While the COVID-19 pandemic threw global manufacturing and distribution companies into a downward spiral in 2020 that they’re only now beginning to recover from, the global forklift truck market is set to display a positive market trend, over the several years, with a compound annual growth rate of 2.00% expected between now and 2027, according to analyst firm ResearchAndMarkets.
That growth will be propelled by a rebound in the manufacturing industry, continued proliferation of e-commerce, and an expansion in warehousing capacities of e-commerce companies. Hampering that growth, however, is the scarcity of raw materials, as well as the rules and regulations set by various national governments.
For the North American (U.S. and Canadian) forklift truck market, the growth rate is projected just slightly lower, at a CAGR of 1.89% between now and 2028, based on analysis conducted by Inkwood Research. As with the global forecast, the North American forecast is heavily contingent on expected growth within the manufacturing sector. According to the Industrial Truck Association, the forklift industry contributes more than $25 billion annually to the U.S. GDP, and for every direct job in the industry, an additional 2.5 jobs are supported elsewhere in the economy.
In honor of National Forklift Safety Day (which like many events this year will be a virtual event, held on June 9), MH&L again presents our annual ranking of the 10 largest global manufacturers of forklifts, ranked by revenue. These suppliers provide some of the leading material handling technologies and vehicles used worldwide by companies to manage their warehouses and distribution centers, and many of them are at the forefront of developing and promoting the latest in forklift safety technologies. All financial figures are stated in U.S. dollars, based on the relevant exchange rate as of December 31, 2019. The information was provided by the companies, unless otherwise noted.