The global forklift industry is dominated by a mix of Japanese, German, and American manufacturers. According to Modern Material Handling's 2025 ranking, the top 18 companies generated over $58 billion in lift truck-related revenue in 2024. Below are the largest forklift companies by revenue:
Rank Company 2024 Revenue Headquarters
1 Toyota Industries Corp. (TICO) $18.26B Japan
2 KION Group $8.96B Germany
3 Jungheinrich AG $5.60B Germany
4 Crown Equipment Corp. $5.29B USA
5 Mitsubishi Logisnext Co. $4.44B Japan
6 Hyster-Yale $4.30B USA
7 Anhui Forklift Group $2.51B China
8 Hangcha Group $2.29B China
9 Doosan Bobcat $1.52B South Korea
10 Clark Material Handling $1.05B USA
11 Hyundai Material Handling $926M South Korea
12 EP Equipment $900M China
13 Combilift $545M Ireland
14 Lonking Group $509M China
15 Noblelift $484M China
16 Manitou Group $233M France
17 HUBTEX $113M Germany
18 Godrej & Boyce $108M India
Key Takeaways
Toyota Industries Corp. remains the undisputed global leader, with 2024 revenue of $18.26 billion—more than double the revenue of the second-ranked company. In 2025, Toyota launched more than 22 new electric forklift models and innovative lithium-ion battery solutions.
KION Group (parent company of Linde, STILL, and Baoli) and Jungheinrich hold the second and third positions, respectively, with revenues of $8.96 billion** and **$5.60 billion.
Crown Equipment is the largest U.S.-based forklift manufacturer with $5.29 billion in revenue.
Chinese manufacturers continue to rise: Anhui Forklift Group ($2.51B) and **Hangcha Group** ($2.29B) rank 7th and 8th globally.
Fastest-growing companies include Noblelift (+15%), EP Equipment (+8.3%), and Combilift (+6.9%).