After a couple years of record-high sales for forklifts, it was perhaps inevitable that—given the volatility of industry in general—that sales would dip in 2023. And so they did.
According to the Industrial Truck Association (ITA), sales of forklifts in North America in 2023 totaled 248,675 units, which represents a drop of nearly 28% from 2022’s total of 344,330. However, as Brian Feehan, president of the ITA, anticipated the sales slump more than a year ago when he noted the economists (accurately, as it turned out) predicted stagnant-at-best growth for 2023. Feehan pointed out that observers should recognize that the years 2021 and 2022 saw forklift sales reach levels more than 100,000 units above the traditional North American annual market volume. So by that yardstick, at least, 2023 sales were more of a return to normal than a precipitous decline.
In any event, nine of the top 10 forklift manufacturers—many of whom sell their products globally, not just within North America—saw growth in sales in 2023 over the previous year, and even the remaining manufacturer experienced flat sales, not a decline. So all in all, 2023 can be seen as a relatively good year, at least for the biggest producers.
In the slideshow that follows is MH&L’s annual 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). 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 (if applicable) as of December 31, 2023. 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 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