Previously Published to Benzinga: The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.
With an expected 9.7% annual compound growth rate (CAGR), the global tonneau cover market is projected to reach $2119.3 million by 2026, earning $1,218.7 million in 2020.
Tonneaus are the hard or soft covers used in the back of a pickup truck to protect precious cargo against the elements of nature and to maintain the cleanliness of any unused seating that may be in the back.
Worksport Ltd (NASDAQ: WKSP)(NASDAQ: WKSPW) is the North American leader in tonneaus for pickup trucks but operates in a much broader automotive market through its accessories and manufacturing division.
Worksport’s taking automotive to an entirely new level in the name of its wholly-owned subsidiary, Terravis Energy and its already in-demand product line.
Worksport Powers Lifestyles
As an innovator, Worksport has reinvented the tonneau, creating a solar-powered charging unit for both gas-powered and EV trucks.
These solar units can power an entire EV truck while it’s in motion — making long-distance trips a lot less frustrating for those who can’t find a charging station.
Gas-powered vehicles won’t feel the same effects as their electric counterparts. But as the truck drives, they will be able to see first-hand how these tonneaus bring a whole new dimension to what’s possible in the world of automotive.
As the truck drives, solar energy is collected and converted into a tiny portable unit that can be used to power workstations, job sites, campers and emergency medical equipment.
The SOLIS tonneau cover is only one of the many solar and hydrogen-powered solutions in the Terravis lineup. The COR battery unit is not only portable, but it’s also universal — meaning no matter the vehicle or application, the battery can be used.
Together, these products are capable of creating their own microgrid, providing decentralized power where power is unavailable.
Unapologetically Changing the Game
Worksport’s line of upcoming non-parasitic EV (NPEV) charging stations are changing the way electric is done.
As the world awaits a new infrastructure where universal ports will be tied into an outdated, carbon-heavy energy grid, Worksport has already started to prepare for the rollout of its international, fast-charging NPEV units.
Each charging unit is totally standalone, self-sustainable and unreliant on an existing grid. It can be installed just about anywhere and is easily moved.
Unlike other charging stations already on the market, the NPEV isn’t dependent on 600-watt cables that could further put lives in danger as they withstand a natural disaster. They’re also universal, which means there are very few vehicles — if any — that won’t be able to use them.
Most companies won’t be rolling out or installing their charging stations for at least another five years. But as the world “builds back better,” these units will be ready to go in as early as this spring.
The Terravis NPEV unshackles the world from its restraints, and nothing is keeping the company from installing these units even in the most remote of places. Charge stations won’t be restricted to one every 70 miles, or one every 150.
Because Worksport isn’t dependent on the existing electric grid, the company, instead, fills those gaps and leaves the door open to brand new experiences. This NPEV technology is future proof. And unlike other charging stations, its power output can be increased over time.
There’ll be more off-road excursions and an uptick in sightseeing. Abandoned gas stations will get new life. Desert roads won’t become a holding place for stranded or abandoned vehicles.
No cost for excavating and installing transformers with heavy duty copper lines is incurred. There’s no need to dig deep into the ground to install dangerous lines and wires, and no reason to “abandon ship” should the charge station need to be removed later.
These units are easily bolted and unbolted to a single platform and can be reinstalled anywhere.
The Ultimate Life Saver
As the world embraces the electrification of everyday vehicles, more agencies are adopting the idea of electrifying their fleet with electric ambulances, first responder vehicles and fire trucks.
If local hospitals, police and fire stations were to switch to EV, there would be a dramatic decrease in carbon emissions, especially for fleets that seek out crime and patrol throughout the day. There would be quicker response times when people are in need.
Hospitals who adopt NPEV on-site could ensure that all vehicles are well-maintained, fully charged and ready to go at all times. It would cost less to be fueled. And fewer emissions would build up in parking garages or affect patients who have rooms somewhat nearby.
And, what would happen if the entire electric grid just completely gave out?
Chronically ill patients depend on dialysis machines and respirators. The COR batteries allow them to receive immediate power to standard and emergency medical equipment — even providing a direct charge to makeshift sites during natural disasters and rescue missions.
Market Insight for Worksport, Pickups and EV Trucks
In 2020, the global pickup truck market size was $171,950 million, and it is expected to reach $214,370 million by the end of 2027, with a CAGR of 3.2% between 2021 and 2027.
With fuel costs on the rise, so is the demand for electric cars and pickup trucks. The electric truck market was valued at around $20 billion in 2020, and it’s expected to reach somewhere around $44 billion by 2026.
It’s no secret the world is heading towards zero carbon emissions. For those investing in the EV sector, the market is prime.
Worksport uplisted to the Nasdaq in August 2021. Since then, the entire EV market has seen massive volatility. And although the media is reporting the company as having a 20% miss in sales and revenue, they fail to realize that Worksport’s products actually launch in the spring.
And as a lifestyle brand, Worksport’s Terravis Energy line could not launch its products at a more perfect time.
Worksport has been hyper-focused on its upcoming products, reinvesting its revenue to support all ongoing initiatives. And although EV markets may fluctuate, Worksport itself has been fairly consistent.
The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.