The global forklift market is a cornerstone of industrial and warehouse operations, enabling the efficient movement of goods in manufacturing plants, logistics centers, ports, and distribution hubs. With increasing automation, demand for electric forklifts, and the rise of e-commerce, the forklift industry has become more competitive and innovation-driven than ever before. According to Extrapolate, the global forklift market is projected to reach USD 186.63 billion by 2031.
This article explores the top 10 companies that are shaping the future of the forklift market with their technological advancements, global reach, and diverse product portfolios.
10 Best Companies in the Forklift Market
1. Toyota Industries Corporation
Toyota Industries Corporation is the undisputed leader in the global forklift market. With a strong legacy and robust engineering capabilities, Toyota manufactures high-performance internal combustion and electric forklifts under the Toyota and Raymond brands. Known for its focus on safety, innovation, and sustainability, Toyota continues to dominate the material handling industry by integrating advanced technologies like automated guided vehicles (AGVs) and lithium-ion battery-powered forklifts.
Key Strengths:
- Industry-leading safety features
- Diverse forklift portfolio
- Advanced automation and telematics solutions
2. Kion Group
Kion Group is a major player in the global material handling industry, owning prominent brands such as Linde, STILL, and Baoli. The company is well-known for its energy-efficient electric forklifts, warehouse equipment, and intralogistics automation systems. Kion has heavily invested in digitalization and sustainability, with a growing emphasis on lithium-ion technology and autonomous material handling solutions.
Key Strengths:
- Strong European market presence
- Advanced electric forklift systems
- Strategic acquisitions and R&D investment
3. Jungheinrich AG
Jungheinrich AG specializes in warehouse equipment, electric forklifts, and automation solutions. The company is a pioneer in electric mobility and intralogistics, offering comprehensive solutions including software, batteries, and fleet management. Jungheinrich’s focus on innovation and sustainability has earned it a top spot in the global market.
Key Strengths:
- Full-service intralogistics provider
- Leading electric forklift manufacturer
- Innovative battery and energy systems
4. Mitsubishi Logisnext
Mitsubishi Logisnext delivers a wide range of forklift trucks under brands like Mitsubishi Forklift Trucks, Cat Lift Trucks, UniCarriers, and Rocla. With a presence in more than 100 countries, the company is known for its rugged design, reliability, and efficient service support. It is also expanding its focus on automation and environmentally friendly forklift models.
Key Strengths:
- Wide global reach
- Multi-brand strategy
- Strong after-sales service network
5. Hyster-Yale Materials Handling
Hyster-Yale designs, engineers, and manufactures material handling equipment under the Hyster and Yale brands. With a focus on durability and productivity, Hyster-Yale offers internal combustion, electric, and high-capacity forklifts tailored to various industrial needs. The company also emphasizes modular design and operator-centric features.
Key Strengths:
- Extensive dealer network
- Customizable forklift solutions
- Focus on ergonomics and operator safety
6. Caterpillar Inc.
Caterpillar is a global manufacturing giant known for its construction and mining equipment. In the forklift market, Caterpillar offers a variety of material handling solutions through its Cat Lift Trucks brand. These machines are recognized for their reliability, heavy-duty performance, and excellent customer support.
Key Strengths:
- Strong brand recognition
- High-performance IC forklifts
- Durable construction for harsh environments
7. Manitou Group
ManitZu Group specializes in rough-terrain material handling equipment, including forklifts, telehandlers, and aerial work platforms. The company is a market leader in sectors like agriculture and construction, offering versatile solutions for challenging terrains. Manitou continues to invest in electric and hybrid equipment to meet changing environmental standards.
Key Strengths:
- Strong presence in off-road forklift segment
- Specialized equipment for niche markets
- Innovative eco-friendly solutions
8. Clark Material Handling Company
Clark is one of the pioneers of the forklift industry, credited with inventing the modern forklift in the early 20th century. The company offers a wide variety of forklift types, including electric, LPG, and diesel models. Clark is known for its affordability, reliability, and continuous innovation in warehouse solutions.
Key Strengths:
- Long-standing industry heritage
- Cost-effective and reliable products
- Strong global dealer network
9. Doosan Industrial Vehicle
Doosan Industrial Vehicle manufactures high-quality forklifts and warehouse equipment designed for efficiency and operator comfort. The company’s lineup includes internal combustion and electric models, catering to a broad range of industrial applications. Doosan is also expanding its focus on smart logistics and automation.
Key Strengths:
- Ergonomic design
- Energy-efficient electric models
- Strategic global expansions
10. Komatsu Ltd.
Komatsu is a well-established global player known for its construction and mining machinery. In the forklift segment, Komatsu offers robust and technologically advanced models tailored for diverse industries. The company’s forklifts are known for their durability, operator-friendly design, and environmental sustainability.
Key Strengths:
- Heavy-duty forklifts for demanding environments
- Strong engineering and manufacturing excellence
- Eco-friendly innovations
Key Trends Transforming the Forklift Market
- Electrification and Battery Innovation
The shift from internal combustion (IC) forklifts to electric variants is accelerating, driven by stricter emissions regulations, lower operating costs, and advancements in lithium-ion and hydrogen fuel cell technologies. These batteries offer faster charging, longer life, and zero emissions.
- Automation and Autonomous Forklifts
Automation is transforming warehouses. Autonomous forklifts, guided by sensors, AI, and vision systems, are being adopted to improve productivity, safety, and reduce labor dependence. Integration with warehouse management systems (WMS) is also becoming standard.
- IoT and Telematics Integration
Modern forklifts are increasingly equipped with IoT-based telematics for real-time data on usage, location, maintenance, and performance. This enables predictive maintenance, fleet optimization, and enhanced safety management.
- E-commerce and Warehousing Boom
The rise of e-commerce and last-mile delivery has driven demand for efficient material handling solutions. Forklifts are now essential for fast-paced fulfillment centers, leading to demand for compact, maneuverable, and high-lift models.
- Focus on Operator Safety and Ergonomics
Regulatory pressure and employer liability have fueled innovations in operator-centric designs—enhanced visibility, ergonomic controls, and integrated safety systems like collision avoidance, speed control, and automatic braking.
- Sustainability and Green Logistics
Companies are under pressure to reduce their carbon footprint. Eco-friendly forklifts with energy-efficient designs and recyclable materials are gaining popularity, especially in green-certified warehouses.
- Growth in Emerging Markets
Rapid industrialization and infrastructure development in regions like Asia-Pacific, Latin America, and Africa are creating new opportunities for forklift manufacturers, especially for affordable and durable models.
- Customization and Modularity
Demand for forklifts tailored to specific applications—such as narrow aisle, high-capacity, or rough terrain—has led to more modular and customizable designs that allow users to adapt machines for specific needs.
- Rental and Leasing Trends
The shift from ownership to "as-a-service" models is gaining traction. Short- and long-term rental options provide flexibility, especially for businesses with fluctuating demand or capital constraints.
Final Thoughts
These top 10 companies are leading the charge in transforming the forklift market through technology, sustainability, and automation. Whether it's Toyota’s innovation in safety, Jungheinrich’s electric mobility leadership, or Kion’s smart logistics systems, each player brings a unique strength that is reshaping how industries move goods. As e-commerce, warehousing, and automation continue to grow, these companies are well-positioned to drive the next era of material handling.
