Lucintel's latest market report analyzed that electric three wheeler provides attractive opportunities in the passenger carrier and goods carrier market. The electric three wheeler market is expected to reach $XX billion by 2028 with a CAGR of 5% to 7%. In this market, Lithium-ion battery is the largest segment by battery type, whereas passenger carrier is largest by vehicle type.

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Based on battery type, the electric three wheeler market is segmented intoLithium-ion battery and lead acid battery. The Lithium-ion battery segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to its higher densities as compared to lead-acid batteries, battery size can be made smaller and it takes less time in charging.

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The Electric Three Wheeler Market is marked by the presence of several big and small players. Some of the prominent players offering electric three wheeler include Atul Auto, Chongqing Zongshen Tricycle Manufacture, J.S. Auto, Kinetic Green Energy & Power Solutions, Mahindra & Mahindra, Piaggio&C.SpA., Scooters India Limited, Terra Motors Corporation, Bodo Vehicle Group, amd E-Tuk Factory.

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