The five remaining top 10 lift truck suppliers are also back, with only a slight variation in the order. Rounding out the top 10 are Mitsubishi Caterpillar Forklift, back in No. 6 position; Komatsu, back in the No. 7 position; Nissan moving up one position to No. 8; TCM Corp. also moving up one position to No. 9; and Anhui Forklift Group dropping two positions to No. 10.

Changes in the line up
Absent from this year’s list is the French supplier Manitou. While the company has had a good year, its company spokesperson told Modern the company preferred to be removed from the list because it supplies mostly rough terrain vehicles and doesn’t compete with the majority of suppliers on this list.

New to the list this year is India’s Godrej & Boyce Manufacturing. In last year’s story, we suggested keeping an eye on the emerging lift truck market in India. This year it paid off for Godrej & Boyce Manufacturing as the company makes its first appearance on Modern’s Top 20 list in the No. 20 position with $67 million in revenue.

The BRIC market
India is one of the four countries that comprise what the lift truck industry refers to as BRIC, which is an acronym for the combined countries of Brazil, Russia, India and China. In 2010, BRIC’s lift truck market was up 84% over 2009, and through the first quarter of 2011, it was up 44% over 2010. According to Rufener, there are huge rates of growth in these emerging markets. And, of the four BRIC countries, Rufener says, China is dominant, accounting for about 80% of total demand.

In the coming months, we’ll keep an eye on the B in BRIC. Brazilian supplier Paletrans came close to making this year’s list, with $55 million in revenue.

Making the list
To make Modern’s Top 20 list this year, suppliers had to make at least $67 million in revenue in 2010. As a point of comparison, the cut off was $60 million in 2009 and $98 million in 2008.

The top five suppliers combined reported revenue of more than $16.6 billion; seven of the top 10 suppliers reported revenue in the billions, as opposed to five in the billions last year.

The combined 2010 revenue for all 20 companies on the list tops $24.17 billion, compared to $20.17 billion in 2009, $28.99 billion in 2008, and $31.67 billion in 2007. While the total isn’t back up to 2007 levels, the numbers are on the rise.

Going forward, going green
Also on the rise is the continued, ongoing interest in green technology, particularly the demand for electrics. “We’re seeing, and will continue to see, an increase in electrics,” says Rufener. “Even with strong economic recovery and dealer growth, electrics are still 60% of the mix and are expected to exceed that percentage sold in North America.”

According to Rufener, we’re seeing more companies embrace green technology simply for sake of being able to demonstrate a commitment to environment. “Companies are willing to spend money to go green and are not be driven solely by the cost-benefit analysis,” Rufener says. “Every application is different. While some prove it to be cost effective, others that aren’t so clear, but companies will go green for sake of environmental responsibility.”

How suppliers are ranked
To be eligible for Modern’s annual Top 20 lift truck suppliers ranking, companies must manufacture and sell lift trucks in at least one of the Industrial Truck Association’s (ITA) seven truck classes: electric motor rider; electric motor hand trucks; internal combustion engine; pneumatic tire; electric and internal combustion engine tow tractors; and rough terrain for lift trucks.

Rankings are based on worldwide revenue from powered industrial trucks during each company’s most recent fiscal year. Revenue figures submitted in foreign currency are calculated using the Dec. 31, 2010 exchange rate.