Top 10 Forklift Manufacturers of 2025
How important is the forklift industry to the U.S. economy? According to an economic impact analysis study conducted by Oxford Economics, the US forklift industry generated $36.6 billion in GDP, which includes $12.8 billion in direct contributions from manufacturers and dealers/distributors.
Roughly 69,000 workers are directly employed by the forklift industry—manufacturing accounts for 32,000 jobs and distribution accounts for 37,000. The US economy benefits directly from the $8.4 billion that the forklift industry paid in taxes last year: $5.2 billion in federal taxes, and another $3.2 billion in state and local taxes.
According to Daniel Martin, senior economist with Oxford Economics and one of the authors of the report, “Direct employment in the industrial truck manufacturing industry increased 32% between 2015 and 2023, more than any major manufacturing sector. The manufacturing, sales and maintenance of industrial trucks generates economic value in every U.S. state through direct manufacturing and supply-chain connectivity. The economic story of industrial trucks is very much an American story of resilience and growth.”
Of course, not every forklift manufacturer is based in the US, as the market is very much a global one. Every year, MH&L presents a ranking of the 10 largest global manufacturers of forklifts, ranked by revenue. This ranking includes electric rider trucks (Class 1 and Class 2), motorized hand trucks (Class 3), and internal combustion powered trucks (Class 4 and Class 5). Most of the companies here are frequent occupants of the Top 10 rankings, as they not only are world-class in the development of material handling technologies and vehicles, but in many cases are also leaders in providing forklift safety technologies.
All financial figures are stated in U.S. dollars, based on the relevant exchange rate (if applicable) as of December 31, 2024. 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 2024
Top 10 Forklift Manufacturers of 2023
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
About the Author
Dave Blanchard
Senior Director of Content
During his career Dave Blanchard has led the editorial management of many of Endeavor Business Media's best-known brands, including IndustryWeek, EHS Today, Material Handling & Logistics, Logistics Today, Supply Chain Technology News, and Business Finance. He also serves as senior content director of the annual Safety Leadership Conference. With over 30 years of B2B media experience, Dave literally wrote the book on supply chain management, Supply Chain Management Best Practices (John Wiley & Sons, 2021), which has been translated into several languages and is currently in its third edition. He is a frequent speaker and moderator at major trade shows and conferences, and has won numerous awards for writing and editing. He is a voting member of the jury of the Logistics Hall of Fame, and is a graduate of Northern Illinois University.