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  "documentTitle": "Toyota Industries Corporation (6201)",
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      "kind": "callout",
      "text": "Re-energizing TICO's mid-tech forklift offering is a strategic move to defend market share in growing markets, amid rising pressure in APAC and EMEA from low-cost OEMs",
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      "text": "EMEA & APAC historical market share of TICO vs. low-cost OEMs",
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      "text": "Partner with rising mid-tech competitor to quickly enter and establish position in the space; Selectively leverage established forklift infrastructure around service and support",
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      "text": "TICO dominates premium/high-tech forklift segment, but has lost some share in RoW; TICO acquired Tailift, but it has performed poorly; Key competitors are successfully entering the space; Re-energizing TICO's mid-tech offering would allow TICO to expand addressable market",
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      "text": "+15 basis points on operating margin",
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      "text": "TICO currently dominates the premium and high-tech forklift market but is losing share in regions where mid-tech offerings are more important",
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      "text": "Source: Company Materials, Leading Management Consulting Firm. Notes: (1) Includes EP Equipment, Anhui (Heli) Forklift Truck Group, Hangcha Group, BYD, Noblelift, and Lonking Forklift; (2) 20xx calendar year matches FY20xx+1 based on TICO reporting",
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