Company: WKSP
Filing Date: 2025-03-28
Form Type: S-1
Source: 0001641172-25-001309
Chunk: 22

Company: Worksport Ltd
Filing Date: 2025-03-28
Form: S-1
Chunk 22
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 decreased, we are well-positioned
to capitalize on new vehicle sales; we offer tonneau covers for each of the 10 most popular makes/models by projected 2022-2029 sales
(including, for example, the Ford F-Series, RAM Pickups, and Chevrolet Silverado), as well as the top 10 most accessorized pickup truck
makes/models projected in 2022-2029.2Within North America, the pickup truck market is
expected to grow from $120 billion in 2022 to $160 billion by 2030, representing a compound annual growth rate of 5.9% in 2023-2030.3
Within this market, pickup trucks are most popular within the southern region of the United States2,
and the two largest state markets for pickup trucks are by far Texas and California.2
Globally, the pickup truck market is expected to grow at a compound annual growth rate of 5.01% between 2023 and 2028, representing a
$102.91 billion increase.4

Electric pickup trucks are projected to gain a larger
portion of the U.S. pickup truck market share each year through 2035.1 In fact, the electric
pickup truck submarket within North America is estimated to grow from $16.66 billion in 2024 to $64.65 billion in 2029, representing a
compound annual growth rate of 31.15%.5 However, a large headwind acting against this
trend is that pickup trucks tend to be more popular in areas with less-developed charging infrastructure2
– a headwind that the SOLIS cover directly addresses and positions us favorably for possible partnerships and deals with electric
pickup truck manufacturers.

The Specialty Equipment Aftermarket provides more
specific insight into how often and for what reasons vehicle owners or renters are purchasing accessories for their vehicles. Despite
crossover utility vehicles being the most common vehicle type on the road in the USA1,
pickup trucks are the largest market by sales within the USA for specialty equipment – constituting 31% of this market2,
which translated to $16 billion in sales during 2021.2 This market is expected to grow
from $51.80 billion in 2022 to $58.28 billion by 2026.6 Within this pickup truck accessory
market, 34% of accessories are truck bed & utility modifications2, which is the submarket
in which we operate. Truck bed covers are among the