Greenland Technologies Holding Corporation entered the electric industrial vehicle market with a new division. The division will leverage IP, manufacturing facilities, and existing transmission and drivetrain system customer relationships to develop and deploy the next generation of electrical industrial vehicles. It will also commercialize applications utilizing its new lithium-based integrated drivetrain system.
The global market for material handling equipment is expected to reach $171.1 billion by 2027. China is the fastest-growing market and the U.S., China, and Europe own 66.7% share of the market.
The company expects that the industrial vehicle market has the potential for higher near-term growth than the consumer vehicle market, which Greenland Technologies expects to capitalize on.
