solution.

Coming in at No. 16 is LiuGong, which has its U.S. organization based in Katy, Texas. LiuGong generated lift truck related revenue of $487 million in 2023. That is a $22 million increase from its $465 in lift truck related revenues for 2022. The company brought several new products to the North American market last year, including some large capacity internal combustion trucks, as well as electric trucks running on lithium-ion batteries, such as the CLG 2018T and the CLG 2025.

At No. 17 is Noblelift, with another year of growth. The company’s revenue reached $420 last year, up from just under $309 million in 2022. The company sold 168,000 units in 2023. The company offers trucks in multiple classes and has developed a new range of Class 1 and Class 2 trucks in 2023 for the needs of the North American market. The company’s U.S. headquarters is in Des Plaines, Ill., near Chicago.

Manitou Group comes in at No. 18 this year, with lift truck related revenues (it also offers equipment for other industries, such as construction and agriculture) of $233 million, up from $228 million in 2022. The French company has global reach, with its U.S. operation based in West Bend, Wis., near Milwaukee.

Back onto our list at No. 19 is Hubtex, known for its side-loader and custom-built industrial trucks. The Germany-based company, whose U.S. headquarters is in Fredricksburg, Va., had lift truck related revenue of $115 million in 2023, up from $101 million the previous year. The company has established a U.S. subsidiary, and now offers a new “two in one” truck capable of long-load handling and pallet workflows.

At No. 20 is Godrej & Boyce, which reported 2023 revenue of just under $101 million, up from just under $91 million its previous fiscal year. The company introduced its new “NEO” Class 1 truck last year, with a capacity of 1.5 to 3 tons, and additionally, a new double-deep reach truck outfitted for tasks in cold storage up to 1 to 25 degrees Celsius.

There you have the Top 20 Lift Truck Suppliers for 2024, based on calendar or fiscal year 2023 revenue. Modern relies on vendor questionnaire responses for this research, though we verify revenue figures for public companies using annual reports, if they break out lift related revenue. Suppliers who wish to be on future lists are welcome to contact us.