10. 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 2018 were $790 million.
9. Hangcha Group
Hangcha Group, based in Hangzhou, China, had revenues of $1.27 billion, an increase of 20.5% over the previous year, according to Financial Times.
Komatsu Ltd., based in Tokyo, Japan, had revenues of $24.85 billion for the fiscal year ended March 31, 2019. The company’s construction, mining and utility equipment division, which includes forklifts, had revenues of $22.6 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 $1.35 billion.
7. Anhui Heli
Anhui Heli Co. Ltd., based in Hefei, China, had revenues of $1.4 billion in 2018.
6. Crown Equipment
Crown Equipment Corp., a privately-held company based in New Bremen, Ohio, had revenues of $3.1 billion in 2018, according to Forbes, which represents an increase of 5.8% over 2017 revenues.
5. 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 $3.2 billion for fiscal year 2018, a 10% improvement on FY 2017. In 2018 the company launched the Hyster-Yale Maximal line of forklifts, a new majority-owned joint venture in China.
4. Mitsubishi Logisnext
Mitsubishi Logisnext Co. Ltd. was formed by the integration of Mitsubishi Nichiyu Forklift Co. Ltd. with its subsidiary UniCarriers Corp. As a new entity completing its first full year, Mitsubishi Logisnext, based in Tokyo, Japan, had revenues in 2018 of $3.94 billion.
3. The Jungheinrich Group
The Jungheinrich Group, based in Hamburg, Germany, had revenues of $4.36 billion for fiscal year 2018. That represents a 2.5% 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 $9.18 billion. KION’s Industrial Trucks & Services segment had revenues of $6.79 billion in 2018. That represents a gain of 6.3% 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 $20.19 billion for fiscal year 2019. In addition to forklifts sold under the Toyota and Raymond brands, the company also manufactures automobiles (primarily the RAV4), automotive air conditioning equipment, electronic parts and textile machinery. The company’s revenues solely from the material handling/forklift market were $13.36 billion (an increase of 14% over FY 2017), as Toyota once again is comfortably in the lead as the world’s largest lift truck manufacturer.