What is the difference in forklift sales in one year. Although the first few months of the global coronavirus pandemic in 2020 weakened the demand for new forklifts, sales returned during 2021. Our annual list is a useful yardstick to measure this year-on-year change. The overall revenue growth in 2021 on this year's list exceeds 18%.
MMH magazine Roberto Michel August 15, 2022
In almost all respects, compared with 2020, which is restricted by the pandemic, 2021 is the growth year of forklift suppliers. In 2020, some industries were closed for part of the year, while others suspended equipment investment. Of course, there will be continuous challenges in 2021, mainly in the supply of parts that affect the production of forklifts. However, the demand has proved to be strong. Because of the lifting of the shutdown, many industries need forklifts to keep up with customer demand and perform operations.
The improvement of the demand environment last year promoted the sales of the companies on MMH's annual Top 20 forklift suppliers list. Like every year, our list is based on the revenue data of the previous year obtained by investigating top tier suppliers, so this year, it is based on the global data of 2021. The total revenue of the 20 enterprises on this year's list in 2021 exceeded US $50.9 billion, which was about US $42.8 billion higher than that in 2020, with a strong growth of 18.8% this year.
This growth curve is consistent with other industry studies. For example, the industrial forklift Association (ITA), which tracks the sales data of its members in North America, said earlier this year that the sales volume of new forklifts of categories 1 to 5 in North America will reach 347677 in 2021, a significant increase from 230134 in North America in 2020.
Our annual list of top 20 forklift suppliers is based on the income data obtained from the questionnaire. Although it is not a comprehensive study of the forklift market, it does show that the growth will resume as the end users want to improve their material handling capacity.
The depressed demand in the early stage of the pandemic may accelerate the recovery in 2022, although it remains to be seen to what extent the current adverse factors (including inflation and geopolitical instability) will affect the market for the rest of 2022 and the subsequent next ranking.
Top ten forklift suppliers
Toyota Industries Co., Ltd. (TICO) is still ranked first in our top 20 list. The company's revenue including Toyota and Raymond brands increased by 25.7% from US $12.67 billion in fy2020 to US $15.92 billion in fy2021. The company sold 282492 forklift trucks in all categories in fy2021.
In last year's company news, Toyota material handling announced in December 2021 that Jeff rufener retired from the position of president and CEO of TMH and appointed bill finerty as president and CEO of TMH, effective from the beginning of 2022. Earlier this year, TMH launched 22 new electric forklift models, calling it the largest product launch in history. At the same time, the company's Raymond brand is an important milestone in 2022, and they celebrate 100 years of business history.
According to the industrial forklift and service data in its annual report for fiscal year 2021 (Kion reported its revenue for fiscal year 2021 in early March 2022), the global revenue of Kaiao group in 2021 ranked second, reaching US $7.37 billion (converted from Euros according to the exchange rate at the end of 2021), higher than the 2020 revenue of US $6.92 billion reported to us last year.
Yonghengli Co., Ltd. ranked third, with a revenue of US $5.51 billion in 2021, higher than the US $4.55 billion we listed for it last year. The company said 162400 forklifts were sold in 2021. In the Americas, yonghengli products are distributed by Mitsubishi logisnext Americas group, which launched a new yonghengli wide chassis electric forward moving forklift in August last year.
Since the first to fifth categories are mainly used for material handling applications within four walls, MMH modern material handling magazine only defines these categories in our supplier list.
Mitsubishi logisnext ranks fourth on our list, with revenue of US $4.04 billion in 2021, higher than US $3.78 billion in the previous year. The company sold 103000 forklifts last year.
Last year, Mitsubishi logisnext Americas Group signed a supply agreement with Kalma in the Americas. Kalma will produce and supply the fifth type pneumatic tire forklift under the Mitsubishi forklift brand for the group. Among other alliance initiatives of the Americas group, last year it cooperated with phantom auto, a leading provider of interoperable remote operation software, to realize remote operation of some unmanned trailers and forklifts. Last year, the group also partnered with powerfleet to provide factory installed telematics options to North American customers.
In fiscal year 2021, the revenue of crown corona equipment was US $4.01 billion, ranking fifth, higher than US $3.62 billion in the previous year.
Hester Yale ranked sixth with revenue of $3.07 billion in 2021, up from $2.81 billion in 2020. The company sold about 94900 forklifts in 2021, up from 85500 in 2020.
In the first quarter of 2021, the company's nuvera fuel cell subsidiary sold its majority ownership of oneh2 with a profit of $4.6 million. In general, Hester Yale stated that its goal is consistent: "by becoming a leading and globally integrated designer, manufacturer and marketer in the world, we will change the way the world transports materials from the port to the home, and provide the lowest cost of ownership and the best overall value.
Top 20 forklift suppliers (based on revenue in 2021)
Figures are based on currency exchange rates as of December 31, 2021.
*As of the time of press release, the revenue of 2021 has not been announced. If the supplier gives the latest US dollar figure of revenue in 2020, we use the updated figure. Source: Journal of modern material handling
The seventh place is Anhui Forklift Group, whose revenue increased by nearly 25% from US $1.93 billion in 2020 to US $2.4 billion in 2021. The company has a North American headquarters in Atlanta and has sold 274815 forklifts worldwide by 2021.
Hangcha group ranked eighth. Its revenue in 2021 was US $2.27 billion, a significant increase over the US $1.26 billion listed last year. No reply was received from them at the time of publishing last year. We used the data of Listed Companies in the previous year.
Doosan ranked 9th, with revenue of US $1.35 billion in 2021, higher than US $904 million in 2020. This strong growth is enough to make them one place higher than last year.
Manitou ranks No. 10. As of the time of press release, we have not yet obtained its forklift sales revenue in 2020. Like other suppliers that did not respond in time, or their annual report did not clearly list the revenue in 2021 related to forklift sales, we listed them according to their data in the previous year. For manitone, this is $1.2 billion in 2020.
Impressive benefits
In the lower half of the top 20, in terms of percentage, we have some of the strongest players on our list this year.
Clark material handling company's revenue in 2021 was US $812 million, higher than its revenue of US $705 million in 2020, an increase of 15.2%. In the recent company news, Clark launched its s series three wheel electric forklift globally in 2021. Earlier this year, it launched twli forklift, a lithium powered three wheel forklift.
This year, Zhongli forklift EP equipment jumped to the 12th place. It also provides forklifts of Big Joe brand. The company grew rapidly, from US $359 million in 2020 to US $652 million in 2021, with a revenue growth of nearly 82%. The company reported that it sold 245000 powered industrial forklifts in 2021.
In our questionnaire, Dan rosskamm, President of EP Americas, pointed out that big Joe's product line has been expanded to autonomous and lithium power units, and its internal attention to material procurement helps it to be ready for timely delivery when market demand rebounds.
Rosskamm said: "I am very proud of our team because they have predicted and alleviated many supply chain problems to a great extent, which enables us to accelerate growth in a challenging macro environment.
Komatsu Forklift ranked 13th this year, and its information was not provided at the time of press release, so we listed it as US $705 million provided to us last year.
Hyundai material handling, a subsidiary of Hyundai, grew strongly in the past year, ranking 14th. Its revenue in 2021 was $441 million, higher than the $406 million we listed for them last year. In the corporate news of the Americas in 2021, Hyundai Motor appointed Lewis Byers as the vice president and chief operating officer of the modern material handling forklift department, reporting to JY Kim, President and CEO of Hyundai Construction Equipment Americas.
Combilift ranked 15th, with more growth. Its revenue in 2021 was US $388 million, higher than US $366 million in 2020. The company is headquartered in Greensboro, North Carolina, and sold 6919 vehicles in 2021, up from 6477 in 2020.
In 2021, combilift launched the aisle master OP forklift for the e-commerce industry, although the company added that by 2021, it had experienced "special needs" in all its fields, including warehousing, multi-directional forklift and super large or heavy load demand. The company continues its policy of investing 7% of its turnover in R & D.
The listing revenue of longking forklift Co., which did not respond at the time of press release, was 343 million US dollars, which was our figure last year. This puts them 16th on the list.
As a new entrant to the top 20 last year, Noblelift has been a growth year, maintaining its 17th position. The company reported revenue of US $240 million in 2021, a strong increase of 60% over US $150 million in 2020. Noblelift sold 123000 powered forklifts of all categories in 2021.
Liugong forklift truck ranks No. 18, with an income of 94 million US dollars. Its product line includes electric forklift, internal combustion forklift, tractor and automatic guided vehicle.
Godrej & Boyce, which rose to No. 19, reported revenue of $86.8 million in 2021, up from $60.6 million in 2020. The Godrej material handling business unit of this diversified company is said to be the largest forklift supplier in India. The company said it sold 4160 powered industrial forklifts in 2021.
Hubtex's revenue remained unchanged at US $72 million, ranking in the top 20.
Analysts tracking the forklift market pointed out that compared with the market restricted by the 2020 pandemic, 2021 was a year of strong rebound in forklift sales. In addition, there is reason for long-term optimism, as major forklift suppliers provide independently developed models and alternative power options to meet users' long-term interests in automation and sustainability.
For example, interaction analysis predicts that the forklift market will grow at a compound annual growth rate (CAGR) of 6.1% from 2021 to 2030, which is higher than the previous forecast.
It is difficult to predict the economic conditions at the macro level, such as inflation, war and epidemics, but it is certain that materials still need to be moved, and new and additional forklift assets will be more digital and automated than the currently installed assets, which will be an important part of meeting this demand.
Supplier ranking qualification confirmation
In order to be eligible for MMH's annual Top 20 forklift suppliers, the company must manufacture and sell forklifts of at least one of the seven forklift categories of the industrial forklift Association: electric forklift; Electric pallet truck; Internal combustion forklift / pneumatic tire; Electric and diesel tractors; And rough terrain off-road forklift.
The ranking is based on the global revenue of Power Industrial forklifts of the two companies in the latest fiscal year. Income data submitted in foreign currencies are calculated using the exchange rate as at December 31, 2021. Due to currency conversion issues and timing, the percentage changes of some suppliers may be different from the figures or percentages in the annual report or other sources.
