Forklift & Conveyor Manufacturing in the US - Market Research Report (2014-2029)
New York, United States
Last Updated: July 2024
NAICS 33392Revenue
$39.1bn
Past 5-Year Growth
Profit
$X.Xbn
Employees
95,957
Businesses
1,361
Wages
$X.Xbn
Forklift & Conveyor Manufacturing in the US industry analysis
Forklift and conveyor manufacturing is a mature industry with clearly defined markets and widely accepted product lines with few substitutes outside of importing. Various downstream markets drive demand for such a diverse set of product lines. Heavy infrastructure construction and inventory management primarily go with the need for forklifts, while freight and manufacturing industries make up most of the need for conveyor systems. The international trade market for forklift and conveyor products will also account for a large portion of industry revenue.
Trends and Insights
- Rising interest rates dampened nonresidential and residential demand for forklifts. Interest rates are expected to stall in 2024, potentially stimulating demand from downstream construction markets.
- Demand for forklifts, industrial trucks and conveying equipment is being lifted. The push toward environmentally friendly equipment is forcing companies to purchase advanced electrical equipment.
- Operations remain near car manufacturers. The Great Lakes have served as a prime location as mass car-producing companies such as Ford and General Motors depend heavily on forklifts and conveying equipment.
- Barriers to entry are relatively low despite being capitally intensive at the start. This allows new entrants to emerge and compete with the more prominent, established manufacturers.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has declined at a CAGR of 0.4 % over the past five years, to reach an estimated $39.1bn in 2024.
Trends and Insights
Developing downstream markets boosts demand
- Business investment in machinery and industrial equipment drove demand for forklifts and conveyor systems used in manufacturing and inventory management.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Bouncing back from the economic slump
- Demand for hoist systems, industrial trucks, elevators and other industry products did not disappear but instead was depressed because of unfavorable economic conditions in the wake of the COVID-19 pandemic.
Biggest companies in the Forklift & Conveyor Manufacturing in the US
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Otis Worldwide Corporation | 3,666.3 | 505.4 | 13.8 | |
Toyota Material Handling USA Inc. | 3,519.9 | 180.4 | 5.1 | |
Crown Equipment Corporation | 3,045.7 | 242.8 | 8.0 |
To view the market share and analysis for all 43 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Forklifts and industrial trucks, trailers and stackers, Conveyors and conveying equipment and Overhead cranes, hoists and monorail systems. Forklifts and industrial trucks, trailers and stackers is the largest segment of the Forklift & Conveyor Manufacturing in the US.
Trends and Insights
Forklifts and industrial trucks are lifting industry demand
- This segment includes forklifts, powered bulk-material moving equipment (think stacking machines, trailers and hydraulic-lift platforms) and separately sold parts that can be broken down into internal combustion and electric-powered machines.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- There are no industries to display.
Complementors
- Elevator Installation & Service in the US
- Tractors & Agricultural Machinery Manufacturing in the US
- Construction Machinery Manufacturing in the US
- Engine & Turbine Manufacturing in the US
- Truck, Trailer & Motor Home Manufacturing in the US
International industries
- Forklift & Conveyor Manufacturing in Canada
- Conveyor and Crane Manufacturing in Australia
- Lifting & Handling Equipment Manufacturing in the UK
Table of Contents
About this industry
Industry definition
Operators in this industry manufacture equipment used to lift or move materials. Major products and services include forklifts, conveyor equipment manufacturing, cranes, hoist systems, industrial trucks, stacker machinery and all related parts and upkeep of products. This industry excludes operators that manufacture construction-type tractors and cranes, as these companies are included in the Construction Machinery Manufacturing industry (IBISWorld report 33312).
What's included in this industry?
Industrial truck, tractor, trailer and stacker machinery Overhead traveling crane, hoist and monorail system Conveyor and conveying equipment Elevator and escalatorCompanies
Otis Worldwide CorporationToyota Material Handling USA Inc.Crown Equipment CorporationPurchase this report to view all 43 major companies in this industry.
Related Terms
WINCHLEAN PRODUCTIONHOISTCONVEYOR BELTMATERIALS HANDLINGRESHORINGIndustry Code
NAICS 33392 - Forklift & Conveyor Manufacturing in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Rising interest rates dampened nonresidential and residential demand for forklifts. Interest rates are expected to stall in 2024, potentially stimulating demand from downstre...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Demand for forklifts, industrial trucks and conveying equipment is being lifted. The push toward environmentally friendly equipment is forcing companies to purchase advanced ...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2024
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Operations remain near car manufacturers. The Great Lakes have served as a prime location as mass car-producing companies such as Ford and General Motors depend heavily on fo...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each state in 2024
- Number and share of revenue each state accounts for in 2024
- Number and share of wages each state accounts for in 2024
- Number and share of employees in each state in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
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.
Analyst insights
Barriers to entry are relatively low despite being capitally intensive at the start. This allows new entrants to emerge and compete with the more prominent, established manuf...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Competition rises as the construction sector recovers. Construction companies are in search of machinery that is lower priced and lower in cost
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Otis Worldwide Corporation's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Toyota Material Handling USA Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Crown Equipment Corporation's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for 40 additional companies
Detailed analysis
- Description and key data for Otis Worldwide Corporation, and factors influencing its performance in the industry
- Description and key data for Toyota Material Handling USA Inc., and factors influencing its performance in the industry
- Description and key data for Crown Equipment Corporation, and factors influencing its performance in the industry
- Description, key data and performance trends for 40 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
The Clean Air Act is raising costs. The US Environmental Protection Agency is attempting to reduce the emission of air pollutants from manufacturing companies.
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Wages are becoming a larger share of the revenue. More advanced equipment requires highly skilled workers that must be compensated for their work.
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Industry Multiples (2017-2022)
- Industry Tax Structure (2017-2022)
- Income Statement (2017-2022)
- Balance Sheet (2017-2022)
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Forklift & Conveyor Manufacturing in the US industry in United States in 2024?
The market size of the Forklift & Conveyor Manufacturing in the US industry in United States is $39.1bn in 2024.
How many businesses are there in the Forklift & Conveyor Manufacturing in the US industry in 2024?
There are 1,361 businesses in the Forklift & Conveyor Manufacturing in the US industry in United States, which has declined at a CAGR of 1.0 % between 2019 and 2024.
Has the Forklift & Conveyor Manufacturing in the US industry in United States grown or declined over the past 5 years?
The market size of the Forklift & Conveyor Manufacturing in the US industry in United States has been declining at a CAGR of 0.4 % between 2019 and 2024.
What is the forecast growth of the Forklift & Conveyor Manufacturing in the US industry in United States over the next 5 years?
Over the next five years, the Forklift & Conveyor Manufacturing in the US industry in United States is expected to grow.
What are the biggest companies in the Forklift & Conveyor Manufacturing in the US market in United States?
The biggest companies operating in the Forklift & Conveyor Manufacturing market in United States are Otis Worldwide Corporation, Toyota Material Handling USA Inc. and Crown Equipment Corporation
What does the Forklift & Conveyor Manufacturing in the US in United States include?
Industrial truck, tractor, trailer and stacker machinery and Overhead traveling crane, hoist and monorail system are part of the Forklift & Conveyor Manufacturing in the US industry.
Which companies have the highest market share in the Forklift & Conveyor Manufacturing in the US in United States?
The company holding the most market share in United States is Otis Worldwide Corporation.
How competitive is the Forklift & Conveyor Manufacturing in the US industry in United States?
The level of competition is moderate and steady in the Forklift & Conveyor Manufacturing in the US industry in United States.
