Forklift Brands: Toyota vs Crown vs 6 Others for Today’s Needs

Forget the myth that the top-selling forklift brands are always the best choice. Toyota leads with 28% market share, but the real key is matching the right tech to your needs—lithium-ion for narrow aisles, hydrogen for multi-shift, and ICE where it fits.

This analysis compares performance, costs, and innovations to help you build the best forklift fleet for your operation.

Top forklift brands include Toyota, Hyster, Yale, Crown, Mitsubishi, Komatsu, Clark, and Caterpillar. These brands offer reliable forklifts for various industries, including warehouse, construction, and rough terrain applications. Toyota leads in durability, while Hyster and Yale excel in heavy-duty lifting.

Global Forklift Market Overview

The global forklift market is a dynamic and evolving landscape. In 2023, the top 20 lift truck companies worldwide generated a combined revenue of over $58 billion, marking an 8.5% increase from the previous year. Think about that for a second – that's more than the GDP of some countries, all from machines designed to pick things up and put them down.

This growth underscores the increasing demand for efficient material handling solutions across various industries. The market is projected to continue its upward trajectory, with revenue expected to reach $75.21 billion by 2030.

What's driving this? E-commerce explosion, warehouse automation, and the never-ending quest to move more stuff with fewer people.

Industry Overview

The forklift manufacturing industry in the US has experienced a decline in revenue, shrinking at a compound annual growth rate (CAGR) of 0.6% from 2019 to 2024. This decline can be attributed to various factors, including the impact of the COVID-19 pandemic on trade and industrial production.

Remember when finding toilet paper was harder than sourcing a new lift truck? That supply chain disruption hit the material handling world particularly hard.

However, the industry is expected to rebound in the coming years, driven by growth in downstream markets such as freight and transportation, manufacturing, construction, mining, and retail. The pandemic-induced e-commerce boom has been both a blessing and a curse – creating massive demand while simultaneously complicating the supply chains needed to meet it.

Forklifts play a crucial role in infrastructure projects, facilitating the efficient movement of heavy materials like steel, beams, and bricks. The increasing investment in infrastructure development in the US is expected to further drive the demand for forklifts in the coming years.

With billions earmarked for rebuilding America's infrastructure, those pallets of concrete and steel aren't going to move themselves.

Sustainability and Environmental Impact

The forklift industry is witnessing a significant shift towards sustainability, with a growing emphasis on electric forklifts and green technologies. Electric forklifts, which produce zero emissions, are becoming increasingly popular due to environmental concerns, advancements in battery technology, and a focus on reducing carbon footprints.

In fact, electric forklifts currently hold a dominant 66% market share in the global forklift market. That's right – two-thirds of the global market has already gone electric, something that would have seemed unthinkable just 15 years ago when dealers regularly dismissed electric units as "glorified golf carts."

Battery technology advances and tightening emissions standards have changed the game completely.

Top Forklift Brands in the US

The US forklift market is characterized by a diverse range of brands, each with its own strengths and areas of specialization. Here's an overview of some of the top brands:

1. Toyota

Renowned for its reliability, durability, and wide range of models, Toyota has been the top-selling forklift brand in the US since 2002. Toyota offers a comprehensive range of forklifts, spanning Class 1 to 5, including electric, gas, and diesel-powered models. The company's System of Active Stability (SAS) enhances stability and reduces the risk of tip-overs, contributing to a reduction in safety incidents and maintenance costs.

In 2023, Toyota acquired Vanderlande, a leading provider of material handling solutions, further solidifying its position in the market. In 2013, Toyota acquired Cascade Corporation, the world's largest manufacturer of forklift attachments.

2. Caterpillar (CAT)

Known for its robust construction and versatile material handling solutions, CAT is a trusted name in the forklift industry. Ask any construction veteran about CAT equipment and you'll likely hear: "They're not always the cheapest, but they'll run forever if you maintain them."

CAT offers a wide range of forklifts, including electric and internal combustion models, with a focus on operator safety and productivity.

3. Crown

Specializing in electric forklifts with innovative designs and cutting-edge technology, Crown focuses on ergonomics and energy efficiency. Crown offers a diverse range of forklifts, spanning Class 1 to 5, with a focus on electric models.

In 2022, Crown received recognition from Supply & Demand Chain Executive for its innovative automation solution that enhances efficiency, reliability, and safety in warehouse operations.

Crown has been a pioneer in electric vehicles and introduced narrow-aisle reach trucks in the 1980s, contributing to the development of modern warehouse technologies.

4. Hyster-Yale

Encompassing the Hyster and Yale brands, Hyster-Yale offers a comprehensive selection of forklift models, including heavy-duty options. Hyster-Yale offers a wide range of forklifts, spanning Class 1 to 5, with a focus on heavy-duty applications and operator safety. In 2023, Hyster-Yale acquired Maximal Forklift, expanding its portfolio and market reach.

5. Komatsu

Celebrated for its strength, efficiency, and advanced technology, Komatsu offers a variety of models suitable for demanding industrial environments. Komatsu offers a range of forklifts, including Class 1, 4, and 5, with a focus on durability and performance in challenging applications.

6. Mitsubishi

Providing a broad spectrum of electric and internal combustion forklifts, Mitsubishi focuses on operator comfort and energy efficiency. Mitsubishi offers a diverse range of forklifts, spanning Class 1 to 5, with a focus on operator-centric designs and sustainable technologies.

7. Raymond

A key player in the warehouse solutions market, Raymond specializes in electric forklifts and narrow aisle solutions. Raymond offers a range of electric forklifts, primarily focusing on Class 1 and 2, with a strong emphasis on warehouse solutions and narrow aisle applications.

8. Clark

Known for its innovative solutions and focus on operator safety, Clark offers a wide range of forklifts with a focus on operator safety. Clark offers a comprehensive range of forklifts, spanning Class 1 to 5, with a focus on durability and operator safety.

In 1924, Clark invented the world's first truck with a hydraulic lifting mechanism, a significant milestone in the history of forklifts.

Forklift Brand Market Share

The US forklift market is highly competitive, with established brands vying for market dominance. Toyota holds the largest share at an estimated 28.44%. This dominance can be attributed to the company's long-standing reputation for reliability, durability, and a wide range of models catering to diverse needs.

Following Toyota, KION Group holds an 11% market share, while Hyundai, Jungheinrich, and Clark each command a 12% share. Mitsubishi captures 10% of the market, with Godrej & Boyce and Komatsu each holding 9%. Crown secures an 8% share, and the remaining 14% is distributed among other manufacturers.

This market distribution highlights the competitive landscape of the US forklift market, with no single brand holding an overwhelming majority. This fragmentation allows for greater choice and specialization, with different brands catering to specific industry needs and preferences.

Want to know a little industry secret?

Ask ten different dealers about market share numbers and you'll get ten different answers. The reported figures often depend on who's doing the counting and what they're counting (units sold? dollar volume? new vs. used?).

What matters more is finding the right machine for your specific application – no sense in buying the market leader if their design doesn't match your operation's needs.

Cost Comparison

The cost of a forklift is influenced by various factors, including brand, model, capacity, features, and condition. New forklifts generally command higher prices, while used forklifts offer potential cost savings.

These price ranges provide a general overview, and the actual cost can vary based on specific configurations and dealer pricing. When considering the cost of a forklift, it's essential to evaluate the total cost of ownership, including maintenance, fuel or energy consumption, and potential resale value.

Let's be straight here – that $2,000 Clark you see listed isn't the same machine as the $85,000 one. That low end represents ancient used machines that might be more project than productivity tool.

Similarly, that $50,000+ CAT isn't your standard warehouse unit – you're looking at specialized or high-capacity equipment at that price point.

What many buyers don't consider is resale value. Toyota and Crown consistently command higher prices on the secondary market, which can significantly impact your total cost of ownership if you replace equipment every 5-7 years.

Ask fleet managers who cycle through dozens of units yearly, and they'll tell you the initial price tag is just one piece of the puzzle.

Performance Metrics

Forklift performance is a critical factor in optimizing material handling operations. Key performance metrics include:

Lift Capacity: This metric indicates the maximum weight a forklift can safely lift. It's crucial to select a forklift with a lift capacity that meets the demands of the specific application.

Lift Speed: This metric measures the speed at which the forklift can raise and lower loads. Higher lift speeds can improve efficiency, especially in applications with frequent lifting and lowering tasks.

Travel Speed: This metric indicates the maximum speed a forklift can travel, both when loaded and unloaded. Higher travel speeds can reduce travel time and improve overall productivity.

Gradeability: This metric measures the ability of a forklift to climb inclines. It's an important consideration for applications that involve navigating ramps or uneven terrain.

Turning Radius: This metric indicates the minimum space required for a forklift to turn. A smaller turning radius enhances maneuverability, especially in confined spaces.

Fuel Efficiency: For ICE forklifts, this metric measures the amount of fuel consumed per hour of operation. Higher fuel efficiency can reduce operating costs and environmental impact.

Battery Life: For electric forklifts, this metric indicates the duration a battery can power the forklift before needing a recharge. Longer battery life can minimize downtime and improve productivity.

Many forklift brands offer advanced features to enhance performance, such as:

Toyota's System of Active Stability (SAS): This technology enhances stability and reduces the risk of tip-overs by automatically detecting and correcting instability.

Crown's Access 1 2 3® Comprehensive System Control: This technology optimizes performance by integrating various systems and controls, including features like One-Touch Rack Height Select, which allows for precise automatic stops at pallet openings.

CAT's Responsive Drive System (RDS): This system adjusts hydraulic and travel performance based on the driver's behavior, ensuring smooth and efficient operation.

Hyster's Dynamic Stability System (DSS): This system helps reduce the risk of tip-overs and promotes safe operating practices by monitoring operating conditions and limiting truck functionality when potentially unsafe conditions are detected.

Komatsu's All-around Dual Drive: This system ensures superior performance in various floor conditions by allowing the front inner tire to rotate in the opposite direction during tight turns.

Mitsubishi's Grendia Forklifts: These forklifts offer a combination of high efficiency, low emissions, and low noise levels, making them suitable for various applications.

Raymond's ACR System: This technology provides quick acceleration, smoother directional changes, and increased uptime, improving overall efficiency and productivity.

Clark's 24-Volt AC inverter travel control: This system provides high performance throughout the entire speed range, ensuring efficient operation in various applications.

In addition to these brand-specific features, forklift manufacturers are increasingly incorporating telematics technology into their products.

Telematics systems collect and transmit data on forklift operations in real-time, providing valuable insights into fleet utilization, maintenance needs, and operator behavior. This data can be used to optimize fleet performance, reduce costs, and drive strategic decision-making.

Here's what you won't find in the brochures: all these fancy systems are only as good as your operator training program. I've visited warehouses with state-of-the-art Toyota SAS-equipped fleets where impacts were still a daily occurrence because training was an afterthought.

Conversely, I've seen fleets of basic Clark and Hyster units running flawlessly because operators were well-trained and management prioritized maintenance.

Usage Rates

Forklift usage rates are typically measured in operating hours, and it's important to note that an 8-hour shift doesn't necessarily equate to 8 hours of continuous forklift usage. Operators are on and off the lift throughout their shift, performing various tasks. On average, an operator assigned to a single forklift uses it for 4-6 hours per day.

This is one of those areas where reality diverges sharply from what's on paper. I've visited distribution centers where managers swore their fleet was running "at capacity," only to install hour meters and discover most units were operating less than 2 hours per shift. Understanding your actual utilization rate is critical before making purchasing decisions.

Brand-Specific Usage Rates

• Toyota: Toyota forklifts are often used for around 4-6 hours per day in typical warehouse operations.
• CAT: CAT forklifts are commonly used for 1,400 to 1,718 hours per year in various applications, including construction and material handling.
• Crown: Crown forklifts are typically used for 250 hours between minor services and 6,000 hours between major services.
• Hyster-Yale: Hyster-Yale forklifts are often used for around 43% of the time for internal combustion engine models and 30% of the time for electric models.

These usage rates provide a general overview, and actual usage can vary based on factors such as warehouse layout, operational needs, operator behavior, and maintenance practices.

The industry rule of thumb is that a forklift operating 2,000 hours annually is considered high usage. To put that in perspective, it's roughly equivalent to driving your car 100,000 miles a year. At that level of utilization, component wear accelerates dramatically, and maintenance becomes critical to preventing catastrophic failures.

Historical Context

The forklift industry has a rich history of innovation and development, with each brand contributing to the evolution of material handling technology. Here's a brief overview of the historical context of some of the top brands:

Toyota: Introduced its first forklift in Japan in 1956 and entered the US market in 1967. The company has been a pioneer in forklift technology, with innovations such as the System of Active Stability (SAS) and a focus on sustainability.

CAT: Entered the forklift sector in the 1960s, leveraging its expertise in durable construction equipment. In 1992, Caterpillar formed a joint venture with Mitsubishi Heavy Industries to produce and market lift trucks.

Crown: Founded in 1945, Crown began producing lift trucks in the 1960s and has since become a global leader known for its ergonomic designs and focus on operator comfort.

Hyster-Yale: Hyster's roots trace back to the 1920s as a manufacturer of lifting machines for the logging industry. Yale's history began in the 1840s with the invention of high-security locks. The two brands merged under NACCO Industries in 1989 and were spun off as Hyster-Yale Materials Handling in 2012.

Komatsu: Established in 1921, Komatsu initially focused on manufacturing machine tools and mining equipment. The company expanded into the forklift market in the 1960s and is now known for its strength, efficiency, and advanced technology.

Mitsubishi: Formed in 1992 as a joint venture between Mitsubishi Heavy Industries and Caterpillar Inc., Mitsubishi Forklift Trucks is now a global leader known for its focus on energy efficiency and operator comfort.

Raymond: Founded in 1922, Raymond has been a pioneer in narrow aisle solutions and electric forklift technology. The company is credited with inventing the first narrow aisle truck and the double-faced wooden pallet.

Clark: Invented the world's first internal combustion-powered industrial truck in 1917. The company has a long history of innovation, including the introduction of the first forklift with a hydraulic lifting mechanism in 1924.

This historical overview demonstrates the continuous evolution of the forklift industry, with each brand contributing to the development of innovative solutions for material handling challenges.

What's fascinating about this industry is how much of today's innovation was driven by necessity. Raymond's narrow aisle technology? Born from a customer's need to maximize warehouse space.

Clark's hydraulic lift? Created because existing equipment couldn't handle the demands of material movement. Even today, many of the best advancements come from manufacturers collaborating with customers to solve specific operational challenges.

Industry Trends

The forklift industry is constantly evolving, driven by technological advancements, changing customer demands, and a growing focus on sustainability. Here are some of the key trends shaping the future of the industry:

flowchart TD
    A[Industry Trends 2025] --> B[Electric Dominance\n66% Market Share]
    A --> C[Automation & Robotics]
    A --> D[Safety Enhancements]
    A --> E[IoT Integration]
    A --> F[Ergonomic Improvements]
    A --> G[Green Technologies]
    A --> H[Customization]
    
    B --> I[Battery Technology\nAdvancement]
    B --> J[Zero Emission\nRegulations]
    
    C --> K[Autonomous\nForklifts]
    C --> L[AGVs]
    C --> M[Labor Shortage\nSolutions]
    
    D --> N[Collision Detection]
    D --> O[Zone Recognition]
    D --> P[Auto Speed Control]
    
    E --> Q[Real-time\nData Collection]
    E --> R[Predictive\nMaintenance]
    E --> S[Fleet Optimization]
    
    G --> T[Hydrogen\nFuel Cells]
    G --> U[Alternative Fuels]
    
    H --> V[Modular Design]
    H --> W[Application-Specific\nFeatures]
    
    classDef current fill:#f9f,stroke:#333,stroke-width:2px;
    classDef future fill:#bbf,stroke:#333,stroke-width:1px;
    class B,C,E current;
    class G,D,F,H future;

Electric Forklifts: The increasing popularity of electric forklifts is driven by environmental concerns, advancements in battery technology, and a focus on sustainability. This trend is expected to continue, with electric forklifts projected to dominate the market in the coming years.

Automation and Robotics: Autonomous forklifts and automated guided vehicles (AGVs) are becoming more prevalent, improving efficiency and reducing labor costs. This trend is driven by the need for increased productivity, improved accuracy, and reduced reliance on manual labor.

Enhanced Safety Features: Forklifts are incorporating advanced safety features, such as automatic speed control, collision detection systems, and zone recognition technology. These features aim to minimize accidents, improve operator safety, and enhance overall workplace security.

Internet of Things (IoT) Integration: IoT technology is being integrated into forklifts to track and transmit data on operations in real-time, improving fleet management and maintenance. This trend allows for better monitoring of forklift usage, proactive maintenance scheduling, and optimized fleet performance.

Improved Ergonomics: Forklift designs are prioritizing operator comfort with features such as adjustable seats, better visibility, and user-friendly controls. This trend recognizes the importance of operator comfort in enhancing productivity and reducing fatigue.

Green Technologies: The industry is focusing on green technologies, such as hydrogen fuel cells and alternative fuels, to reduce emissions and promote sustainability. This trend aligns with the global push towards environmentally friendly solutions and a reduction in carbon footprints.

Customization: Modular designs and customizable features allow forklifts to be tailored to specific industry needs. This trend allows businesses to select forklifts that are optimized for their specific applications and operational requirements.

These trends highlight the dynamic nature of the forklift industry, with a focus on innovation, efficiency, and sustainability. The global forklift truck market is projected to grow from $43,778.20 million in 2022 to $75,213.68 million by 2030, reflecting a CAGR of roughly 7.2%.

Want to know where the industry is really heading? Follow the labor shortage. With warehouses struggling to find and retain qualified operators, automation isn't just a fancy add-on anymore – it's becoming an operational necessity.

The manufacturers investing most heavily in operator assistance technology and semi-automated features are seeing the biggest growth in new market segments.

Conclusion

The battle for the “best forklift brand” misses the point. Toyota leads with 28% market share, but I’ve seen top operations run just as well on Clark, Crown, or Mitsubishi. Success comes from matching machines to missions, not brand names.

A 24/7 distribution center needs Toyota’s reliability, while a specialty manufacturer benefits from Crown’s ergonomics. A lumber yard moving 10,000 lb loads? They’re calling Hyster-Yale. The one-size-fits-all fleet is dead—progressive operations now specialize.

Lithium-ion for narrow aisles, hydrogen for multi-shift, and ICE where it fits. With electric forklifts at 66% market share and automation rising, the future demands specialization. The brands embracing this shift will lead the market in five years.

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