Does anyone have a good explanation for why forklift sales are greater in Europe than North America and South America combined? I can understand the emerging market growth of Eastern Europe, but S. America has similar growth. Is it related to the many European countries and the warehouse dynamics there? Or does N. America have more efficient warehouses, they're fewer and larger, so as a total fewer forklifts are required?

These are just guesses as I am not familiar with the market, so I would appreciate your expert opinion.

Thanks!