10. (tie) Clark Material Handling
Clark Material Handling, based in Lexington, Ky., has been a supplier of forklifts for over 100 years. Privately-held, the company's annual revenues in 2017 were $781 million.
10. (tie) Doosan
Doosan Industrial Vehicle Co. Ltd., a division of Doosan Corp., is South Korea’s largest forklift manufacturer. According to Statista, Doosan’s forklift business, based in Incheon, amounts to $781 million.
9. Hangcha Group
Hangcha Group, based in Hangzhou, China, had revenues of $1.07 billion, an increase of 30% over the previous year, according to Financial Times.
Komatsu Ltd., based in Tokyo, Japan, had revenues of $22.19 billion for the fiscal year ended March 31, 2018. The company’s construction, mining and utility equipment division, which includes forklifts, had revenues of $20.24 billion. According to Statista, Komatsu’s forklift business accounts for roughly 6% of sales for the division, which would put Komatsu's forklift business at roughly $1.21 billion.
7. Anhui Heli Co. Ltd.
Anhui Heli Co. Ltd., based in Hefei, China, had estimated revenues of $1.28 billion in 2017, which was up 35% over the previous year, according to Financial Times.
5. (tie) Crown Equipment Corp.
Crown Equipment Corp., a privately-held company based in New Bremen, Ohio, had revenues of $2.9 billion in 2016, according to Forbes. That represents an increase of 11% over 2016 revenues.
5. (tie) Hyster-Yale Materials Handling Inc.
Hyster-Yale Materials Handling Inc., based in Cleveland, Ohio, the parent company of the Hyster and Yale brands of lift trucks, had consolidated revenues of $2.9 billion for fiscal year 2017, which was up 11% compared to FY 2016. The company is currently in negotiations to acquire a controlling interest in Zhejiang Maximal Forklift Co. Ltd., a Chinese manufacturer of lift trucks and specialized material handling equipment.
4. Mitsubishi Logisnext
Mitsubishi Logisnext Co. Ltd. is a new company formed by the integration of Mitsubishi Nichiyu Forklift Co. Ltd. with its subsidiary UniCarriers Corp. The combination of the two companies (which were ranked #6 and #7, respectively, last year) has moved it up to becoming the fourth largest forklift manufacturer in the world. Mitsubishi Logisnext, based in Tokyo, Japan, had revenues in 2017 of $3.70 billion.
3. The Jungheinrich Group
The Jungheinrich Group, based in Hamburg, Germany, had revenues of $4.25 billion for fiscal year 2017. That represents a 10.6% increase from the previous year.
2. The KION Group
The KION Group is made up of several lift truck brands, including Linde, STILL, Fenwick, Baoli, OM STILL and Voltas, as well as a Supply Chain Solutions segment under the Dematic brand. Based in Frankfurt, Germany, the company as a whole posted revenues of $8.053 billion. KION’s Industrial Trucks segment had revenues of $5.924 billion in 2017. That represents a gain of 8.2% over the previous year (again, just for the Industrial Trucks segment).
1. Toyota Industries Corp.
Toyota Industries Corp., based in Kariya, Aichi, Japan, had revenues of $17.752 billion for fiscal year 2018. In addition to forklifts sold under the Toyota and Raymond brands, the company also manufactures automobiles (primarily the Yaris/Vitz and RAV4 brands), automotive air conditioning equipment, electronic parts and textile machinery. The company's revenues solely from the material handling/forklift market were $8.78 billion (an increase of 2% over FY 2017), as Toyota continues its reign as the largest lift truck manufacturer in the world.