Top 10: Electric Forklift OEMs

Electric forklifts have transformed the material handling industry, combining sustainability with operational efficiency. Their zero-emission design makes them ideal for indoor use, improving air quality and aligning with global carbon reduction goals. Businesses adopting electric forklifts contribute to greener operations, reducing their environmental footprint while meeting sustainability targets.

Operationally, electric forklifts offer significant advantages. With fewer moving parts than internal combustion models, they require less maintenance and lower long-term costs. Technological advancements, particularly in lithium-ion battery technology, have enhanced their performance, extended lifespans and reduced charging times. Electric models now rival traditional forklifts in power, handling heavy loads efficiently across indoor and outdoor environments.

The integration of smart systems has further revolutionised the sector. Electric forklifts can now provide real-time monitoring, predictive maintenance and data analytics, boosting productivity and reliability. Additionally, their quiet operation and reduced vibration improve workplace safety and comfort, creating a more pleasant environment for operators.

Market adoption reflects the shift, with electric forklifts accounting for 64% of the US market and even higher European penetration. As costs continue to decrease, their accessibility grows, cementing their role as a cornerstone of modern warehouses and industrial facilities. Electric forklifts exemplify innovation driving a sustainable future. The top 10 OEMs for electric forklifts are:

10 | Jungheinrich

• Revenue: US$5.83m
• Employees: 19,000
• CEO: Lars Brzoska
• Founded: 1953

Jungheinrich, a German leader in material handling equipment, excels in electric forklift innovation and intralogistics. Known for pioneering lithium-ion technology, it introduced the first series-produced lithium-ion forklift in 2011 and 2018, the ETV 216i, which has a built-in lithium-ion battery.

Its PureEnergy system and advanced three-phase AC technology enhance efficiency and performance, while regenerative braking improves energy savings. Producing more than 121,000 trucks in 2018, Jungheinrich continues to set benchmarks for sustainability and innovation in the intralogistics industry.

9  | Doosan Industrial Vehicle

• Revenue: US$31.3m
• Employees: 41,400
• CEO: Taeil Kim
• Founded:2011 

Doosan Industrial Vehicle, a key player in material handling equipment, has made substantial strides in electric forklifts, addressing the industry's demand for sustainable solutions. Its advanced 7-Series electric forklifts, with capacities from 3,000 to 5,000 lbs, showcase cutting-edge features like fingertip controls, automatic electric parking brakes and IP65-rated systems for dust and water resistance.

With energy-efficient regenerative braking, enhanced manoeuvrability and safety innovations such as LED spotlights and panoramic mirrors, Doosan's electric forklifts offer versatility, reliability and operator-focused design for modern, heavy-duty applications.

8  | EP Equipment

• Revenue: US$750m
• Employees: 3,000+
• CEO: John He
• Founded: 1993

EP Equipment, a leading electric material handling solutions manufacturer, has transformed the industry with its focus on lithium-ion powered forklifts. IT introduced the L1 series, the world's first lithium-ion forklift designed to maximise performance and efficiency.

EP's electric forklifts feature compact designs, quick charging capabilities and IPX4 water protection, enabling indoor and outdoor use. With cost-effective solutions, open-source software for easy maintenance and a commitment to sustainability, EP Equipment stands out as an innovative leader in the global electric forklift market.

7  | Hangcha Group

• Revenue: US$2.3bn
• Employees: 6,000
• CEO: Limin Zhao
• Founded: 1956

Hangcha Group, a global leader in material handling equipment, has emerged as a key innovator in electric forklift technology. With rapid growth, Hangcha sold nearly 110,000 electric forklifts in 2021, a 55% year-on-year increase. Its offerings include lithium-ion models like the XC and XH series, featuring high-voltage technology for quick charging and extended runtime.

Designed for indoor and outdoor use, Hangcha's forklifts combine safety, versatility and reduced ownership costs, underscoring the company's commitment to electrification and redefining electric forklift performance in the market.

6  | Hyster-Yale Materials Handling (HYMP)

• Revenue: US$4.1bn
• Employees: 8,600
• CEO: Rajiv K. Prasad
• Founded: 2012

Hyster-Yale Materials Handling (HYMP), a global leader in lift trucks, has solidified its position in the electric forklift market through significant investments in sustainable technology.

Offering a diverse range of electric forklifts, from pallet trucks to high-capacity models, Hyster-Yale integrates advanced solutions like the Yale Reliant operator assist system and innovative power sources, including lithium-ion batteries and hydrogen fuel cells. With a focus on ergonomics, automation and global manufacturing capabilities, Hyster-Yale combines innovation and sustainability to meet evolving industry demands and decarbonisation goals.

5  | Crown Equipment Corporation

• Revenue: US$5bn
• Employees: 18,000
• CEO: James F Dicke II
• Founded: 1945 

Crown Equipment Corporation, a leading global manufacturer of electric forklifts, has solidified its position through innovation and sustainability. Crown addresses diverse operational needs with a comprehensive range of electric lift trucks, including lithium-ion and fuel cell-compatible models. Its V-Force lithium-ion technology ensures optimised performance, while more than 20 forklift models are qualified for fuel cell integration.

Prioritising ergonomic design and environmental sustainability, Crown's forklifts are 75% recyclable. Investments in manufacturing and flexible financing further strengthen Crown's role as a forward-thinking leader in the electric forklift market.

4  | Mitsubishi Logisnext

• Revenue: US$4.35bn
• Employees: 12,000
• CEO: Kazumasa Saito
• Founded: 1937

Mitsubishi Logisnext, a global leader in material handling equipment, has strengthened its position in the electric forklift market through significant innovation and investment. In August 2023, the company broke ground on a 73,000-square-foot Houston facility dedicated to electric lift trucks.

Offering a broad range of electric forklifts across brands like Jungheinrich, Cat, Mitsubishi and UniCarriers, Logisnext integrates advanced features such as SDS+, AutoBoost and automation technologies. To achieve 90% electric products, Logisnext supports sustainability, ergonomic design and real-time fleet management solutions.

3  | KION Group

• Revenue: US$12bn
• Employees: 42,000
• CEO: Rob Smith
• Founded: 2006

KION Group, a global leader in material handling, has established itself as an innovator in electric forklift technology. With significant investments, KION developed its own fuel cell systems, launched a 24V model in 2023 and expanded lithium-ion offerings like the Baoli KBE series.

Integrating AI-based energy management optimises charging and reduces costs. KION's multi-brand strategy—featuring Linde, STILL and Baoli—caters to diverse markets. Backed by global manufacturing facilities and comprehensive energy solutions, KION combines advanced technology and sustainability, solidifying its leadership in the electric forklift market.

2  | Anhui Heli Forklift Group

• Revenue: US$17.5bn
• Employees: 8,700
• CEO: Yang Anguo
• Founded: 1958

Anhui Heli Forklift Group, or HELI, is China's largest manufacturer and a prominent global player in the electric forklift market. Offering electric forklifts with capacities from 1 to 10 tons, HELI introduced a 10-ton heavy-duty model in 2020 and integrates lithium-ion technology across its lineup. With an annual production capacity of 120,000 units, HELI leads China's forklift market and exports to more than 150 countries.

Through vertical integration, global expansion and continuous innovation, HELI combines efficiency, sustainability and reliability, positioning itself as a key innovator in the electric forklift industry.

1  | Toyota Industries Corporation

• Revenue: US$23bn
• Employees: 70,000
• CEO: Koji Sato
• Founded: 1926

Toyota Industries, the world's largest forklift manufacturer by revenue, has made substantial investments in electric forklift technology, strengthening its leadership in material handling. Toyota's electric forklifts feature advanced innovations like the System of Active Stability (SAS) for enhanced safety and stability.

The company drives global market dominance through its Toyota Material Handling Group while prioritising sustainability with eco-friendly manufacturing processes. Leveraging the Toyota Production System ensures high-quality production. Offering a diverse electric forklift line-up under brands like Toyota, BT, Raymond and CESAB, Toyota combines cutting-edge R&D with its manufacturing excellence to meet evolving global demands for sustainable solutions.

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