$12.9bn
$XXX.Xm
28,771
302
$X.Xbn
The Forklift Manufacturing industry primarily manufactures forklifts, also known as industrial trucks, which are small- to midsize material-handling vehicles used to lift and carry heavy loads from one location to another. Forklifts are mainly used by construction, manufacturing and freight-handling industries. Growth in these industries underpins demand for forklifts produced by manufacturers. Revenue growth has been stunted overall because of suspended trade and industrial production activity amid the COVID-19 pandemic. Many companies suspended their operations temporarily because of government restrictions. Still, restrictions have substantially eased, enabling activity within the industrial production sector to resume. Still, industry revenue has been shrinking at a CAGR of 0.6% through the end of 2024 to reach $12.9 billion, including an expected dip of 0.7% in 2024 alone.
Industry revenue has declined at a CAGR of 0.6 % over the past five years, to reach an estimated $12.9bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
Crown Equipment Corporation | 886.9 | 48.6 | 5.5 | |
Hyster-Yale Materials Handling, Inc. | 583.9 | 3.0 | 0.5 | |
Kion Group AG | 193.8 | 8.4 | 4.3 |
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Forklift Manufacturing in the US
Industry revenue is measured across several distinct product and services lines, including Internal combustion engine work trucks, Motorized hand-guided work trucks and Electric operator-riding work trucks. Internal combustion engine work trucks is the largest segment of the Forklift Manufacturing in the US.
Internal combustion engine work trucks are losing steam
Companies in this industry primarily manufacture forklifts, which are also known as industrial trucks. Forklifts include truck-type and hand-type pallet movers, skid jacks and portable stackers. Forklifts can load material and transport it over short distances and are used heavily in the construction, manufacturing and freight logistics sectors. This industry’s operations also include the manufacture and sale of parts and attachments for forklifts.
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NAICS 33392 - Forklift Manufacturing in the US
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
The industry weathered rising interest rates. Revenue slumped slightly thanks to expanding nonresidential markets, which mitigated the loss from depressed needs in residentia...
Learn about an industry's products and services, markets and trends in international trade.
Electric forklifts have become more popular. Consumer preferences for environmentally friendly products have made companies shift focus, leading to a boost in electrical prod...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Manufacturers are located near prominent downstream manufacturers. The Great Lakes have served as a prime location as mass car-producing companies such as Ford and General Mo...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Purchase costs form a basis of competition. Internal competition is based primarily on the strength and quality of dealers, brand loyalty, after-sale service, price, performa...
Learn about the performance of the top companies in the industry.
Competition rises in line with the needs of the construction sector. Construction companies search for contracts with manufacturers to source lower-priced machinery and lower...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
The Clean Air Act is raising costs. The US Environmental Protection Agency is attempting to reduce the emission of air pollutants from manufacturing companies.
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Wages are shrinking as a share of revenue. While more advanced equipment requires specialized workers to operate and maintain, manufacturers have reduced wage costs through a...
Including values and annual change:
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Key data sources in the US include:
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The market size of the Forklift Manufacturing in the US industry in United States is $12.9bn in 2024.
There are 302 businesses in the Forklift Manufacturing in the US industry in United States, which has declined at a CAGR of 1.6 % between 2019 and 2024.
The market size of the Forklift Manufacturing in the US industry in United States has been declining at a CAGR of 0.6 % between 2019 and 2024.
Over the next five years, the Forklift Manufacturing in the US industry in United States is expected to grow.
The biggest companies operating in the Forklift Manufacturing market in United States are Crown Equipment Corporation, Hyster-Yale Materials Handling, Inc. and Kion Group AG
Manufacturing electric operator-riding work trucks and Manufacturing motorized hand-guided work trucks are part of the Forklift Manufacturing in the US industry.
The company holding the most market share in United States is Crown Equipment Corporation.
The level of competition is high and steady in the Forklift Manufacturing in the US industry in United States.