Top 10 Forklift Manufacturers Boosting Market Growth, 2024

The growing demand for machines capable of lifting heavy loads and pallets and shifting them to desired locations has fueled the adoption of forklifts in various industries. Various names, such as industrial truck, fork hoist, jitney, hi-lo, lift truck, fork truck, and forklift truck, are known. These trucks are widely used due to their efficient performance and durability.

According to Kings Research’s latest study, the forklift market valuation was recorded at USD 56.26 billion in 2022 and is projected to hit USD 147.91 billion by 2030, progressing at a 12.84% CAGR over 2023-2030. The increasing focus on reducing carbon emissions and improving energy efficiency has drained the adoption of lithium battery-powered electric fork hoists.

Electric forklifts have gained popularity due to their high performance and energy efficiency, which offer lower operational costs than traditional forklifts equipped with an internal combustion engine. Another factor pushing the adoption of electric fork hoists is the increase in automated warehouses, further driving the market's growth.

Kings Research Outlines the Top 10 Forklift Manufacturers

The ten leading companies in the forklift industry are listed below:

1. Jungheinrich AG

Jungheinrich AG is a German company that is a leader in the forklift industry. It is known for its electric fork hoists and pallet trucks. The company is headquartered in Hamburg, Germany, and was founded in 1953. Jungheinrich AG offers a wide range of material handling equipment and solutions for various industries. In November 2023, the company launched the EKS 215a, an impressive, compact, and versatile solution that serves as a fork hoist. The AGV solution can handle a wide range of empty pallets and transfer goods between the shop floor and warehouse.

2. Mitsubishi Electric Corporation

Mitsubishi Electric Corporation is a Japanese company that is a leading contributor to the fork hoist industry. It is well known for its internal combustion fork hoists and CAT lift trucks. In August 2023, the company announced the opening of a new production facility in Houston, Texas, to increase production capabilities for electric lift trucks and warehouse products. The construction of the facility is expected to be completed in the first quarter of 2024.

3. Toyota

Toyota is a well-known company in the automotive industry, and it also has a significant presence in the lift truck industry with its subsidiary, Toyota Material Handling. It offers a range of forklifts for sale, including electric lift trucks for tight spaces and internal combustion lifts for heavy loads. Its fork hoists have load capacities ranging from 0.5 tons to 40 tons. In November 2023, the company introduced a new line of electric pneumatic forklifts with 48V and 80V models, designed for outdoor terrain and various weather conditions.

4. Hyster-Yale Group, Inc.

Hyster-Yale Group, Inc. is a Cleveland, Ohio-based company that is a major player in the lift truck industry. Hyster-Yale Materials Handling, Inc., a subsidiary of Hyster-Yale Group, is a globally recognized manufacturer of lift trucks. In January 2024, it announced the launch of its integrated lithium-ion forklift range. These trucks, equipped with a factory-installed lithium-ion battery, offer a novel avenue for electrifying forklift applications in industries like chemicals, plastics, third-party logistics, and trucking.

5. Raymond West

Raymond West, also known as The Raymond Corporation, is a legendary forklift manufacturer that was founded in 1922 and is known for its high-quality fork hoists. In 2022, the company presented the Pink Pallet Jack Project at its ninth annual online auction to support Breast Cancer Awareness Month. In October 2023, Raymond Corporation introduced the Integrated Tether System, a safety system that prevents forklift operators from being properly tethered and can be integrated with Raymond forklifts.

6. Crown Equipment Corporation

Crown Equipment Corporation is a company that was started in 1945 and is headquartered in New Bremen, Ohio. It has gained a global presence for manufacturing lift trucks and aftermarket parts. It has also introduced its V-Force-branded solutions for improving battery electric forklift performance using lithium-ion technology. Its energy storage systems (ESS) comprise lithium-ion batteries as well as chargers for Crown's forklift truck portfolio.

7. Doosan Corporation

Doosan Corporation is a South Korean company that operates in various industries, including the forklift industry. It offers a range of forklifts and other material-handling equipment. In February 2024, Doosan Bobcat successfully commercialized Korea's first hydrogen forklift, a 3-ton model with a 20-kW fuel cell. The company plans to supply over 30 hydrogen forklifts this year, diversify its lineup with 2-ton and 5-ton models, and expand its portfolio of hydrogen-based products.

8. Hangcha Forklift

Hangcha Forklift is a Chinese company that specializes in manufacturing fork hoists. It offers a variety of forklift models and has a presence in the global lift truck market. In November 2023, Hangcha introduced its new electric rough terrain forklifts equipped with high-voltage lithium batteries. These forklifts, ranging from 2.5 to 3.5 tons, offer high performance, zero emissions, reduced noise, and a low total cost of ownership.

9. KION GROUP AG

KION GROUP AG is a German company that is a major player in the lift truck industry. They offer a diverse line of diesel and electric forkhoists. The company is committed to reducing its environmental footprint as well. Kion Group AG has begun recycling lithium-ion forklift batteries with its strategic partner, Li-Cycle Holding Corp. The partnership aims to reduce Kion's reliance on extensive mining for raw materials and the disposal of battery chemicals. Kion aims to process up to 5,000 metric tons of end-of-life battery material sustainably by 2030.

10. CLARK

CLARK Material Handling Company is one of the top lift truck companies in the world. Its lift trucks are known for their high load capacity and performance. In April 2024, we introduced the SE25-35, a new indoor-outdoor pneumatic forklift capable of lifting 2.7 T to 3.2 T. The model, powered by a 48-volt lead-acid battery or an integrated 80-volt lithium-ion battery, features an LCD smart dash display, three performance modes, and an automatic parking brake. The SE25-35 is designed for seamless transitions between indoor and outdoor spaces, offering high-quality durability and versatility.

What the Future Hold for Forklifts?

The future of forklifts is set to be revolutionized by advancements in technology. With the rise of automation and artificial intelligence, fork hoists will become smarter and more efficient. We can expect to see features such as autonomous navigation, predictive maintenance, and enhanced safety systems. Electric forklifts will become increasingly popular, reducing emissions and improving sustainability. The future of fork hoists is bright, offering increased productivity and cost savings.