Top 10 Forklift Manufacturers of 2023

Aug. 21, 2023
MH&L reveals the 10 largest global manufacturers of lift trucks, ranked by sales.

Time again to report on the state of the global forklift industry, and by all indications, things were quite good indeed in 2022. In the United States, for instance, sales for forklifts in 2022 were the second highest on record, down just 1% from the previous year’s all-time high.

According to the Industrial Truck Association (ITA), sales of forklifts in North America in 2022 totaled 344,330, compared to the all-time high of 347,677 reached in 2021. As you’ll see in the financial reports given below, many of the global forklift producers also enjoyed robust sales in 2022, with many of the Top 10 achieving double-digit growth.

Due to inflation and hints of a possible recession, the forklift industry is currently down from the record highs we’ve seen in 2021-2022, with the North American market down nearly 32% year-over-year through the first quarter of 2023. “Many economists are predicting stagnant levels of growth in GDP for 2023,” explains Brian Feehan, president of the ITA. “Ultimately, we will have to wait and see how the forklift market fares during the year given the predicted economic challenges facing the country. It is important to recognize that in 2022 and 2021, more than 100,000 units sold above the traditional North American annual market volume.”

Following is MH&L’s annual ranking of the 10 largest global manufacturers of forklifts, ranked by revenue. The ranking includeselectric rider trucks (Class 1 and Class 2), motorized hand trucks (Class 3), and internal combustion powered trucks (Class 4 and Class 5).These companies 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, 2022. The information was provided by the companies, unless otherwise noted.

For comparison purposes, below are previous years' rankings of the Top 10 Forklift Manufacturers:

Top 10 Forklift Manufacturers of 2022

Top 10 Forklift Manufacturers of 2021

Top 10 Forklift Manufacturers of 2020

Top 10 Forklift Manufacturers of 2019

Top 10 Forklift Manufacturers of 2018

Top 10 Forklift Manufacturers of 2017

Top 10 Forklift Manufacturers of 2016