Toyota has retained top spot in the global ranking.

For the sixth year in a row, Toyota Industries Corp has been named the top forklift supplier in Modern Materials Handling's annual top 20 ranking list.

Toyota's dominance reflects a global industry that is experiencing steady growth, with worldwide orders increasing by 12% in 2007. Its revenue for 2007 is reported at USD7.8 billion - up 20% from USD6.5 billion in 2006.

The World Industrial Truck Statistics show Europe as the largest market, with orders growing by 16% in 2007 to 400,000 while Asia grew by 17% to 280, 000. The analysts note that they will be keeping an eye on the Asian market and expect many of the Chinese and Indian forklift suppliers to be in the top 20 next year.

The only region to experience a decrease in orders was the United States, with a 3.5% drop.

Commenting on the listing, Stan Simpson, president of the American manufacturers' peak body, the Industrial Truck Association (ITA), says his group expects order numbers in the US to continue their slight decline over the next two years.

"Compared to 10 years ago, it is still a really great market and US orders and shipments are expected to grow again by the end of 2009."

Africa experienced a 9% growth and Oceania 17%.

Globally, the number of orders placed in 2007 grew to 955,000 forklifts.

The Kion Group (formerly Linde) has maintained its number two position after recording an increase in revenue from USD4.5 billion in 2006 to USD6.35 billion in 2007.

To be eligible for Modern's top 20, companies must manufacture and sell forklifts in at least one of the association's seven classifications. The rankings are based on worldwide revenue in US dollars.

Jungheinrich moved up from the number four position to third after recording the biggest revenue increase of all of the top 20 companies. Sales revenue went from USD1.95 billion to USD3.18 billion.

NACCO Industries and Mitsubishi Caterpillar took the number four and five places, respectively.

The top five forklift suppliers have remained consistent over the past three years with NACCO, Jungheinrich and Mitsubishi Caterpillar battling it out for a place.

Toyota and Jungheinrich attribute much of their growth to the increase in sales in the Chinese and European markets.

The growth in the Chinese market helped The Hangzhou Forklift Truck Co. move up one place to 15th in the rankings. Hangzhou nearly doubled its revenue to USD414 million, up from USD242 million in 2006.

ITA's Simpson says while the US market is struggling, the world market continues to grow, with dramatic growth in Asia. "We are expecting a 25% increase from China," he says.

The full list can be found here.