Shares of Greenland Technologies Holding (GTEC) announced today that it has commenced an offering of an integrated electric drivetrain system to its existing forklift OEM clientele to support the manufacture of electric forklifts using lithium batteries.
With this new system, it integrates the transmission, driving axle, electric motor and lithium battery power source into a single efficient drivetrain for OEM forklift manufacturers to develop the next generation of electric forklifts with the initial demand for power drive system being very strong.
The forklift industry has witnessed a major shift from traditional internal combustion powertrains to electric battery systems and lithium battery power is the next step in the forklift industry’s evolution.
In the past decade, cost of lithium batteries have dropped tenfold as market trends and technology continue to improve and according to Facts and Factors research study, the global Lithium Ion Battery Market was estimated at $30B in 2019 and is expected to reach $80B by 2026; global Lithium Ion Battery Market is expected to grow at a CAGR of 15% from 2020 to 2027.
