Last year, Modern’s Top 20 lift truck suppliers story started on an upbeat note. It read: The worldwide industrial lift truck industry spent the better part of 2009 in a rut. Sales were down 39%, but it appears the worst may be over.

So, one year later, did we get it right? Not only did we hit the right note, we watched the lift truck industry take it even higher than expected. Last year when Modern spoke with Jeff Rufener, president of the Industrial Truck Association (ITA) and vice president of marketing for Mitsubishi Caterpillar Forklift of America, industry sales figures were up 40% over the same time period as the previous year. But he didn’t expect that rate to continue throughout 2010. Happily, Rufener admits he was wrong. That rate of increase held up, and North American distributors saw 2010 orders finish up 40% better than in 2009.

Hold on, though; Rufener still is cautious. He says business was good last year and is better than expected this year, but it’s still fragile.

One reason for the fragile condition is manufacturing. Manufacturing had been a bright spot in the economic recovery, says Rufener, but that has started to slow recently. Meanwhile, unemployment is above 9% and gas is hovering at $4 a gallon.

On the up side, one solid contributor to the lift truck industry’s annual growth is the fact that capital goods are a cyclical business. “Later on in 2010, we saw dealers rebuilding inventory and replenishing their rental fleets, which they hadn’t done in several years,” Rufener says. “This reflects increased customer demand and is a direct reflection of the economic activity dealers see in their territory and in their expectations for future growth.”

Back in black
So, the future looks good, but what about today? That’s also looking good, and the proof is in the numbers. According to ITA’s worldwide industrial truck figures, shipments were up 132% in 2010. (See the “Worldwide lift truck market” table.)

This is not just a North American phenomenon: Last year, shipments were up around the globe.

Asia experienced the biggest jump, with a 152% increase in shipments. The region went from a 23% decline in 2009 shipping 207,207 units to shipping 314,307 units in 2010.

Africa was right up there with an increase of 143%. After shipping 9,953 units in 2009 and experiencing a 40% decline, the African region shipped 14,243 units in 2010.

Europe shipped 245,512 units in 2010, which resulted in 119% increase after experiencing a decline of 48% in 2009.

The Americas also experienced a 119% increase in 2010 after a decline of 43% in 2009. The region shipped 152,160 units in 2010, compared to 128,246 in 2009.

Oceania also overcame a 48% decline. In 2009 the region shipped 12,451 units, compared to 14,468 units in 2010, resulting in a 116% increase.

In total, worldwide shipments rose from 561,939 in 2009 to 740,690 in 2010, an impressive 132% increase. With the numbers calculated and each of the worldwide regions performing well, the Top 20 lift truck suppliers also performed well independently.

The Top 10
The top suppliers are at the top of the list again this year and almost in the exact order. Last year’s leading suppliers­—Toyota, Kion, Jungheinrich, NACCO and Crown—continue to own the top five positions. (See the table for the complete list of suppliers.)

Toyota, which manufactures Toyota and Raymond brands, remains at No. 1 with $5.9 billion in revenue, up from $4.6 billion in 2009. The Kion Group, which includes North American brands Linde, Still, OM and Baoli, retains the No. 2 position with $4.67 billion in revenue, up from $4.1 billion.

Jungheinrich holds on firmly to the No 3. spot with $2.4 billion in revenue, up slightly from $2.3 billion in 2009. Crown and NACCO, which ranked in the No. 4 and No. 5 positions in 2009, respectively, both come in at $1.8 billion and share the No. 4 position. Crown saw an increase in revenue up from $1.6 billion, while NACCO, which includes North American brands Hyster and Yale, rose from $1.5 billion.