Information has been obtained  from  sources believed  to be  reliable, but Yengst Associates does not warrant  its completeness or accuracy.  Opinions and estimates constitute our judgment as of the date of this material and are subject to change without notice. Past performance is not indicative of future results.  Any form of reproduction, copying or distribution of this material is strictly prohibited without prior written consent from Yengst Associates, Inc.  International copyright laws protect all materials published by Yengst Associates, Inc.  All rights reserved 2015. 

Equipment Analysis North America 

                Industrial Lift Trucks 

January 2015    

Yengst Associates, Inc. 35 Old Ridgefield Rd. 

Wilton, CT 06897 Telephone +1 203 762‐8096 

 Website: www.yengstassociates.com E‐mail: mail@yengstassociates.com 

     

 

TABLE OF CONTENTS | INDUSTRIAL LIFT TRUCKS  

EXECUTIVE SUMMARY .................................................................................................. 1 

NORTH AMERICAN SALES ............................................................................................. 2 

Sales Breakdown By Lift Capacity ............................................................................ 4 Sales Breakdown By Region .................................................................................... 5 Market Trends ......................................................................................................... 5 

MARKET SHARES ........................................................................................................... 6 

Electric Trucks: (Classes 1 / 2) ................................................................................. 6 Electric Walk Behind  (Class 3) ................................................................................ 8 Internal Combustion: (Classes 4 / 5) ....................................................................... 8 

NORTH AMERICAN PRODUCTION ................................................................................ 9 

Electric: (Classes 1 / 2) ........................................................................................... 10 Electric Walk Behind (Class 3) ............................................................................... 11 Internal Combustion: (Classes 4 / 5) ..................................................................... 11 

EXPORTS / IMPORTS ................................................................................................... 11 

COMPONENT SUPPLY .................................................................................................. 12 

FIELD POPULATION ..................................................................................................... 13 

FORECAST .................................................................................................................... 14 

SUPPLIER SUMMARY ................................................................................................... 15 

Mitsubishi Caterpillar (MFCA) ............................................................................... 16 Crown Equipment .................................................................................................. 17 Doosan ................................................................................................................... 18 Hyster ‐ Yale .......................................................................................................... 18 Komatsu Forklift .................................................................................................... 19 Linde Material Handling ........................................................................................ 19 UniCarriers Americas ............................................................................................. 20 Raymond ............................................................................................................... 20 Toyota .................................................................................................................... 21 Other Suppliers ...................................................................................................... 22 Other Suppliers ...................................................................................................... 23 

MANUFACTURER ADDRESSES ..................................................................................... 24 

INDUSTRIAL LIFT TRUCK SPECIFICATIONS .................................................................. 26 

  

Equipment AIndustrial LiftJanuary 2015

EXECUTIVSUMMAR

Analysis t Trucks 5    

VE RY

Yengs

Indust 

This report as an updabeen a partmarkets froare found inweight and are a factor Table 1 prostatistical sof each masection of treport for ye2013. The and Canadmarkets forhad an estiwholesale v$5.0 billion This dollar is based onestimated uin the markand a weigaverage of wholesale plift trucks ofsizes duringyear. Whilecompleted on this repoend of 2014not have finfor the year The North Arecession thas had fiveand in all lifroughly 87 IC Classes

st Associates © 

trial Lift

examines theate to our prevt of the indust

om factories ton almost everdistance

r.

ovides a ummary

ajor his ear-end U.S. ian r forklifts mated value of in 2013. amount

n total unit sales ketplace hted

prices for f all g the e we the work ort at the 4, we do nal data r.

American mahat started ine years of recft truck markepercent for C4 and 5 truck

Ta

St

Es   E   E   INo   E   E   I   O   TNo   E   E   I   O   TIm   N   NFie            Fo   P   SSo

2015 All Rights R

t Trucks

e industrial liftvious report otrial marketplao warehouse ry end market

rket for these 2008 and encovery. Saleset segments. Classes 1 andks. Class 3 s

able 1: Statisti

atistical Catego

stimated MarketElectric (Classes Electric Class 3 Internal Combusorth American SElectric (Classes Electric Class 3   Internal CombusOther (Non‐ITA)Total Sales  orth American PElectric (Classes Electric Class 3  Internal CombusOther  Non‐ITA Total Productionmports / ExportsNA Imports UnitNA Exports  Uniteld Population N  Electric (Classe  Electric Class 3  Internal Comb Total Populatioorecast (% changProduction (All CSales  (All Classeource: Yengst As

   

Reserved. Conte

s 

ft truck markeof December 2ace for decadand distributit where good

e machines wnded in 2009. s for most supFrom 2009 th 2 machines

sales improve

cal Summary –

ory 

t Value ($‐millio1, 2) 

stion (Classes 4, Sales (units) 1, 2) ITA ITA stion (Classes 4, ) 

Production (unit1, 2)  ITA ITA  stion (Classes 4, 

n s ts / % of Sales ts / % of ProducNA (units) es 1 and 2) 3 bustion (Classes 4on ge)  Classes) es ssociates  

ents confidential

et in North Am2010. These des and are foion sites to bis have to be

was deeply aff Since that ti

ppliers have ihrough 2013,combined and 84 percent.

–2013 

ons) 

5) 

5)  ITA 

ts) 

5)  ITA 

tion 

4 and 5) 

l to the Client

merican and semachines ha

ound in manyg box stores.moved and w

fected by the me, the markimproved ove, sales incread 131 percen.

 

2013 

$$$

557

19

566

19

13,5005,000

686996

2,34’13 – ‘14  ’14 

10.2%9.2%

1

erves ave y end They

where

ket erall sed

nt for

$1,627$1,062$2,340

58,10058,05073,1005,000

94,250

58,50061,00067,5004,500

91,500

0 / 7%0 / 3%

89,00098,00060,00047,000– ‘15 8.8%8.0%

22

NORTH ASALES

AMERICAN

Yengs

Production portion of sthe next fiveline with sa As for our othe market sales were 2013 levelsexpected e2015 and ththe industrythen modesline with a slikely occurThe economCanada wilto the downdifficult to pactually occthat it will tanegative slivery sluggiseconomy sand the facbusiness ovimproved a

N A cyclical pyears, as shave been Class 3 trucbased on fa

0

20,000

40,000

60,000

80,000

100,000

200

                      

t Associates © 2

levels for mosales come froe years, and

ales of machin

outlook for indin 2014 has bup an estima

s, which is higarlier in 2014he four years y to peak in sastly decline inslowing econor within the nemy in the Unitl be long ove

nside by 2016project when acur. On a posake several mide to take plash positive chince the reces

ct that inflationverall continu

and not out of

pattern of salehown in the ccombined beck sales are nactory shipme

00 2001 2002

Sales of Elec

                         

2015 All Rights R

ost lift trucks foom domestic production le

nes before 20

dustrial fork lifbeen a good oated 10 percegher than we 4. Moving forw

thereafter, wales around 2

n a cyclical maomic cycle thaext three to fivted States anrdue for a cyc

6. However, ita change migsitive side, we

more years forace because hanges madession five yean remains veres to be modcontrol and a

es has occurrechart below. Celow, as have not included ients for all su

2003 2004 200

ctric and IC Ri

Classes 1 

                         

Reserved. Conte

follow the saleproduction. W

evels will incre018.

ft trucks, one and

ent over had ward to

we look for 2016, anner in at will ve years. nd that of clical shift t is ght e believe r a of the

e in the ars ago, ry low and derately approaching a

ed for industrClasses 1 andthe IC lift trucn the chart. ppliers as ide

5 2006 2007 2

ide On Lift Tru

+ 2 Classes 4 

I                         

nts confidential 

es side closelWe see this trease to over 2

a “bubble” situ

rial lift trucks od 2 (electric rck sales of Cl Industrial lift

entified by the

Class Desc

1

Electrincludsit-dotypes

2

Electraisle order-and tu

3 Electrhigh ltrucks

4

Internpowerider ltires.

5

Internpowerider lpneum

2008 2009 2010

ucks in North 

+ 5

Equipment Anndustrial Lift T           January 

to the Client

ly because a rend continuin240,000 units

uation.

over the past ride-on truckslasses 4 and t truck sales ae Industrial Tr

ription

ric-powered riderding counter-balaown and stand-up.

ric-powered narrrider trucks inclu-pickers, side-loaurret and reach t

ric-powered low ift walk-behind ps.

nal combustion-red counter-balalift trucks with cu

nal combustion-red counter-balalift trucks with matic tires.

2011 2012 20

America 

alysis Trucks 2015 

high ng for

s in

10 s)

5. are ruck

r trucks anced, p

ow uding aders, trucks.

and pallet

anced ushion

anced

013

Equipment AIndustrial LiftJanuary 2015

Analysis t Trucks 5    

Yengs

Associationfor these mgenerally belectric truc2010, IC ridbut the mar

In Table 2, for all suppestimated sinformationtruck supplAssociation As seen in point in dem2013 to theanalysis of 40 years du Table 2:  IndEstimated S  (Units)  

Class 1 (Electr

Class 2 (Electr

Class 3  (Elect

Class 4 (IC‐Cu

Class 5 (IC‐Pn

Subtotal ITA E

Other Lift Tru

Total Sales Source: Yengst not reporting a The econommachines. and flow of our daily liveconomic ato name a f As shown ihave the hishown. In 2Classes 1 arespectivelytrucks, held

st Associates © 

n, which accomachines. As s

een lower thacks outsold thde on truck sargin of differe

we show the liers (based o

sales from co is estimated iers, informat

n, and other s

the chart, salmand) then ree levels shownthe market, t

uring the dow

dustrial Lift Truales in North A

ric Sit Down) 

ric Narrow Isle) 

tric Walk Behind)

shion Tire) 

eumatic Tire) 

Est. Sales 

ck Sales* 

Associates; Indusnnual results to IT

my is the largFor this reasothe economy

ves and are deactivity, emplofew.

n the above tghest level of

2013, Class 3and 2 (electricy of all sales, d 18 percent a

2015 All Rights R

unts for roughseen in the chan the IC truche IC machineales have oncnce has been

estimated foon shipmentsmpanies not dby Yengst As

tion that is pusources.

es declined sebounded follon both in the the industry ex

wnturn from 20

ucks  America by Cla

2008 29,100 

20,800 

48,100 

31,750 

36,550 

166,300 

4,000 

170,300 strial Truck AssociaTA. 

est single facon, sales of lify, as lift trucksependent onoyment, manu

table, Class 3f sales by typ

3 trucks accouc rider trucks)while Classe

and 21 percen

   

Reserved. Conte

hly 97 percenhart, electric r

ck sales, but ines by a small ce again outson small.

rklift truck sal) from 2008 tdisclosing thessociates basblicly availab

significantly frowing the finatable below axperienced th007 through 2

ass Type: 20082009  20

20,450  22,2

10,800  12,7

31,500  40,3

14,850  14,6

16,750  15,0

94,350  104,8

2,000  2,5

96,350  107,3ation     *Estimates

ctor behind thft trucks are hs are used in market driver

ufacturing, se

3 trucks (electpe of machineunted for 31 p) representedes 4 and 5, thent respectivel

ents confidential

nt of all sales ride on truck sn 2010 that cmargin. Movold the electr

les in North Ahrough 2013,eir activities tosed on discusle from the In

rom 2007 throancial crisis fr

and in the chahe biggest sa2009.

8 ‐ 2013 010  2011 200  30,250 

750  18,950 

300  46,450 

600  29,050 

000  35,300 

850  160,000 

500  3,800 

350  163,800 s for a number of

he cyclical demhighly dependnumerous aprs such as ch

ervices, and c

tric walk behine annually for percent of all td 18 percent ae IC (internal ly for all sales

l to the Client

by lift truck Osales have hanged briefling forward sic counterpar

America by cla, along with o the ITA. Thssions with liftndustrial Truck

ough 2009 (throm 2009 thro

art. Based oles decline in

2012 32,950  3

21,100  2

52,100  5

27,950  3

34,350  3

168,450  18

4,300 

172,750  19f other  lift truck s

mand for thesdent on the ebpplications wihanges in capital investm

nd machines)each of the ytruck sales. and 12 percen

combustion) s.

3

OEMs

y and ince rts,

ass

his t k

he low ough

on our over

2013 34,500 

23,600 

58,050 

33,500 

39,600 

89,250 

5,000 

94,250 uppliers 

se bb thin

ment

) years

nt rider

44

Sales BreBy Lift Ca

eakdown  apacity

Yengs

The “Othersby smaller sor suppliersfigures. Weof total truc

Sales are sabove. In smachines isThere are vlift capacitiecompared tsince somemodels verlifting capac Table 3:  InEstimated 

E

Pounds 

< 4,000 4,000 – > 6,500 Total  Class 3  <6,000 Total Source: Yeng

It is interestidentity in thclass for bo60 percent capacity) acsimilar IC m

                      

t Associates © 2

s” category insuppliers mars manufacturie believe the “ck sales for an

shown for the imilar mannes shown in thvariations of tes of 4,500 toto roughly 61 e companies frsus other supcities.

ndustrial Lift TrSales BreakdoElectric (Classes 

Uni

17,4036,604,10

58,10

58,0558,05

gst Associates;  

ting to note thhat the 4,000oth types of mfor all machinccounted for

machines rate

33,500   18%

Indus

                         

2015 All Rights R

n the table is arketing trucksng trucks dom“Others” segmny given year

various typesr, sales by size table belowhese sales br

o 6,500 lbs reppercent in 20

focus on the sppliers that of

rucks  own by Lift Cap1 + 2) 

its 

00  300  600 00  10

50  1050  10ITA  Note: Table

hat IC and ele to 6,500 lbs

machines and nes sold. Eleapproximatel

ed less than 4

58,050   31%

39,600 

strial Lift Truck

                         

Reserved. Conte

a composite os in North Ammestically, bument of sales r.

s of lift trucksze of lift truck

w based on oureakdowns fropresented 63009. These esmall and midffer a spectrum

pacity in NorthIntern

%  Pounds 

30  < 4,000 63  4,000 ‐ 6,507  6,500‐ 13,0

00  13,000 ‐ 16   16,000 ‐ 30

00  > 30,000 00  Total e does not includ

ectric machinelift capacity shave similar

ectric lift trucksy 30 percent

4,000 lbs were

  21%

k Sales  by Typ

I                         

nts confidential 

of sales of lifterica from ov

ut not includedrepresents a

in Table 2 ank for the variouur estimates fom year-to-ye

3 percent of alestimates varyd-sized machm of models c

h America ‐ 20nal Combustion

00 000 6,000 0,000 

de “other” lift tr

es have at leasegment is thesales breakds (rated less tof the electric

e approximate

34,500   18%

23,600   12%

e in 2013

Equipment Anndustrial Lift T           January 

to the Client

t trucks (all typverseas locatid in ITA sales

about 2 - 3 pe

nd the chart us types of from 2013 salear. IC trucksll IC trucks soy by manufacines of biggecovering all w

13 n (Classes 4 + 5)

Units 

9,500 46,000 11,000 2,900 2,200 1,500 

73,100 uck sales 

ast one comme most popula

downs exceedthan 4,000 lbc trucks sold,ely 13 percen

%

C

C

C

C

C

alysis Trucks 2015 

pes) ons s rcent

les. s with old cturer r

weight

% 

13 63 15 4 3 2 

100 

mon ar lift ding bs lift

while nt of

Class 1

Class 2

Class 3

Class 4

Class 5

Equipment AIndustrial LiftJanuary 2015

Sales BreBy Region

Market T

Analysis t Trucks 5    

eakdown  n

Trends

Yengs

total IC maclbs lift capawhereas aplbs. Class 6,000 lbs lif

Our researcaround met2013, the Urange of 3490 percent came from have range

As shown, which over

 U. S. Region

Midwest 

Northeast 

South 

West 

Source: Yengst 

Market trenhave coverpower for efuel cells astudied for represent aOEMs are qtechnology

Table 4: Ind(Units and PeRegion South Midwest West Northeast    Total USA Canada    Total No. ASource: Yeng

st Associates © 

chines sold. acity represenpproximately 23 machines (ft capacity.

ch indicates ttropolitan are

US population4 million. Ourof sales durinCanada. Ca

ed from 8 perc

the Canadianthe past few

nal BreakdownIndiana, IllinoN. Dakota, S. DConnecticut, MNew York, PenDelaware, DisS. Carolina, ViTennessee ArkArizona,  ColoCalifornia, Haw

Associates 

nds for industred previouslyelectric trucksas a replacemover 25 years

a very small pquietly studyias we move

ustrial Lift Truckrcent) 

America gst Associates, IT

2015 All Rights R

As expected,nts a small po24 percent ofwalk-behind e

that the majoras and is high

n was roughlyr analysis of thng 2013 camenadian sales cent to 12 per

Within the

n market repreyears is reas

n of States is, Michigan, OhioDakota Maine, Massachusnnsylvania t. Of Columbia, Florginia, W. Virginiakansas, Louisiana,orado,  Idaho,  Newaii, Oregon, Was

trial lift trucksy, namely eng. We should

ment for batters. However,

portion of elecng the use offorward.

k Sales by Regio2S

71,45,30,22,

170,18,

189,TA 

   

Reserved. Conte

, sales of elecortion of the tof all IC machinelectric trucks

rity of industrihly dependen

y 310 million, whe sales by ree within the Uas a portion

rcent in recen

e United State

esented abousonably close

o, Wisconsin, Iowa

setts, New Hamps

orida, Georgia, Maa, Alabama, Kentuc Oklahoma, Texasew  Mexico,  Monshington 

continue to rgine emissionnote that morries, somethinfuel cells to o

ctric truck salef fuel cells and

on 2013 2013 Sales  %,900  3,400  2,300  1,750  1,350  9,900  1,250  10

ents confidential

ctric machineotal electric trune sales are rs) are typicall

ial lift trucks isnt on populatiwhile that of Cegion shows

U.S., the balanof total sales

nt years.

es The soutregional accountipercent otruck salthe Midwthe Westand the Npercent. regional states is

ut 10 percent to the norma

a, Kansas, Minnes

shire, Rhode Island

aryland, N. Carolincky, Mississippi  stana,  Utah,  Nev

revolve arounns for the IC trre is heard abng that has beour understanes in the markd even diesel

% 8 4 6 2 

90 0 

00 

l to the Client

s rated over 6ucks sold, rated over 6,5y rated at or b

s sold in and on distributionCanada was that approximnce of 10 pervary annually

th is the leadinmarket, ng for about 3of all industriaes, followed b

west at 24 pert at 16 percenNortheast at (A guide to thbreakdown bprovided belof sales in 20

al.

ota Missouri, Neb

d Vermont, New J

na 

ada,  Wyoming  A

d two issues rucks and ACbout the use oeen discusse

nding continueketplace todal fuel cell

5

6,500

500 below

n. In in the

mately rcent y and

ng

38 al lift by rcent, nt 12 he by ow.) 013,

braska, 

Jersey, 

Alaska, 

we C-of

ed and e to

ay.

66

MARKET 

Electric Tru(Classes 1 /

SHARES

ucks:  / 2)

Yengs

Emislargecompalreapoweand oemissall.

Alongbeenconseand bnot inThereto red

For e

Whilemarkabovdepefor m

There are athe North Amembers oall lift truck ITA. (The cpercent of tthe Market

In this sectitruck by mainternal comindustry shClasses 1 acombustionseparately

For the Clamachines Caccounting below. Crow1 and 2 trucmarginally d

                      

t Associates © 2

ssions – Tier IC-powered

pliance as of Jdy meet EPA

ered by liquid other fuels. Tsion goals, an

g with attainin working on mervation as wbattery packs n high demane is no questiduce high ope

electric powere we did not mketplace by Oe 3,000 lbs lifnding on the

most OEMs.

approximatelyAmerican marof the Industriasales; there a

companies thatotal lift truck Share data s

ion we providanufacturer fombustion enghipments) inand 2 for the en trucks. Clasfor the first tim

ass 1 and 2 elClass 2), Crow

for approximwn produces cks. Crown haduring the mo

                         

2015 All Rights R

4 has arrivedlift trucks (75 January 1, 20

A standards. Opropane gas

The manufactund, of course,

ng the EPA gomaking their m

well. Hybrid mhave been ad since LPG on, however,erating costs

ed trucks, ACmake an exteEM, we recogft capacity arelift capacity. E

y 30 suppliersrket. Roughlyal Truck Assoare a numberat are not mesales annuall

shown below.)

e our estimator each of theine machines

n our market electric truckss 3 trucks (eleme in this rep

ectric trucks (wn Equipmeately 25 percand sells elecas improved ost recent five

                         

Reserved. Conte

d in the IC ind hp and abov

015. Trucks raOf course, m, which is verurers have w, a tremendou

oals, all manumachines mo

models with ICavailable for smachine opti that reducedis foremost in

C-Power is nonsive survey gnize the facte offered withEven hand op

s of industrial y 20 of these cociation and cr of other supmbers of ITAly from our es)

tes of the salee various types. We considshare analys

s and Classesectric motor h

port.

(counterbalanent has for yecent of industrctric lift trucksits position ine-year period

I                         

nts confidential 

dustrial truck mve) will be covated below 75any trucks in ry clean burniorked hard tous investmen

ufacturers offere efficient an

C engines andeveral years,ons exist in th

d fuel consumn OEM minds

ow a standardof all machin

t that nearly ah 24, 36, 48, aperated mach

lift trucks offecompanies (b

comprise rougpliers that are

A generally acstimates and

es of machines of machine

der only ITA ssis. We havs 4 and 5 for hand lift truck

nced Class 1 ars been the ry sales, as ss, and is equa

n electric lift trrelative to th

Equipment Anndustrial Lift T           January 

to the Client

market. Smavered for Tier 5 hp in many the IC segmeng compared

o reach the net has been m

ering IC trucknd improvingd electrical ge although hybhe marketpla

mption and thes.

d for most OEnes being soldall electric trucand 80 volt AChines carry AC

ering machinebrand names)ghly 97 percee not membercount for aboare not includ

es by type of s, i.e. electricsales (basedve combined internal

ks) are reporte

and narrow isleading supphown in the taally strong in uck sales e other suppl

alysis Trucks 2015 

all and 4 EPA cases ent are d to diesel ew

made by

ks have fuel

enerators brids are ce. e means

EMs. d in the cks rated C designs C designs

es in ) are

ent of rs of

out 3 ded in

lift c and d on

ed

sle plier, able Class

iers.

Equipment AIndustrial LiftJanuary 2015

TaNOCRaToYaHCaNJuCDMKoLiHToSo

Electric Wa(Class 3)

Analysis t Trucks 5    

able 4:  Industorth American

OEMs rown aymond oyota ale yster aterpillar (MCFAissan/TCM ungheinrich (MClark  oosan 

Mitsubishi (MCFAomatsu nde yundai otal ource: Yengst Asso

alk Behind  

Yengs

Yale and Hsales in 20

Raymond, almost exclClasses 1 anarrow isle trucks. Toyheavily leanride-on elecindustry maaccounted percent shaNissan/TCtrucks) in 21.5 percentof the electleader. Junposition ovemachines; on Class 1 but has gai

rial Lift Trucksn Sales by Supp

2009 8,100 5,900 4,700 4,400 2,900 

A)  1,500 1,150 

CFA)  25 750 550 

A)  475 250 400 50 

31,250 ociates    Sales base

As shown have generyears – 200truck sales the U.S. mthat began

st Associates © 

Hyster, the tw13, as compa

which is a sulusively. We and 2 marketstrucks (Class

yota, by itself,ning towards ctric trucks, harket position for about 7 peare of these trM held 3 perc013 along witt of the marketric market in ngheinrich oer the past fivDoosan withtrucks; Hyunned some po

s – Electric Clasplier 2009 ‐ 20

% 20126  8,90

18.9  6,8015  5,20

14.1  4,809  3,25

4.8  1,803.7  1,30<1  52.4  901.8  601.5  55<1  301.3  45<1  5

100  34,95ed on ITA factory s

in the chart rally ranged 06 and 2009were in higharket. 2009 in 2008. Wh

2015 All Rights R

wo brands comared to shares

ubsidiary of Toestimate thats for most of ts 2 machines, holds about ride-on trucksas generally for Classes 1

ercent of the ruck sales ducent of the eleth Linde, Komet; Clark Materecent years,

of Germany atve years, bein1.7 percent m

ndai had little osition during

sses 1 and 2 013 0 % 200  25.5  12,00  19.5  9,00  14.9  7,00  13.7  6,50  9.3  4,00  5.2  2,00  3.7  1,50  <1  1,00  2.6  1,00  1.7 50  1.6 00  <1 50  1.3 50  <1 50  100  49,shipments. 

below, electrin the 40,000. 2006 was a demand durwas the low

hile we have n

   

Reserved. Conte

mbined, accous of 25 - 30 pe

oyota, product Raymond hethe past five y) than it is wit14 percent os). Caterpillaheld about 4 1 and 2 trucksClass 1 categ

uring the mid-2ectric lift truckmatsu, and Merial Handlin, whereas 20 t 2.6 percent ng strongest imarket penetor no marketthe past two

2011 %,500  25.4 ,200  18.7 ,100  14.4 ,600  13.4 ,600  9.3 ,300  4.7 ,600  3.3 ,200  2.4 ,200  2.4 800  1.6 775  1.6 600  1.2 650  1.3 75  <1 

,200  100 

ric walk behin0 – 50,000 aan extraordinaring a very strpoint in salesnot covered m

ents confidential

unted for 22 percent 10 yea

ces and sells eld about 18 pyears. Raymoth counterbalaf the electric t

ar, which offer- 5 percent ofs. Caterpillargory in 2013 a2000s. k market (weiMitsubishi eang has held ju

years ago waof the marketn narrow-isle ration is weigt penetration fyears.

2012 13,800  2510,200  187,600  147,200  134,900  92,500  41,750  31,350  21,200  2900  1850  1800  1700  1300 

54,050  1

nd truck saleannual unit raary situation wrong economs during the fmarket penet

l to the Client

percent of indars ago.

electric lift trupercent of theond is strongeance (Class 1truck market,rs only Class f the overall r, however, and held ove

ghted to ride-ach held rougust over 2 peras a market t has grown to(Class 2)

ghted towardsfor several ye

%  2013 5.5  14,600 8.9  10,900 4.1  8,200 3.3  7,500 9.1  5,200 4.6  2,700 3.2  2,000 2.5  1,500 2.2  1,200 1.7  1000 1.6  900 1.5  900 1.3  800 <1  700 

100  58,100 

es (ITA shipmange except iwhere walk bic period of tifinancial slowtration for the

7

dustry

ucks e er in 1) lift 1

r 10

-on ghly rcent

o its

s ride-ears,

%25.1 18.8 14.1 12.9 9.0 4.6 3.4 2.6 2.1 1.7 1.5 1.5 1.4 1.2 100 

ments) n two

behind ime in

wdown ese lift

88

 Internal CoTrucks (Cla

Units

ombustion asses 4 / 5)

54,05

0

20,000

40,000

60,000

80,000

100,000

120,000

2000

Yengs

trucks in paof the variomake it a compared t Crown, Hyssuppliers in(Nissan andcategories,accounting Yale togethToyota/Raydominant openetrationestimated 5represented

On the IC swith a breaof the markwith approxnext closes(Mitsubish Nissan/TC5 together hother suppl“Others” areless than 1

0

40,950

40,100

0 2001 2002

                      

t Associates © 2

ast reports, wous supplierspart of this rto the low poi

ster/Yale, andnclude Junghed Barrett com Crown has afor roughly 3

her hold an esymond combiof the two brann in 2013, whi5 percent shad an estimate

side of lift truckout of sales

ketplace. As sximately 34 pest competitorshi and Caterp

M (UniCarriehaving about iers rated at 5e shown groupercent from

0

40,350

48,750

5

2003 2004

Class 3 L

                         

2015 All Rights R

we have a bets in Class 3 report. For 20nt of 31,500 u

d Raymond/Toeinrich (MCF)

mbined). As wa commanding32 - 33 percenstimated 23 -ned total abonds. Jungheinle the Nissan

are. All other ed 8 - 9 perce

cks, sales basby the suppli

shown, for Claercent of indus include Hystpillar) at 17 pe

ers) is a stron8 percent ma

5 percent anduped together

m our analysis

50,850

100,050

53,5

2005 2006

Lift Truck Sales

                         

Reserved. Conte

tter understantrucks than

013, sales wunits in 2009.

oyota are the), Clark, Mitsuwith the Classg position in tnt of the mark25 percent of

out 23 - 25 penrich held clo

n/Barrett combITA member

ent market pe

sed on ITA shiers as we haasses 4 and 5ustry sales duter-Yale comercent based

ng competitor arket penetratd lower, as shr as each hass of the marke

500

48,100

3

4

2007 2008 2

s in North Am

I                         

nts confidential 

nding of the mbefore and f

were estimate. 

e market leadeubishi, Linde s 1 and 2 electhe Class 3 seket in recent yf industry salercent with Rase to 6 percebination accocompanies tonetration.

hipments are ave estimated5, Toyota is turing the past

mbined at 20 p on 2013 resu

combination tion, followed

hown above. s a very low met.

31,500

40,300

2009 2010 20

merica

Equipment Anndustrial Lift T           January 

to the Client

market involvefeel it importaed at 58,050

ers. Other and UniCarriectric lift truck egment,

years. Hysteres, while

aymond the ent market ounted for an ogether

provided belo from our anahe market leafive years. T

percent and Mults.

in Classes 4 d by a number

A number of market share o

46,450

52,100

011 2012 20

alysis Trucks 2015 

ement ant to units,

ers

r and

ow, alysis ader he

MCFA

and r of

of

58,050

13

Equipment AIndustrial LiftJanuary 2015

Table 5North AOEMs 

Toyota 

Caterpi

Hyster 

Yale 

Nissan/

Mitsub

Clark  

Doosan

Komats

Linde 

Hyunda

*Others

Total 

Source: 

NORTH APRODUCT

Analysis t Trucks 5    

5:  Industrial LiAmerican Sale

 

llar (MCFA) 

/TCM 

ishi (MCFA) 

n 

su 

ai 

s 

Yengst Associat

AMERICANTION

Yengs

ft Trucks ‐ Intes by Supplier: 

2009 

10,800  34.3,700  11.3,200  10.3,200  10.2,600  8.1,500  4.1,700  5.1,600  5.1,000  3.800  2.200  0.

1,300  3.31,600  100

es   *Others: Cro

As we discunot report ssales for th2009 to 5,0suppliers (n However, TChrisman,Several of tspecialty lintrucks usedshaped or ltruck. Heli Aimported frolift trucks us“Others” als(Taiwan), LSichelschm

N Production these machof machineanalysis of exports of lof this repoproduction

st Associates © 

ernal Combust2009 ‐ 2013 %  2010 

.2  10,300 

.7  3,500 

.1  3,050 

.1  2,950 

.2  2,400 

.7  1,300 

.4  1,500 

.1  1,600   

.2  1,000 

.5  700 

.6  200 

.0  1,100 .0  29,600 

own, Hamech, L

ussed earlier,sales or shipmese suppliers

000 units in 20not members

Taylor Machi Moffet Mounthese compannes of lift trucd for moving mong objects tAmericas offeom China. Tased for lifting so include suLandoll, Hoismidt. Each c

of electric-pohines. There s by manufacthe demand sift trucks by th

ort’s preparatioestimates fro

2015 All Rights R

tion Classes 4 a

%  201

34.8  21,80011.8  8,30010.3  6,70010.0  6,4008.1  5,4004.4  3,2005.1  3,7005.4  2,7003.4  2,4002.4  2,0000.7  2502.7  1,500

100.0  64,350

ift Rite, UTILEV, 

, there are a nment data to ts from 2009 th013. We did of ITA).

ne, Manitex nty, Combilifnies (Princetoks, some desmaterials at jothat cannot noers a more staaylor Machinelarge containppliers includst, EP Equipmcompany’s pro

owered industare no indust

cturer. We haside of the mahe OEMs andon. Please no

om all other su

   

Reserved. Conte

and 5 

1  % 

0  33.9  20  12.9 0  10.4 0  9.9 0  8.4 0  5.0 0  5.7 0  4.2 0  3.7 0  3.1 0  0.4 0  2.3 0  100.0  6

and LiuGong.  S

number of othhe Industrial hrough 2013 not break out

(Schaeff andft, and Heli aon, Chrismansigned for moobsites, and oormally be moandard line ofe is well know

ners and otheding Rico, Taiment, Elwell-oduct line is o

trial lift trucks try trade stati

ave estimatedarket, taking d other informote that we haupplier manuf

ents confidential

2012  %

21,000  33.7

7,900  12.4

6,400  10.3

5,900  9.5

4,900  7.9

3,000  4.7

3,300  5.1

2,900  5.1

2,300  3.8

1,800  2.9

1,500  2.1

1,400  2.7

62,300  100.0

Sales based on IT

her lift truck sTruck Associranged from t sales for the

d Lowry), Priare important , Moffet and Cunting on com

others that areoved by a conf machines, a

wn for its heavr heavy-weigilift (Taiwan)-Parker, Big outlined later

follows closestics covering production binto consider

mation gained ave separatedfacturing estim

l to the Client

%  2013 

7  25,000 

4  8,900 

3  7,600 

5  7,100 

9  5,800 

7  3,600 

1  3,500 

1  3,100 

8  2,600 

9  2,300 

1  1,700 

7  1,900 

0  73,100 

TA factory shipm

uppliers that ation. Estima2,000 units in

ese other lift tr

inceton, in our opinionCombilift) offemmercial flatbe found liftingnventional lift all which are vy duty indusht objects. , World-Lift Lift, and in this report.

ely the demang production l

based on our ation imports during the co

d ITA suppliemates.

9

% 

34.2 

12.2 

10.3 

9.4 

7.9 

4.9 

4.8 

5.1 

3.6 

3.0 

2.3 

3.0 

100.0 

ments. 

do ated n ruck

n. er bed g odd

trial

nd for levels

and ourse r

110

Electric:  (Classes 1 /

TabNorOEMsCrownRaymToyotYale HysteMCFANissanKomaLinde Total Sourc

/ 2)

le 7: Industriarth American Ps n ond a 

r A n / TCM tsu 

ce: Yengst Associa

Yengs

Table 6: Ind

(Units) 

Classes 1 & 2 (E

Class 3 (Elec Wa

Classes 4 + 5 (IC

Est. ITA Supplie

Other Suppliers

Total ProductioSource: Yengst  Our machindata is self-production financial doprevious reinformationranged fromcould not bcompanies

Production ride-on trucToyota/RaymanufacturCrown at 2percent. Eain North Am

l Lift Trucks – EProduction by S

2009  %7,000  24.95,200  18.54,800  17.14,400  15.73,000  10.71,900  6.81,100  3.9300  1.1400  1.4

28,100  100.0ates    

MCFA (Mitbeen consisfifth with 3 –accounting change in tforklift truck

                      

t Associates © 2

ustry Producti

20

Elec)  28,1

alkie)  31,0

C)  28,1

ers  87,2

s*  1,6

on  88,8Associates, Inc. es

ne production-explanatory fin 2009 occu

ownturn and eeport relative t

about sales m about 1,600e confirmed, and a certain

levels for thecks) is provideymond togetred in North A26 percent, foach brand is s

merica, shown

Electric ClasseSupplier   2009

%  2010 9  8,700 5  6,900 1  5,400 7  5,000 7  3,600 8  3,000 9  1,500 1  300 4  500 0  35,000 

tsubishi Catestently fourth – 4 percent infor the balan

the market proks since 2009

                         

2015 All Rights R

ion of Industri

009  2010

100  35,000

000  40,000

100  28,700

200  103,700

600  2,000

800  105,700stimates *Non‐ITA

estimates byfor the periodrred at the tim

economic receto 2009 produthat year. No0 units in 200but include o

n level of expo

e primary lift tred in the tableher account f

America, whilellowed closelyshown separan earlier plus

s 1 and 2 9 ‐ 2013 

%  201124.9  13,00020.0  10,80015.7  7,50014.9  7,30010.3  5,1007.7  4,0004.3  1,8000.9  6001.4  800

100.0  50,900

erpillar Forklfor the past f

ndustry produce of the induoduction posi

9.

                         

Reserved. Conte

al Lift Trucks i

0  2011 

0  50,600 

0  48,000 

0  60,000 

0  158,600 

0  3,000 

0  161,600 A suppliers 

y type of lift trd from 2009 thme sales wereession. We uction levels b

on-ITA supplie09 to 4,500 unour estimates orts outside o

ruck supplierse below for thfor 35 percene second in thy by Hyster-Yately to matchestimated ex

1  % 0  25.5  10  21.2  10  14.7 0  14.3 0  10.0 0  7.9 0  3.5 0  1.2 0  1.6 0  100.0  5

lift) held the ffive years. Nuction shares,ustry output. itions of the to

I                         

nts confidential 

n North Amer

2012 

53,700 

55,000 

58,200 

166,900 

3,600 

170,500 

ruck are showhrough 2013. e the lowest bmade an adjubased on morer estimated pnits in 2013. Tof domestic s

of North Amer

s of Classes 1he period of 2t of all electriche productionYale Materiah up with our

xports.

2012  % 14,000   11,000  20.3 8,100  15.0 7,700  14.2 5,200  9.6 4,500  8.3 2,000  3.7 800  1.5 800  1.5 

54,100  100.0 

fourth positionissan/TCM (U with Linde aThere has no

op players in

Equipment Anndustrial Lift T           January 

to the Client

ica 

2013 % Ch’12 

58,500 

61,000 

67,500 

187,000 

4,500 

191,500 

wn above. ThThe low poin

because of thustment to oure recent production levThese figures sales by theserica.

1 and 2 (elect009 through 2c ride-on truc

n department ls Handling aestimates of

2013 15,300 12,000 8,600 8,400 5,800 5,000 2,100 900 800 

58,900  1

n in 2013 andUniCarriers)nd Komatsu ot been muchelectric ride-o

alysis Trucks 2015 

hange – ‘13 8.9 

10.9 

16.0 

12.0 

25.0 

12.3 

e nt in e

ur

vels

e

tric 2013.

cks is at 24 sales

% 26.0 20.4 14.6 14.3 9.8 8.5 3.6 1.5 1.4 

100.0 

d has is

h on

Equipment AIndustrial LiftJanuary 2015

Electric Wa(Class 3)

Internal Co(Classes 4 /

EXPORTSIMPORTS

Analysis t Trucks 5    

alk Behind 

ombustion:  / 5)

Table 8: IndusNorth AmericOEMs 

Toyota  

MCFA 

Hyster 

Yale 

Nissan/TCM 

Komatsu 

Linde 

*Others 

Total Source: Yengst A

S / S

Yengst

This is our earlier, tota2009, downProduction Crown Equpercent of t27 percent (Clark, Nissindustry’s pmachines f

Toyota, Mitop manufacushion tirethe unit volproducing tindustry tottotal and Mheld close t10 percent.from South

strial Lift Truckcan Production

2009 

10,800 

5,200 

3,200 

3,200 

2,600 

1,000 

800 

1,300 

28,100 ssociates   *Other

Lift truck imunits to abo12,000 unit2010, impoprevious yemachines toestimated aunits in 201

t Associates © 2

first productioal production fn from roughlyby 2013 impr

uipment holdthe industry oand Hyster-Y

san/TCM, Mitproduction. Jurom Germany

tsubishi-Catacturers of sit-ed machines)ume in outputhese machinal productionCFA (Caterpto 9 percent o. Clark, Doos Korea.

ks ‐ Internal Con by Supplier 2

%  201

38.4  11,00

18.5  5,20

11.4  3,30

11.4  3,30

9.3  2,60

3.6  1,10

2.8  80

4.6  1,40

100.0  28,70s include: UTILEV,

mports in 2009out 7,000 unitts in 2008 andorts of all lift trears still causo reduce inveat about 7,50012, and 13,50

2015 All Rights R

on estimate fofor these macy 54,000 unitsroved to abou

ds the first posoutput. ToyotYale about 25subishi, and Lungheinrich (y.

terpillar (MCF-down IC lift t. These compt in 2013; Toyes in North A in 2013. Hysillar and Mitsuof the total, ansan, and Hyu

ombustion Cla2009 – 2013 0  % 

0  38.3  22

0  18.1  11

0  11.5  7

0  11.5  6

0  9.1  5

0  3.8  2

0  2.8  2

0  4.9  1

0  100.0  60 Lift  Rite, and Cro

9 were increats. Machine id even higherrucks gained sed manufactu

entories. Imp0 units, movin

00 units in 201

   

Reserved. Conten

or this categochines was ess in 2007 andut 61,000 unitsition in produta/Raymond5 percent of thLinde accounMCFA), a stro

FA), Hyster-Yrucks in Northpanies accouyota is by far

America represter-Yale accubishi Forkliftnd all other suundai, source

asses 4 and 5 

2011  % 

2,800  38.0 

1,900  19.8 

7,000  11.7 

6,600  11.0 

5,600  9.3 

2,500  4.2 

2,000  3.3 

1,600  2.5 

0,000  100.0 own.    

ased over our mports prior tr in the years slightly, but inurers to restra

ports for all typng up to abou13. There are

nts confidential 

ory of lift truckstimated at 31d 48,000 unitsts, up 97 percuction holdingis estimated

he output. Allnt for the balaong supplier,

Yale, and Nish America (pnnted for nearlthe biggest ssenting abou

counted for 23t) held 19 peruppliers the be all or most o

2012 

22,000  37

11,700  20

6,800  11

6,400  11

5,200  8

2,600  4

2,000  3

1,500  2

58,200  100

previous estito 2009 were prior to 2008

nventories of ain ordering epes of trucks ut 9,500 units e no absolute

to the Client

ks. As shown 1,000 units ins in 2008. cent in five yeg more than 3to have rough other supplience of the imports its

ssan/TCM arneumatic tiredly 81 percent

single compant 38 percent o

3 percent of thcent. Nissan/

balance of aboof their mach

%  2013 

7.8  25,800 

0.1  12,900 

1.7  8,100 

1.0  7,600 

8.9  6,000 

4.5  2,800 

3.4  2,400 

2.6  1,900 

0.0  67,500 

imate of 5,700estimated at

8. Moving intomachines fro

excessive levein 2010 wereby 2011, 12,ways to know

11

ears. 30 hly ers

re the d and of

ny of he /TCM out ines

% 

38.2 

19.1 

12.0 

11.3 

8.9 

4.1 

3.6 

2.8 

100.0 

0

o om els of

e 000

w the

112

COMPONSUPPLY

NENT 

Yengs

exact numbkeeping meports, but sfrom Mexic Imports of Europe. Clelectric trucin Mexico; hLiuGong’s mimported froHyster-Yale On the expAmerica, acthroughout Australia an

Exports of lestimated i2011. In 20annually, bindividual c

There are aAmerica. Wrespective s • Engine

sold easupplieMitsubiwe neeused byspecificof IC lifand du

• Transmpercentmanufatransmwas fou

                      

t Associates © 2

ber of importsethods emplosome machineo.

most trucks clark, Doosan,cks from Korehowever, we machines areom China. Ine, and MCFA

port side, Mexccounting for the world. Ot

nd South Afric

lift trucks are n the range o012 and 2013ut we are not

companies to

a large numbeWe have electsourcing of co

es – Among thach year, our ers. The primishi, General

ed to add that y the OEMs. Wcation sheets ft truck engineal-fuel.

missions – Ptage of IC lift

acturing their issions are suund using ZF

                         

2015 All Rights R

s each year bayed. Most imes come throu

come primaril and Hyunda

ea. We also seare unable to

e all imported n Europe, Jun

all import a c

xico is the big40 – 50 perc

ther strong mca are also im

difficult to traof 3,000 to 4,03, exports incrt certain that edivulge actua

er of suppliersted to show somponents w

hose OEMs wresearch uncary engine veMotors, Isuzuthere are a laWe have listefound at the

es are of the L

owershift trantrucks. Whileown gear boxupplied undertransmission

                         

Reserved. Conte

ased on govemports arrive bugh Canada i

ly from Southai are the threeee lift trucks f

o confirm the from China.

ngheinrich, Mocertain level o

ggest market fcent of all U.Sarkets are fou

mportant.

ack. We estim000 units annreased to an export statistial export leve

s making andseveral of the where we coul

with the largescovered a totaendors for theu, Nissan, Cuarge number ed most of theend of this reLPG type, fol

nsmissions are several OExes, we are or private label

ns on its bigge

I                         

nts confidential 

ernment recorby shipping frinto the U.S. v

h Korea, somee major impofor Clark comlevel of activiHeli machine

offett, Cargoteof machines a

for IC lift truckS. and Canadiund in other L

mate lift truck ually for the yestimated 4,0cs are accurals.

d selling fork ltop suppliers

ld gain the inf

st unit volumeal of 12 differee IC trucks weummins, and K

of IC engine e engine maneport. The larlowed by dies

re found on aMs take cred

of the opinion l from other ver heavy-duty

Equipment Anndustrial Lift T           January 

to the Client

rds and the rerom overseasvia truck, like

e from China,orters of IC anming from its p

ty from Mexices are also ec, Combilift,

annually.

ks outside of an exports Latin countrie

exports wereyears 2009 –000 to 5,000 uate and canno

ift trucks in Ns and their formation.

es of IC lift truent engine ere Perkins, Kubota. Howsuppliers bei

nufacturers in rgest percentasel, gasoline,

a very high it for that a numbe

vendors. Hystey machines.

alysis Trucks 2015 

ecord s ewise

, and nd plant co.

North

es;

e

units ot get

North

ucks

wever, ng the

age CNG

er of er

Equipment AIndustrial LiftJanuary 2015

FIELD POPULAT

Analysis t Trucks 5    

TION

Yengst

Table 9: InduComponent Major Manufacturers 

   Caterpillar (M

   Clark MH 

   Crown 

   Doosan 

   Hyster ‐ Yale 

   Komatsu 

   Linde 

   Mitsubishi (M

   Nissan‐TCM 

   Raymond (Toy   Toyota Source: Compan

• Axles –

axles intruck axduring

• Electro

controlsin gainiin-hous

We work wpopulation There is nolike most ofederal jur

For years wtalking withwhich we laall lift trucksestimates ttrucks (all tytable is self

t Associates © 2

ustrial Lift TrucSuppliers to th

IC En

MCFA) Per

MitsuGeneral

PerMitsu

General

John 

MitsuGeneralPerkins /MazdaGeneral

Perkins / Isu

Nissan / Volksw

Deutz /

MCFA)  PerMitsuNissanMitsu

yota)  NToyota

ny Information 

– As was the n-house. Axlexles by severour survey.

onic Controlss used by OEing specific nase supply of e

ith estimated levels for the o census of off-highway misdiction.

we assumed t various indu

ater increaseds and includinhrough 2013 ypes) are wof-explanatory.

2015 All Rights R

cks he Major Man

ngines   Elect

kins  ubishi l Motors 

C

kins ubishi l Motors 

Deere  Geubishi l Motors / Doosan  / Isuzu l Motors Cummins 

Ge

uzu Komatsu  Ge

wagen  / Perkins  Gekins ubishi  Ge

n Isuzu ubishi Na  Gea / Hino 

case with traeTech and Keral OEMs, wh

s – General EEMs. We knowames for the

electronic con

sales of lift trdifferent type

machines inmachinery a

that most lift tstry people thd to 17 years ng scrappageas shown berking in North.

   

Reserved. Conten

ufacturers 

tronic Controls 

Caterpillar 

Na 

Crown neral Electric 

Na 

neral Electric 

neral Electric 

Linde neral Electric 

neral Electric 

Hitachi 

neral Electric Toyota 

ansmissions, messler are alsoile Dana was

Electric is a mw there are otOEMs. Those

ntrols are MCF

rucks to deteres of trucks b the field at a

are not regist

trucks had a 1hat we were pon average.

e factors, we celow. We estimh America. Th

nts confidential 

Transmissions 

Caterpillar Mitsubishi 

Carraro Dana 

Crown 

Doosan 

Hyster‐Yale Dana 

Komatsu 

Linde 

Caterpillar Mitsubishi 

Nissan / TCM Mitsubishi 

Na Toyota 

many OEM’s o used for larg mentioned a

major supplier ther supplierse OEMs that FA, Crown, L

rmine the appeing sold in thany given timtered annual

15 year life, bprobably shor Using that lif

concluded themated that abhe breakdown

to the Client

Axles

MitsubisDana

Dana

Crown

Doosan

Hyster‐YaZF 

Komats

Dana / Linde 

MitsubisDana

Nissan / T

Na Toyota

claim to sourge capacity IC

a number of ti

of electronic s, but had diffclaim to provinde, and Toy

proximate he marketplame and lift trly in any sta

but found fromrt on our timinfe expectancye population bout 2.4 million shown in th

13

shi 

n 

n 

ale 

su 

Kessler

shi 

TCM 

a 

rce C lift mes

ficulty vide yota.

ce. ucks

ate or

m ng, y for

on lift he

114

FORECAS

ST

Yengs

Class 1 andthe total.

As for the pestimate ththe balancethough we approximat Our outlookfor several past five yevery low baeconomic rlevel of outcycle, and o

We anticipa2013 levelsnear the enperiod startwere madeweeks of th We see no2015 will bgrowth in swatch the pwith industrchanging.

Table 10:  InEstimated FClass Type 

 Electric    Class 1 – Coun   Class 2 – Narr   Class 3 – Palle Internal Comb   Class 4 – Cush   Class 5 – PneuTotal PopulatioCountry    United States   Canada Total PopulatioSource: Yengst 

                      

t Associates © 2

d 2 trucks and

population breat the U.S. ace of 11 percenrealize that sately 9 – 12 pe

k for the lift truyears. Yew, w

ears, as showase in 2009, wrecession durput and demaour outlook is

ate that 2014 s shown in thend of 2014, weting in 2014, r

e available. (Ihe publishing

o major fundabe a reasonabsales of aboupolitical and ery suppliers to

ndustrial Lift Trield Populatio

nterbalanced row Aisle  et Trucks ustion hion Tire umatic Tire on 

 

on Associates     

                         

2015 All Rights R

d IC Classes

eak in sales foccounts for ront. This ratio hales in Canad

ercent of total.

uck market atwe have had

wn earlier, but which was broing 2008 andand seen prios positive for m

results will bee following tabe felt it more rather than spn fact, we madate for this r

amental chanbly good yeat 8 – 10 perceconomic pico assess whe

rucksn through 201

Uni

1,387,00400,00289,00698,00960,00425,00535,00

2,347,00

2,090,00257,00

2,347,00

                         

Reserved. Conte

4 and 5 acco

or the United oughly 89 perhas not changda vary each .

t this time is mbig percentagall of the imp

ought on by th 2009. We h

or to that founmost of the ne

e at least 9 –ble. While thimportant to cpeculate on fiay have the finreport.)

nges for the ar for the inducent above 20cture in Northether our proje

13 its  % 

00  59 00  17 00  12 00  30 00  41 00  18 00  23 00  100 

   00  89 00  11 00  100 

I                         

nts confidential 

This is theanalyzed ttrucks andbasic analmachines electric antrucks. Paaccount fosingle typeoverall poaccountingpercent ofthe field. W29 percenpopulation

ounted for abo

States versurcent of the toged over the year within a

more optimistge improvem

provements hhe financial faave nearly re

nd during the lext five years

10 percent bis report was concentrate onal 2014 resunal 2014 num

foreseeable ustrial truck m014 results.

h America anections are ho

Equipment Anndustrial Lift T           January 

to the Client

e first year wethe Class 3 pd used the salysis on theseas with the

nd IC ride-on allet trucks or the largest e of lift truck ipulation, g for roughly f all machinesWe found abo

nt of the total n coming fromout 41 percen

s Canada, weotal and Cana

years even small range

tic than it has ents during thave come froallout and ecovered to thlast economic

s.

better than thebeing prepar

on the forecasults before the

mbers within 4

future and bmanufacturersOf course, wd maintain coolding true or

alysis Trucks 2015 

e have allet me

e

n the

30 s in out

m nt of

e ada

of

been he

om a

he c

e red st ey 4 – 6

elieve s with

we will ontact r need

Equipment AIndustrial LiftJanuary 2015

SUPPLIERSUMMAR

Analysis t Trucks 5    

Table 1Project 

(Units) 

ProducElec ClaElec Cla IC (ClaITA  Others Total  Sales Elec ClaElec Cla IC (ClaITA Others Total 

Source: Y

R RY

Yengst

11: Industrial Lted ITA and No

ction asses 1+2 ass 3 sses 4 + 5) 

asses 1+2 ass 3 sses 4 + 5) 

Yengst Associates 

At this timeimproved dgrowth com2018. Our economies average growith cyclicaslowing trenconservativlikely to occour nationamachines.

We are assannual growrates to cheFederal Remonetary syears. Thedirection frorequires usgrowth in omany of thegrowth con

This sectionAmerican m

t Associates © 2

Lift Trucks  on ‐ ITA Produ

 

2013 

 58,500 61,000 67,500 

187,000  24,500 

191,500  2 

58,100 58,050 73,100 

189,250  25,000 

194,250  2projections 

e, our projectioemand and h

ming through 2thinking behiin North Ame

owth of aboutal changes ocnd in demandve and reasoncur, although al economy m

suming that inwth during theeck that poss

eserve changisystem into bae uncertaintiesom the admins to re-evaluatverseas marke markets outditions at pre

n provides a bmarket, selling

2015 All Rights R

ction & Sales i

2014  20

 64,000  69,066,000  72,076,000  83,0

206,000  224,05,000  5,5

211,000  229,5 

63,300  68,063,500  69,079,700  86,9

206,500  222,95,600  6,1

212,100  229,0

ons through 2higher levels o2016, then levnd these saleerica (primarilt 3 percent an

ccurring theread, later droppinable projectiooutside issueoves and wh

nflation will coe next few yeible issue. Wng interest ra

alance from ths of interest ranistration and te our projectkets that impatside of Northsent, several

brief profile ofg Classes 1 /

   

Reserved. Conten

in North AmerForecast

015  2016

 000  74,000000  75,000000  90,000000  239,000500  6,000500  245,000

 000  72,000000  73,000900  92,000900  237,000100  6,500000  243,500

2018 are geneof output (proveling out in 2es and producly the U.S. ecnnually for theafter which wing modestly on in our opines are alwaysich will have a

ontinue to holdars and no se

We are modesates during 20he low interesate changes oCongress rel

tions frequentact exports froh America are

we expect w

f all industrial2 / 3 (electric

nts confidential 

rica through 20

2017 

 74,000 75,000 90,000 

239,000 6,000 

245,000  

72,000 73,000 92,000 

237,000 6,500 

243,500 

erally positiveoduction) for th2017 and droction levels isconomy) will ce next two ye

will impact groin the fifth yenion, which ws possible thaan impact on

d at less thanerious need to

stly concerned015 and beyost rates imposon the upsidelative to needtly. We must om the manuf

e facing very swill continue th

l lift truck supc trucks) and

to the Client

018 

2018  % G’13

 70,000 72,000 85,000 

227,000 5,500 

232,500  

69,000 70,000 86,000 

225,000 6,000 

231,000 

e and showinghe industry, w

opping modess that the continue to shars through 2wth and creaar. This is a

we believe is mt can alter thedemand for t

n two (2) perco raise intered about the ond to bring thsed during rece and the lackded tax reform

also monitorfacturing sideslow economihrough 2015.

ppliers to the NClasses 4 / 5

15

 Growth3 – ‘18 

 19.7 18.0 25.9 21.4 22.2 21.4  

18.8 20.6 17.6 18.9 30.0 18.9 

g with stly in

how 2016, ate a

more e way these

ent st

he cent k of ms still

e, as ic

North 5 (IC

116

MitsubishiCaterpillar

So

i r (MCFA)

Yengs

machines).‘major’ sup Table 12: InMajor Supp

 Supplier 

 MCFA 

 Clark MH 

 Crown 

 Doosan 

 Hyster ‐ Yale 

 Komatsu 

 Linde 

 UniCarriers     (Nissan/TCM) 

Toyota 

 Raymond 

ource: Yengst Asso

Mitsubishi Cbetween Mengaged inparts undercompany islift trucks, uavenues to

Caterpillar-locations thdistributed trucks availin Houston,

                      

t Associates © 2

Yengst Assopliers, followe

ndustrial Lift plier Summar

ManufaLocat

HoustJap

South KMexico/ L

KOhio (4 loGreenca

Kinston, NGermany

South Kor

BereGreenv

Italy 

Newberry,

SummerUK / Ge

MarenW. Colum

Jap

ColumJap

GreenMuscat

ociates / Company

Caterpillar Noitsubishi Hea the manufacr the Mitsubiss headquarterupgrading its p compete.

branded machroughout Noby approximalable in North, Texas.

                         

2015 All Rights R

ociates initialled by a brief d

Trucks ry acturing ion(s)  1

on, TX pan 

Korea / Lexington, KY

1 / 2

ocations)astle, IN C / China /  / Mexico

ea / China

a, KY ville, NC / UK 

SC / Japan

rville, SC ermany 

ngo, IL,mbia, SC pan

bus, IN pan 

ne, NY tine, IA 

y Information    

orth America, vy Industries,

cture and distrshi Forklift andred in Houstoproduct line a

chines are disrth America aately 200 dea America are

                         

Reserved. Conte

ly takes a modescription of

Class1 / 2 / 3 / 

4 / 5 

1 / 2 / 3 / 4 / 5 

2 / 3 /    4 / 5 

1 / 2 / 3  4 / 5  

1 / 4 / 5 

1 / 2 / 3 / 4 / 5 

1 / 2 /  4 / 5 

1 / 2 / 3 / 4 / 5 

1 / 2 / 3 / 4 / 5 

1 / 2 / 3 / 4 / 5 

1 / 2 / 3 

Inc. (MCFA) , Ltd. and Catribution of mad Cat® Lift Tr

on, Texas. MCannually and c

stributed by apand Latin Amealer outlets. Me manufacture

I                         

nts confidential 

ore in-depth lof all other com

Electric Capacity Range (lbs.) 

3,000 ‐ 12,000 

3,000 ‐ 16,500 

3,000 – 6,000 

2,500 – 10,000 

2,000 – 12,000 

3,000 – 6,500 

3,000 – 10,000  

3,000 – 8,000 

3,000 – 12,000 

2,000 ‐ 8,000 

is a privatelyterpillar Indusaterial handlinruck brand naCFA is a domconstantly loo

pproximately erica. Mitsubi

Most Cat and Med and distribu

Equipment Anndustrial Lift T           January 

to the Client

ook at the mampetitors.

ICCapacity Ra

(lbs.) 

3,000 – 35,0

2,500 – 18,0

4,000 – 6,5

3,000 ‐ 33,0

2,500 – 105,

3,000 – 35,0

  3,000 – 40,0

3,000 – 22,0

3,000 – 51,0

NA 

y held joint venstrial Inc. MCFng equipmentames. The minant supplieoking for new

400 dealer shi trucks areMitsubishi lift uted from the

alysis Trucks 2015 

arket’s

nge 

000 

000 

500 

000 

,000 

000 

000 

000 

000 

nture FA is t and

er of

e

e plant

Equipment AIndustrial LiftJanuary 2015

Crown Equ

Analysis t Trucks 5    

uipment

Yengst

In August 2which JungMCFA dealJungheinricCanada anproduction

The Mitsubrespects, aJungheinricand Mitsub MCFA withtruck markeJungheinricposition fropenetration17 percent companies Crown Equin Bremen, America anscale. The different maknown for itneeds in-hoChina, Rod

Crown ownindependensupports mlocations anPacific regi

Crown entehad reachetrucks in Noagreement Material HaMeanwhile,line with boJohn Deeremodels andto our unde(both Crowoverall indu

t Associates © 2

2009, MCFA rgheinrich lift trler network anch branded trud Mexico). Thof Jungheinri

bishi product llthough the M

ch offers Clasishi lines nice

Jungheinrichet compared tch. For Classm less than 2

n today. On thof the marketfor both Clas

ipment CorpoOhio. Crown

nd consideredcompany maanufacturing lts vertical inteouse. Overseding Germany

ns close to 50nt dealer locaore than 40 innd supports aon.

ered the IC lifted a branding orth Americawith Komatsu

andling to pro, Crown introd

oth pneumatice diesel engind five pneumaerstanding, bun-made and H

ustry market s

2015 All Rights R

reached an agrucks would bnd which MCucks in Housthe agreementch trucks beg

ine mirrors thMitsubishi liness 1, 2, and 3 ely.

h accounts forto 5 – 6 perces 3 trucks, Jun2 percent of thhe IC side, Cat, Caterpillar b

ss 4 and 5 tru

oration is priv is the leading

d one of the lenufactures a locations withegration manueas, the compy, and Queret

dealer locatioations in the Undependent da number of in

t truck producagreement wthrough Crowu ended at thvide the Hamduced its ownc and cushionnes. The Hamatic tired macut Crown has Hamech trucksince 2012.

   

Reserved. Conten

greement witbe distributed FA would maton for distribt went into effgan about the

he Caterpillar e includes nar

trucks, which

r about 9 – 10ent in 2010 prngheinrich hahe market to aaterpillar andbeing the mocks.

vately owned cg brand of ele

eading suppliewide selectio

hin the Unitedufacturing a hpany has manaro, Mexico.

ons and suppUnited States;distributors inndependent d

ct area in 200with Komatsu wn dealers une end of 201

mech line of prn in-house den tired modelsmech line, whhines, has bedeveloped m

ks) accountin

nts confidential 

h Jungheinricin North Ame

anufacture a nution in Northfect January 2

e second quar

lift truck prodrrow aisle Clah complemen

0 percent of trior to the agras increased tabout 8 perce Mitsubishi tore dominant s

company andectric lift truckers of electric

on of electric ld States. The high portion onufacturing si

ports more tha owns 19 dist Europe and

dealer location

08 when it annForklift USA

nder the Ham1, and Crownroducts, whic

eveloped C-5 s available anhich consists oeen slow to de

modest sales fng for about 1

to the Client

ch of Germanerica through number of h America (U.2010 and rter of 2010.

duct line in maass 2 trucks. t the Caterpil

he Class 1 +2reement with the MCFA maent market ogether hold asupplier of the

d is headquarks in North c trucks on a gift trucks in elcompany is

of its componetes in Suzhou

an 100 tributors and owns 33 deans in the Asia

nounced that to distribute Iech name; th

n turned to Clach continues tmodel IC lift td powered byof 2 cushion tevelop for Crofor its IC mac– 2 percent o

17

y in the

.S.,

any

lar

2

arket

about e two

rtered

global leven

ent u,

ler a

it IC lift e ark oday. truck y tired own hines of the

118

Doosan

Hyster ‐ Yaale

Yengs

On the elecand 2 electunits in 200has held ropast five ye“walkie” trumarket bas

Doosan InfDivision nethroughout sales and sconsists of Class 3 wasince our la All of Doosafour-wheelenarrow aislecompany’s tires and ca Doosan is nof the markmuch stronindustry saa much sm Hyster - Yalargest in thoff from NAlocations inMexico, andworking in rdealer locaHyster – YaheadquarteIn 2011, thewhich is als Hyster – Yalift capacitiedates back machines foabout 23 pemachines, t

                      

t Associates © 2

ctric truck sidetric ride-on lift09, the low yeoughly 25 percears, based ocks, where w

sed on recent

racore is heaar Cleveland,North Americ

service locatioelectric and Ilk-behind mo

ast report.

an’s electric med machines e line consistIC product lin

apacities rang

not strong in iket, while Clasger in the Clales. All of Doaller number

ale Materials Hhe world. ThACCO Industrn the US, the d Australia. Troughly 100 ctions selling tale corporate ers for NMHGe company inso manufactu

ale offer truckes ranging frodecades and

or over 50 yeercent of all ethe combinat

                         

2015 All Rights R

e, Crown’s satrucks in Nor

ear for sales dcent of the ovn our analysis

we estimate thindustry sale

dquartered in, Ohio, with oca. DIA lift truons in the U.SC machines rdels, which w

models are siavailable rangts of two modene is extensivging from 3,00

its Class 1 anss 3 truck penasses 4 and 5oosan’s mach

from China.

Handling is a he company, ries, has manUnited Kingdo

The company countries. In the Yale, Hysoffice is locat (NACCO Matroduced a nered and sold

ks in all lift trucom 2,000 poud has always ears. In Classelectric trucks ion holds abo

                         

Reserved. Conte

ales in 2013 torth America, uduring the pasverall Class 1 s. Crown is a

hat it accountses.

n Suwanee, Goffices and tecuck dealers opS. and Canadride-on trucks

were added to

t-down, with aging from 2,5els rated from

ve and include00 to 36,000

nd 2 lift trucksnetration is ni5 machines, rines are impo

publicly owneformed in Seufacturing siteom, Brazil, thhas a vast glNorth Americ

ster, and UTILted in Clevela

aterials Handlew brand of tthrough NMH

ck types fromnds to 100,00been one of t

ses 1 and 2, Hsold in North

out 25 percen

I                         

nts confidential 

otaled roughlyup from an esst five years. and 2 lift truclso strong in s for about 33

GA and maintachnical servicperate throug

da. The lift trus (Classes 1, o the company

a number of t500 to 10,000 m 3,500 to 4,0es both cushipounds.

s, accounting il at best. Therepresenting aorted, most fr

ed lift truck sueptember 201es around the

he Netherlandlobal networkca, there are aLEV lift truck band, OH; howling Group) istrucks, knownHG.

m Class 1 to C00 pounds. Tthe leading suHyster and Yah America. Font market shar

Equipment Anndustrial Lift T           January 

to the Client

y 14,700 Classtimated 7,90 The compan

ck markets foClass 3 elect

3 percent of th

ains its Lift Trce centers h more than 2

uck product lin2, 4, and 5) ay’s product lin

three-wheeledlb range. The

000 pounds. on and pneum

for 1 – 2 perce company isabout 5 perceom South Ko

upplier, one o2 following a e world with ds, Japan, Italk of dealers approximatelybrands. The

wever, the s in Greenvillen as UTILEV,

Class 5, coverThe company uppliers of theale account foor Class 3 re; in Classes

alysis Trucks 2015 

ss 1 0 ny r the ric hat

ruck

200 ne and ne

d and e The matic

cent s ent of orea,

of the spin-

ly,

y 220

e, NC.

ring ese or

s 4

Equipment AIndustrial LiftJanuary 2015

Komatsu F

Linde MateHandling

Analysis t Trucks 5    

Forklift

erial 

Yengst

and 5 the cpenetrationwhich consone three-wmaterial difconcept of – Yale and We should small fuel cexpected toHyster-Yalecompany isbeen set fo Komatsu Fomanufacturabout five yMeadows, three Classnot offer Clproduct linewell. The compaKomatsu brin July 2010in Georgia,drop the Tu Komatsu is3 – 4 percemarket for Kindustry. Bcompany habove, the its sales co

Linde Matein Summervmanufacturline throughof the machSummervill

We estimatNorth Amer

t Associates © 2

company is alsn based on 20sists of two ICwheel electricfference in theoffering inexpwill be tested

note that thatcell manufactuo commerciale in coming yes expected to or that possibi

orklift U.S.A.ring and prodyears ago fromIL. The comps 2 models, anass 3 “walkiee in South Ca

any for many yrand and the 0. Komatsu h but the whole

usk brand.

s a supplier inent of industryKomatsu, but

Both cushion aas nearly equcompany imp

ome from truc

erial Handling ville, South Crers of lift truch a nationwidehines sold in Ne, although s

te that Linde srica in 2013, a

2015 All Rights R

so very comp013 industry s

C models rated model rated e company’s pensive and sd over time.

t Hyster-Yaleurer, Nuvera Fize the use ofears. No timeoffer electric lity.

is a division ouct support om Georgia. Tpany offers linnd Class 4 an

e” lift trucks. Karolina, but im

years marketeTusk brand.

had manufacte process bec

the electric liy sales in recet market peneand pneumatiual sales in boports some mks produced

North AmericCarolina. Lindcks in the wore dealer netwNorth Americ

some machine

sold about 2,3accounting fo

   

Reserved. Conten

petitive with rosales. The add from 5,000 3,000 to 4,00lift truck positsimply-design

e’s operating cFuel Cells, Inf fuel cells in e line has beelift trucks wit

of Komatsu Loperations in Nhe company’sne up of sit-dond Class 5 ma

Komatsu prodmports a portio

ed two brandIt discontinue

tured the Tuscame unecon

ift truck markeent years. Theetration is aboic tire IC lift troth types of m

models from Jain its South C

ca, part of Linde AG is consrld. The compwork that totalca are producees are importe

300 units of itor about 3 per

nts confidential 

oughly 25 perddition of the to 6,000 lbs l

00 lbs, has notion from our ned machines

company NMnc., Billerica, Melectric lift truen establisheh fuel cells, b

td. Komatsu Newberry, SCs headquarteown electric machines. The uces the larg

on of its need

ds of lift trucksed the Tusk b

sk brand of liftnomic, forcing

et, accountinge IC market isout 4 percent rucks are offemachines. Aapan, with the

Carolina facilit

nde AG of Gesidered one ofpany sells its ls about 200. ed in the comed annually.

ts Class 4 anrcent market p

to the Client

rcent market UTILEV branift capacity an

ot yet made astandpoint, b

s is new for Hy

HG acquired MA which is ucks offered bed on when thbut the stage h

Forklift U.S.AC, moved therers are in Rollmodels (Classcompany doeest portion ofs from Japan

s – namely itsbrand of macht trucks at its g the decision

g for an estims a bigger volrelative to the

ered and the s mentioned e largest portty.

rmany, is locaf the largest lift truck prodThe large ma

mpany’s factor

d 5 IC trucks penetration fo

19

d, nd

a but the yster

a

by he has

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s hines plant

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mated lume e

ion of

ated

duct ajority ry in

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220

UniCarrier

Raymond

s Americas

Yengs

those two caccounts fotrucks. TheNorth Amercompany soare mostly Germany. range of 1 – Nissan ForCorporationHoldings inNissan, Baapproximatlocations. B The compaThe IC line from 3,000 3,000 to 11lift capacity

UniCarriersthe Barrett (all three brtrucks sold trucks (Clasopinion for recent year Raymond Celectric lift tRaymond himports somMarch 2010manufacturwhere ClasConcepts Ccompany’s Raymond’sdecades. Brepresentedapproximatthe companmarket in re

                      

t Associates © 2

classes of trucor 1 – 2 percee company herica for severaources a largshipped to thLinde has a s– 2 percent.

klift and TCMn in April 2013 Tokyo, Japarrett, Atlet, TCtely 140 dealeBarrett walkie

any offers all tof cushion mto 8,000 pou,000 pounds.

y and the walk

s (TCM, Nissabrand name, rands) machinin North Ame

sses 1 and 2)2013; IC trucrs.

Corporation, otruck manufachas two manume machines 0 to consolidaring facility in ss 3 lift trucks Corporation pcustomers.

s focus on eleBased on our ad about 33 petely 10 percenny is a strongecent years.

                         

2015 All Rights R

cks. On the eent of the overeld a 3 percenal years, but te portion of ite company insmall share in

M America me3. UniCarrier

an, the parent CM, and UniCer locations, wtrucks are pr

types of indusmachines (Niss

nds, while the. Electric ridekie trucks hav

an, and Barreas well as th

nes account ferica based o), UniCarriersck market sha

owned by Toycturer, markeufacturing faci

from Italy. Tate productionGreene, NY. are producedrovides sales

ectric trucks Canalysis of thercent of Clasnt of the Class competitor w

                         

Reserved. Conte

electric side, wrall market, m

nt market shathat has erodts parts and cn South Caroln the Class 3

rged to form rs Americas iscompany. T

Carriers. Thewhile the TCMrimarily sold t

strial trucks bosan and TCMe pneumatic-tr trucks range

ve capacities

ett) produces ae Nissan andfor an estimat

on 2013 induss held a 3 – 4 are for UniCar

yota Material eting its produilities in the d

The company n of its narrowA second pla

d. In North As and services

Classes 1, 2 ahe marketplacss 2 truck sales 1 sit-down t

with about rou

I                         

nts confidential 

we estimate tmost of that wre in the elect

ded in our opincomponents frlina from the trucks from o

UniCarriers As a division of

The company Nissan brand

M line is coverhrough Nissa

oth IC and eleM) has lift captired machinee from 3,000 of 4,400 to 8,

and sells Clasd TCM namested 5+ percen

stry sales. Forpercent mark

rriers is rough

Handling, is aucts on a globomestic markclosed a plan

w aisle machiant is located

America, Rayms for a high po

and 3 has covce for 2013, Res in North Amtrucks sold. I

ughly 15 - 16 p

Equipment Anndustrial Lift T           January 

to the Client

the company eighted to Clatric truck marnion. The rom Europe, wparent compa

our analysis, i

Americas f UniCarriers has five brand is sold throured by about

an dealers.

ectric versionacities rangines range fromto 8,000 poun,000 pounds.

ss 3 trucks uns. The compant of the Clasr electric ride-ket position inhly 8 - 9 perce

a well-known bal scale. ket, but also nt in Canada nes in its primin Muscatine

mond Handlinortion of the

vered several Raymond by itmerica and hIn Class 3 trupercent of the

alysis Trucks 2015 

ass 1 rket in

which any in n the

nds – ugh 175

ns. ng m

nds

nder any’s s 3 -on n our ent in

in mary e, IA ng

tself eld cks, e

Equipment AIndustrial LiftJanuary 2015

Toyota

Analysis t Trucks 5    

Yengst

Toyota is thconsideringcovers all fithrough 5). manufacturmachines afactory in Inin North AmU.S. and C

For the elecmachines wtrucks, bothranging up is capable o

Toyota accpercent of tshares havToyota is ecompany’s share in thaaccounts (e

When comboverall has Class 3 manot hold thesecond and

t Associates © 2

he largest supg its combinedive of the cate The compan

ring plant in Cannually. Heandiana. Theremerica, with aanada.

ctric truck prowith lift capach cushion andto 15,500 poof lifting up to

ounted for 37the pneumatice not varied mstimated to hposition in C

at particular mexcluding Ray

bining Toyotathe lead or s

achines remaie lead positiod only by a sm

2015 All Rights R

pplier of lift trud ownership oegories of trucny manufactu

Columbus, Indadquarters fore are 73 authopproximately

oduct line, Toyities ranging f

d pneumatic tunds lift capa

o 55,000 poun

7 - 38 percentc tired IC trucmuch in recenave close to 2lass 2 machin

market segmeymond’s posit

a’s results withecond position the one segn when includ

mall margin.

   

Reserved. Conten

ucks in North of Raymond. cks discussed

urers most of diana, althougr Toyota Mateorized Toyota225 dealersh

yota has bothfrom 3,000 toired, Toyota o

acity; while thends.

t of the cushiocks sold in 20nt years. In C20 percent ofnes is weak hent. In Class tion) about 10

h those of Raon in all but ongment of the ding Raymon

nts confidential 

America, par The compand in this repoits Toyota bragh Toyota doeerial Handlinga industrial eqhip locations t

h cushion ando 12,000 pounoffers its cushe pneumatic t

on tire IC truc13. The com

Class 1 sit-dowf the market, ahaving less th3 trucks, the 0 percent of th

aymond it is cne industrial lmarket todayd’s sales, how

to the Client

rticularly whenny’s product lirt (Classes 1 and trucks at es import som is located at

quipment deathroughout th

d pneumatic tnds. For the IChion tire machtired product

cks and roughmpany market wn electric trualthough the an 5 percent company he market.

clear that Toyolift truck segmy that Toyota dwever, comes

21

n ne

its me

the lers

he

ired C hines line

hly 30

ucks,

ota ment. does s in

222

Table 13: Ind

   Supplier 

  Big Lift 

  Rico   Equipment 

 Elwell‐Parker 

 Heli Americas 

 Hoist Liftruck 

  Hyundai 

  Jungheinrich    (MCFA) 

  Landoll Corp. 

  Aisle‐Master, L

dustrial Lift Tru

Manufact Locatio

Dells, WI 

Medina, OH 

Coraopolis,

China 

Bedford Pa

South Kore

Germany Houston, TX

Marysville, 

Ltd  Ireland 

Yengs

ucks | Summar

turing on(s) 

Class 1 / 2 / 3 4 / 5 

3 

H  1 / 2 / 4 / 5 

 PA  1 / 4 / 

1 / 3 / 4 

rk, IL  1 /  4 / 

a  1 / 4 / 

X  1 / 2 / 

KS  2 / 5 

2 / 4 

                      

t Associates © 2

ry of Other Su

3/ 

Based in Lomsince 1950.  New ownersincluding palProducts arewith a Maste

EP Equipm

3 Company offCustomer baare made thrautomotive a

5 

H & K Equipmlift capacitieindustrial clesells forklifts

/ 5 

Heli Americaseveral modecategory of wtired machinimported fro

5 

Headquarterranging fromU.S. Govt. Docomponents2013.          

5 

Hyundai has marketed byThe compansold about 1units.  The la

3 

JungheinrichNorth Ameri(MCFA) effecJungheinrichJungheinrichbegan in Ma1,500 units, apercent of th

 

Landoll offercompany selexports 15 ‐estimated at

Capacities upthrough indeElectric and 

                         

2015 All Rights R

ppliers  

mbard, IL.  Has moLift capacities of its bought the compllet trucks, stackere sold through rouger Distributor in Cament USA (Chinese

fers specialty electase includes users rough about 60 prand steel industrie

ment purchased Es ranging from 15,eaning equipment s made by Nissan, 

as is based in Memels of its electric swalkie lift trucks.  nes, with lift capacom China.  

red in Bedford Parm 15,000 to 115,00omestic sales mad are sourced in‐ho

been selling lift try Hyundai Construcy offers both elect,000 to 1,300 unitargest portion of sa

h Lift Truck Corp., Ucan business throctive 1 January 20h products in Northh for the North Amrch 2010.  The comabout 3 percent ohe industry sales, w

rs Bendi, Drexel anls products throug20% of its annual t roughly 300 units

p to 4,400 lbs. Speependent dealers iLPG power availab

                         

Reserved. Conte

Commen

re than 200 dealets qualifying Class pany in 2009 and itrs, and order pickeghly 200 independanada.  A new diste supplier) has bee

tric and IC sit‐dowin the industrial, crimary dealers, wites. 

lwell‐Parker from ,000 to 100,000 lb distributor locateTaylor, and Koma

mphis, TN and was it‐down lift trucksOn the IC side, Hecities ranging from

rk, IL.  All products00 lbs.  The compade through indepeouse.  Sales volum

rucks in North Amction Equipment Atric and IC sit‐dowts annually except ales is made in the

USA started in 200ugh agreements w10 in which MCFAh America, also prmerican market. Prmpany had estimaof industry sales.  Iwhich has greatly 

nd Landoll brandedgh a dealer netwoproduction – prims annually. 

ecialty narrow‐aislin North America.ble. 

I                         

nts confidential 

nts 

rs in North Americ3 models range frt is now called Bigers sold under thedent dealer locatiotribution strategicen set.  

wn lift trucks ratedcommercial and mth its strongest cu

Hoist Liftruck in ebs.  H&K is a matered in Coraopolis, Ptsu. 

started in 2007. Ts (Class 1 and one eli provides both cm 2,000 to 22,000 l

s are specialty highany has overseas sendent dealers.  A mes are estimated 

erica for a numbeAmericas, Inc. locawn machines.  The in 2009 when salee IC product line. 

00.  In late 2009, twith Mitsubishi CaA became the excluroducing equipmeroduction of someated Class 1 and 2 n Class 3 sales, theassisted MCFA in 

d narrow aisle eleork of about 100 lomarily to Europe.  S

e machines impor  Sales range from

Equipment Anndustrial Lift T           January 

to the Client

ca.  Has been in burom 2,000 to 4,500g Lift LLC.  Products Big Joe brand namons in North Amerc partnership with 

 20,000 to 40,000 military markets.  Sstomers in the 

early 2010. Trucks rial handling and PA.   The company 

The company offermodel in the Classushion and pneumbs.  All machines a

h‐capacity lift macsales and is selling high portion of in the 400 unit ran

er of years.  The truated in Suwanee, Gcompany typicallyes dropped to abo

he company realigaterpillar Forklift Ausive distributor ont developed by e models in Houstolift truck sales in 2e company holds athis market segme

ctric and IC forklifocations.  The comSales of all brands

rted from Ireland. m 25 – 50 units ann

alysis Trucks 2015 

usiness 0 lbs.  s me. rica  

 lbs. Sales 

have 

also 

rs s 3 matic are 

chines to the 

nge for 

ucks are GA.  y has out 500 

gned its America of 

on 2013 of about 6 ent. 

fts. The mpany  are 

Sold nually. 

Equipment AIndustrial LiftJanuary 2015

Table 13: Ind

Supplier 

  E‐P Equipment

 Manitex Liftkin (Lowry) 

 Royal Tractor 

  Schaeff   (Manitex) 

 Sichelschmidt 

 Tailift 

 Taylor Machine Works 

  World‐Lift 

   Combilift 

Source: Yen

Analysis t Trucks 5    

ustrial Lift Tru

Manufact Locatio

t  Inman, SC 

ng  WoodbridgCanada 

Olathe, KS 

Bridgeview,

Germany 

Taiwan 

e  Louisville, M

Taiwan 

Greensboro

gst Associates / Co

Yengst

ucks | Summar

turing on(s) 

Class 1 / 2 / 34 / 5 

1 / 3 / 4 

e, ON  4 

1 / 4 / 5

, IL  1 / 2 

1 / 3  

1 / 3 / 4 

MS  4 / 5 

1 / 4 / 5

o, NC  1 /  2 / 4 

ompany Informati

t Associates © 2

ry of Other Sup

3 / 

/ 5 E‐P started smanufacturetrucks and st

Lowry is partheavy duty liindustrial apEstimated an

5  IC and electrunderstandin

Schaeff, a divonly.  Sales aoverseas saleDomestic sal

Sichelschmiddistributed ththe U.S.  SichNorth Americ

/ 5  

Introduced torepresented located in Ft.ranging from(articulated) estimated atagreement inexpansion anthe lift truckuntil 2020. 

IC cushion tirtrucks are offindependent300 – 400 un

5 

Like Tailift, thLauderdale, Fcushion and machines.  D

/ 5 

Global headqLong‐load hainclude IC anand electric asales estimat

ion    

2015 All Rights R

ppliers

elling lift trucks ines and imports all tackers. We estima

t of Manitex Liftkinft trucks ranging iplications.  Sales annual sales are rou

ic lift trucks used ing.   Lift truck sale

vision of Manitex Ire made through es also made in soes are believed to

dt focuses primarilhrough Repara Lifthelschmidt machinca is < 25 units.  

o the North Ameriin North America . Lauderdale, FL w

m 3,000 to 22,000 lforklifts are also p 300 – 400 units an April 2014 in whnd marketing of th business will occ

re lift trucks with lfered from 16,000t dealers. Exports anits annually durin

his company is repFL. with 120 dealepneumatic tire lift

Domestic sales are 

quarters for Combandling market is tnd electric trucks. Lavailable.  Sales thted at 400 – 700 u

   

Reserved. Conten

Commen

n the US in 2002.  Tmachines from Chate sales of about

ng.  The Lowry bran lift capacity fromare made through ughly 300 units. 

in special applicats are quite low in 

International, offean extensive deal

ome Latin Americao be in the 300 uni

y on ‘Explosion Prft Express in Quebenes cover lift capac

ican market in lateby Worldwide Wh

with over 100 dealelbs. Tailift manufapart of the Tailift lnnually. Tailift anhich Toyota will inhe Tailift product ur before 2020, a

lift capacities of 180‐ to 120,000‐lbs.  a high portion of pg the past three y

presented by Worlers in the U.S. and t trucks, as well asestimated to be 1

bilift in Ireland. Spethe specialty of theLift capacities ranghrough independenits annually in re

nts confidential 

nts 

The company, heahina. Most sales art 150 ‐ 200 units an

and lineup has 7 mm 18,000 to 45,000independent dea

tions.   The compaour opinion. 

ers stand‐up and ser network in Norn countries, Austrt range based on 

roof” market appliec, Canada.  Compcities of 2,500‐6,6

e‐1996.  Tailift witholesale Forklifts, er locations. Tailiftctures forklifts in Tine of machines.  Sd Toyota Industrinvest in Tailift andline of machines.nd Tailift will cont

8,000‐ to 30,000‐lPrivately held comproduction.  Domeyears. 

ldwide WholesaleCanada.  The prods a limited lineup o100 to 150 units an

ecialty lift trucks ae company’s prodge from 5,000 to 5nt dealers in Nortecent years.  

to the Client

adquartered in Chire Class 3 electric nnually in recent y

models of IC cushio0 lbs used in heavlers in North Ame

ny is in bankruptc

it down electric trrth America, with ralia, and Algeria.  2013 sales estima

ications.  Trucks arpany is not market00 lbs.  Annual vo

th electric and IC ta master distributt trucks have lift caTaiwan since 1987Sales of all trucks es Corp. (TICO) sigd assist in product.  No formal takeotinue operating as

bs.  Pneumatic tirempany.  Sells throuestic sales estimat

 Forklifts of Fort duct line includes of electric sit‐downnnually at best.  

are imported fromuct line.  Machine55,000 lbs. LP gas, h America. Domes

23

ina, pallet years.  

on tire vy rica. 

y to our 

rucks 

tes. 

re ting in lume in 

rucks is tor apacities7.  Flexi are gned an t over of s it is 

e IC ugh ted at 

IC n 

 there.  es diesel stic 

224

Table 14: Ind Big Lift, LLC 1060 N. GarfLombard, IL 6(630) 916‐26www.bigjoef Crown Equip44 S. WashinNew Bremen(419) 629‐23www.crown. Heli America2005 FletcheMemphis, TN901‐255–073www.heliam Hyundai ConAmericas 6100 AtlanticNorcross, GA678‐823‐777www.hceam Komatsu ForOne ContineRolling Mead847‐437‐580www.komats Manitex Liftk7135 IslingtoWoodbridge,(905) 851‐39www.manite Schaeff Lift T7402 W. 100Bridgeview, I(708) 430‐53www.schaeff Landoll Corp1900 North SMarysville, K(785) 562‐53www.landoll ProfessionalSteinbock Bo6932 HanginOrlando, FL  407‐677‐004www.pmh‐co 

dustrial Lift Tru

field Street 60148 600 forklifts.com   

pment Corp. ngton St. n, OH 45869 311 .com  

as er Creek Dr. N 38133 35 ericas.com  

nstruction Equip

c Blvd. A 30071 77 ericas.com  

rklift (USA) Inc. nt Towers dows, IL 60008 00 suamerica.com  

king ULC on, Ave. , ON L4L1V9 Can988 exliftking.com 

Truck, Inc. (Man Place Illinois 60455 300 finc.net  

poration Street KS 66508 381 .com  

 Materials Handoss Lift Trucks g Moss Rd. 

40 o.com  

Yengs

ucks – Manufa C7L(w D4W(w H6BPw

pment  M2N(w  L2S(w

nada 

 N2M(w

nitex)      T6L(w K1C2w

dling Co.  T1R(w

                      

t Associates © 2

acturer Addres

Clark Material H700 Enterprise DLexington, KY 40859) 422‐6400www.clarkmhc.c

Doosan Infracor4350 RenaissancWarrensville Hei216) 595‐1212www.doosanlift.

Hoist Liftruck Mf6499 W. 65th St.Bedford Park, ILPhone 708.458.2www.hoistlift.co

MCFA Jungheinr2121 West Sam HNorth Houston, T713) 365‐1000www.jungheinric

Linde Material H2450 West 5th NoSummerville, SC 843) 875‐8000www.lmh‐na.com

Nissan by Unicar240 N. Prospect Marengo, IL 601815) 568‐0061www.nissanfork

Taylor Machine 650 North ChurcLouisville, MS 39662) 773‐3421www.taylorbigre

Kalmar USA 103 Guadalupe DCibolo, TX 78108210‐599‐6541 www.kalmarind.

Tailift USA 11778 San MarinRancho Cucamon909) 930‐9801www.tailift.com/

                         

2015 All Rights R

ses 

Handling CompaDr. 0510 

com

e ce Pkwy ghts, OH 44128

com    

fg., Inc.   

60638 2200 om  

rich Houston Pkwy TX 77043 

ch.com  

Handling North Aorth St. 29483 

m  

rriers AmericasSt. 52 

lift.com  

Works, Inc.   ch Avenue 9339 

ed.com 

Drive 8 

com  

no Street nga, CA 91730 

/usa2  

                         

Reserved. Conte

ny  Hyst1400Gree800‐www

RaymPO BGree(607www

TCM107 Wes803‐www

Yale1400Gree(252www 

America  Toyo5559Colu812‐www

Wor2810Ft. La(954www

Chris7399Long228‐www

Princ415 Otta800‐www

UTIL1400Gree252‐www

I                         

nts confidential 

ter Company 0 Sullivan Drive enville, NC 27834‐497‐8371 w.hysterusa.com

mond Corp. Box 130 ene, New York 17) 656‐2311 w.raymondcorp.

M America, Inc. bMcQueen Streest Columbia, SC 2‐791‐5205 w.tcmforklifts.co

 Materials Hand0 Sullivan Drive enville, NC 278342) 931‐5100 w.yale.com  

ota Material Han9 Inwood Dr. umbus, OH 4720‐341‐3810 w.toyotaforklift.c

rldwide Wholesa0 SW 2nd. Avenuauderdale, FL 334) 768‐9875 w.worldwidefork

sman Manufact9 Beatline Road g Beach, MS 395‐864‐6293 w.navigatorforkl

ceton Delivery SE. Dundee St. wa, KS 66067 ‐331‐5851 w.piggy‐back.com

LEV  0 Sullivan Drive enville, NC 27834‐931‐5100 w.northamerica.

Equipment Anndustrial Lift T           January 

to the Client

4 

m  

3778 

com  

by Unicarriers t 29172 

om  

dling Corp. 

4 

ndling USA, Inc.

1 

com 

ale Forklifts  e 3155 

klifts.com 

turing, Inc. 

560 

ift.com   

Systems, Inc. 

m  

4 

.utilev.com   

alysis Trucks 2015 

. 

Equipment AIndustrial LiftJanuary 2015

Table 14: In

 HAMECH 40 South WaNew Bremen419‐629‐231www.crown. EP Equipmen1770 CamptoInman, SC 29864‐472‐277www.epequi

Source: Compan 

Table 15: IndElectric Coun

Manufacturer

Big Joe Bendi (LandolCaterpillar (MClark MH Crown Doosan Drexel (LandoElwell‐Parker Heli Americas Hyster‐Yale Hyundai Jungheinrich (Kalmar Komatsu Landoll Linde Mitsubishi (MNissan Raymond (ToySchaeff (ManiTailift TCM Toyota World Lift 

Source: Compan

Analysis t Trucks 5    

ndustrial Lift T

ashington, Streetn, OH 45869 11 .com  

nt USA on Rd. 9349 76 ipmentusa.com ny Information  

dustrial Lift Trunterbalanced a

r 

l) CFA) 

ll) 

(MCFA) 

CFA) 

yota) tex) 

ny Information 

Yengst

rucks – Manuf

t 

 M2N7w

 

  C3G8w

uck Specificatioand Narrow Isl

Cla

‐2211

4

21

1

11

41

2

  

t Associates © 2

facturer Addre

Mitsubishi Cater2121 Sam HoustNorth Houston, T713‐365‐1000 www.mitforklift.

Combilift USA 303 Concord StreGreensboro, NC 877‐266‐2456 www.combilift.c

ons le (Classes 1 an

Number of M

ass 1 1 ‐‐ 20 20 19 19 2 4 2 29 10 5 8 11  6 14 15 2 4 14 7 20 6 

2015 All Rights R

esses (continue

rpillar Forklift  Aon Pkwy TX 77043 

.com  

eet 27406 

om  

nd 2) Models 

Class 21 5 14 5 5 2 8 ‐‐ ‐‐ 20 ‐ 9 8 3 2 16 13 5 11 15 0 ‐ 10 ‐‐ 

   

Reserved. Conten

ed)

America   LIFT 5975Miss905‐www

nts confidential 

RITE, Inc. 5 Falbourne Stresissauga, ON L5R‐546‐2603 w.liftrite.com  

Capacity (lbs

1,000 – 33,000 – 53,000 – 12,500 ‐63,000 – 62,500 – 13,000 – 1

 ‐ 22,04,000 – 52,000 – 13,000 – 61,900 – 13,000 – 63,000 – 62,500 – 33,000 – 13,000 – 63,000 – 83,000 – 82,500 – 13,000 – 63,000 – 83,000 – 13,000 – 6

to the Client

eet, Unit # 3 R 3L8 Canada 

Range ) 

3,500 5,500 12,000 6,500 6,000 10,000 12,000 000 5,000 12,000 6,500 11,000 6,000 6,500 3,000 10,000 6,000 8,000 8.000 12,000 6,000 8,000 12,000 6,000 

25

226

Table 16: IndElectric Walk

Manufacturer

Big Joe Barrett (UniCaClark MH Crown Doosan Heli Americas Hyster Jungheinrich (Linde Mitsubishi (MNissan (UniCaRaymond (ToyTailift TCM (UniCarriToyota Yale 

Source: Compan

 Table 17: Ind

Manufacturer 

Bendi (Landoll)Caterpillar (MCClark MH Crown Doosan Heli Americas Hyster Hyundai Crown (HamechKalmar  Komatsu Landoll Linde Liftking (ManiteMitsubishi (MCNissan (UniCarrTailift Taylor TCM (UniCarrieToyota World Lift Yale 

 Source: Compan

dustrial Lift Trukie Trucks (Cla

r 

arriers) 

(MCFA) 

CFA) rriers) yota) 

iers) 

ny Information 

dustrial Lift TruNo. Mod

  1CFA)  18

12473152

h)  271118

ex)  8CFA)  14riers)  15

58

ers)  71666

 

ny Information  

Yengs

uck Specificatioss 3) 

 

uck Specificatioof 

dels  Capa

8  3,2  3,

44,4

5  2,333,

1  3,

318

4  4,5  3

3183

6  3,33,

   

 

                      

t Associates © 2

ons 

Number of Mode

9 12 15 13 6 1 19 8 6 13 7 9 6 14 28 10 

ons – IC Cushio

acity Range (lbs) 

4,000 000 – 15,500 000 – 16,500 4,000 – 6,500 000 – 12,000 4,000 – 6,000 500 – 15,500 ,000 – 3,500 ,000 – 6,500 000 – 10,000 000 – 14,000 

4,000 ,000 – 6,500 8,000‐40,000 000 – 15,500 ,000 – 8,000 3,500 ‐8,000 8,000‐50,000 ,000 – 8,000 000 – 15,500 ,000 – 8,000 000 – 15,500 

                         

2015 All Rights R

els 

on Tires (ClassE

MM

M

Maz

N

Perkins /

GM

Isuzu, Y

Nissan 

GM /

 

                         

Reserved. Conte

s 4) ngine Supplier 

Options 

GM Mitsubishi / GM Mitsubishi / GM  John Deere 

Mitsubishi / GM GM 

da / GM / PerkinsMitsubishi Hyundai/GM 

Nissan / Perkins Nissan 

/ Deutz / ContinenVolkswagen GM/Cummins Mitsubishi / GM 

Nissan Yanmar, Nissan, GCummins 

 / Isuzu / MitsubisToyota 

/ Perkins / YanmarMazda / GM  

I                         

nts confidential 

Capacity Rang(lbs) 

1,000 – 4,5003,000 – 8,0002,200 ‐4,000 2,000 – 4,0003,000 – 10,000

4,500 4,000 – 8,0002,200 – 8,0003,000 – 8,0002,200 – 5,5003,000 – 8,000 2,000 – 8,0001,600 – 3,5003,000 – 8,0002,000 – 8,0002,500 – 8,000

 

Pow

ntal 

GM 

shi 

r 

Equipment Anndustrial Lift T           January 

to the Client

e 

0 0 

0 0 

0 0  0 0 0 0 0 0 0 0 

Transmission Type 

Hydrostatic Powershift Powershift Powershift Powershift Powershift Powershift Powershift Powershift 

ershift / HydrostaPowershift Hydrostatic Hydrostatic Powershift Powershift Automatic Automatic Powershift Powershift Powershift Powershift Powershift 

alysis Trucks 2015 

tic 

Equipment AIndustrial LiftJanuary 2015

  Table 18: In

Manufacturer 

Caterpillar (MCChrisman Mfg. 

Clark Mat. Han

Crown 

Doosan 

Drexel (Landoll

Crown (HamechHeli Americas Hyster 

Hyundai 

Kalmar  Komatsu Linde Mitsubishi (MCNissan (UniCarrPrinceton 

Tailift 

Taylor TCM (UniCarrieToyota World Lift Yale 

Source: Compan

Analysis t Trucks 5    

ndustrial Lift Tr

No. of M

CFA)  304 

d.  17

4 

15

l)  1 

h)  152142

9 

113724

CFA)  18riers)  14

10

6 

20ers)  17

36127 

 

ny Information 

Yengst

ruck Specificat

Models  Lift C

0  3

7  3

5  3

5  31  22  2

1  37 4  38  34  30 

3

0  167  36  32  3

3     

                      

t Associates © 2

tions – IC Pneu

Capacity Range (lb

3,000 – 33,000 4,000 – 6,500 

3,000 – 18,000 

4,000 – 6,500 

3,000 – 33,000 

6,000 

3,000 – 18,000 2,000 – 40,000 2,500 – 105,000 

3,000‐15,500 

3,000 – 18,000 3,000 –35,000 3,000 – 40,000 3,000 – 35,000 3,000 – 17,500 4,500 – 8,000 

3,000 – 22,000 

6,000 – 120,000 3,000 – 22,000 3,000 – 51,000 3,000 – 22,500 3,000 – 36,000 

2015 All Rights R

umatic Tires (C

s)  Engin

Mitsu

Mitsu

K

Yanmar/IvGM/ MitsMazda / Kubota

NPerkins

M

Isuzu

PeNissan

GM /Cummins 

   

Reserved. Conten

Class 5) 

ne Supplier Optio

ubishi / GM / PerkKubota 

ubishi / Perkins / GYanmar / Iveco 

John Deere 

Kubota / YanmarDoosan / GM

GM 

veco/GM/Deutz/Hsubishi/Cummins/GM / Perkins/Cuma / Yanmar / Hyun

Mitsubishi Nissan 

Nissan / Komatsus / Deutz / VolkswaMitsubishi / GM 

Nissan Perkins, Kubota u / Yanmar / PerkiNissan / GM 

erkins / Cumminsn / Isuzu / MitsubToyota / Hino / / Perkins / Yanm/ Mazda / Yanmar

nts confidential 

ons  T

kins 

GM  

Pow

Hyundai/Kubota Pommins dai / 

Pow

agen 

Aut

ns   Aut

ishi 

mar r / GM 

to the Client

ransmission Type

Powershift Hydrostatic 

Powershift 

Powershift 

wershift / Autoshi

Hydrostatic 

Powershift owershift/Various

Powershift 

Powershift 

wershift / HydrostaPowershift Hydrostatic Powershift 

tomatic/PowershiHydrostatic 

tomatic/Powershi

Powershift Powershift Powershift Powershift Powershift 

27

e 

ift 

s 

atic 

ift 

ift 

Equipment Market Analysis in North America

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