Advancement of Logistics by Top 10 Forklift Truck Manufacturers of 2024

Forklift trucks are specifically made to efficiently and securely lift heavy loads that are beyond human capacities. Powered by electric batteries or combustion engines, forklift trucks are industrial vehicles highly preferred for lifting and transporting heavy goods over short distances. Forklift trucks are extensively utilized in warehouses and distribution centers for loading and unloading cargo from vehicles and transferring packed material throughout the storage area. Surging requirements for well-organized handling and movement of goods within warehouses and distribution centers due to the rapid expansion of the e-commerce industry are fueling the adoption of forklift trucks.

As per a report by Fortune Business Insights™, the market for forklift trucks reached 2,159.8 thousand units in 2023 and is set to reach 4,904.9 thousand units by 2032 with a CAGR of 9.8% during 2024-2032. The market is also valued at 2,328.9 thousand units in 2024.

Fortune Business Insights™ Profiles Top Forklift Trucks Manufacturers in the Market

1. Jungheinrich AG

Headquartered in Germany, Jungheinrich AG introduced its new reach truck series, ETC 2i, for light and medium-duty uses at LogiMAT 2024. The introduction of new equipment provides efficient energy and improved performance at decreased costs. In March 2024, Jungheinrich AG launched lithium-ion battery-sourced electric pedestrian stackers for numerous end users with compact sizes and a new truck design. The new EJC 1i range allows higher residual capacity and increased lifting capacity.

2. Kion Group

KION North America accelerated its product offerings by introducing a new Linde Series 1293 of the new electric forklift. The Linde range comprises models E25BHP and E20BHP with 4,000 – 5,000 lb capacity driven by Lithium-ion batteries. In January 2023, KION Group created in-house fuel cell systems for industrial trucks and invested around USD 11.9 million.

3. Toyota Industries Corporation

One of the top forklift truck manufacturers, Toyota Material Handling, was founded in 1926 in Japan. In November 2023, The company introduced a novel electric pneumatic forklift for outdoor uses and severe weather circumstances. These new electric forklifts with 48V and 80V models are ideal for retail applications, such as landscaping, home centers, and lumberyards. In September 2023, a lithium-ion battery supplier for lift trucks, UgoWork, declared a pan-Canada distribution contract with Liftow Limited. Liftow Limited is a co-worker of Toyota's forklift and material handling services.

4. Manitou Group

Established in 1957 in France, Manitou Group launched rough terrain forklifts in October 2023 with improved durability, ease of operation, and lesser cost of ownership. The two recent models, M30-4 and M40-4, are compact and provide superior mobility. In June 2022, Manitou Group’s freshly introduced telescopic forklift model ULM won the “Product of the Year Award” at the European Rental Awards. 

5. Mitsubishi Heavy Industries

Based in Japan, Mitsubishi Heavy Industries (MHI) is a multinational engineering, electrical equipment, and electronics company. In September 2023, Mitsubishi Logisnext Americas and Jungheinrich AG designed a new combined venture called Rocrich AGV Solutions to provide a complete selection of mobile and robotics solutions. In July 2023, Mitsubishi Heavy Industries (MHI) attained 100% shares of Texas-based Concentric, which offers motive power services for electric forklifts, airline ground support terminals, and automated guided vehicles.

6. Hangcha Group

Founded in 1956, a China-based Hangcha Group improved its offerings of rough terrain forklifts by integrating a novel high-voltage lithium battery electric forklift in September 2023. This novel electric forklift ranges from 2.5t – 3.5t and supplies zero-emission and low cost of ownership. Hangcha Group procured a distributor in Australia named Hangcha Equipment Pty Ltd in June 2023. The attainment of the distributor network was intended to increase its existence across the Oceania region.

7. Cargotec Corporation

Cargotec Corporation is a Finland-based producer of cargo-handling machinery for ships, terminals, ports, and local distribution. In June 2023, Cargotec Corporation boosted its presence by offering 13 Kalmar forklifts to Italian logistics and equipment rental suppliers. The Italian dealer provides a series of Kalmar’s products for steel-handling uses. Maputo Port Development Company in Mozambique announced the ordering of 14 terminal tractors and 3 Kalmar forklift trucks.

8. Crown Equipment Corporation                                           

Crown Equipment Corporation is a U.S.-based industrial forklift truck producer. In August 2021, Crown Equipment Corporation modernized its stacker line-up by integrating an M 3000-20 walkie straddle stacker. It provides innovative features, including enhanced visibility, mobility, and output across varied spaces, such as retail spaces, warehouses, and other business services. In June 2021, Crown Equipment launched the C-DX series of IC Counterbalance pneumatic forklifts that provide consistent performance, serviceability, and relaxed ergonomics for numerous industrial uses.

9. Clark Material Handling Company

Clark Material Handling Company was established in 1917 in the U.S. In December 2022, the business declared the launch of SEC20-35, a four-wheeled electric forklift truck with extra features, including comfortable ergonomics, improved operator safety, and wide-angle view.

In September 2022, Clark Material Handling Company unveiled novel products that comprise CLARK SMART and CLARK SMART Fleet. These products provide fleet data and offer customers improved operational safety for their operators.

10. Hyster-Yale Group

Headquartered in the U.S., Hyster-Yale Group agreed with Black Equipment in May 2022 as a single certified dealer for the Hyster and Yale brand in Tennessee, U.S. The development is anticipated to enhance its market presence across the region. In January 2022, Hyster-Yale Group made a contract with LiftOne, one of the top material handling dealers in the U.S. The new distributor network will boost Hyster-Yale Group’s product offerings in over five states in the U.S.

Shift Toward Electric Forklifts Revolutionizes the Material Handling Industry

Top forklift truck manufacturers are focusing on R&D investments to boost their product offerings and offer strong and sustainable solutions to end-users to enhance their brand image. They are engaged in the production of lithium-ion batteries that meet the terms of industry standards and create in-house power source solutions to become fully self-reliant. Recent advancements in electric forklifts are transforming the material handling industry. These forklifts, driven by grid electricity and rechargeable batteries, are eco-friendly with zero harmful emissions, making them a sustainable choice for various industries. The demand for Automated Guided Vehicles (AGV) and battery-powered forklift solutions has increased due to the rising need for high productivity and a shortage of skilled workforce.