Hello Veer community, Sean Hacking here. In today’s blog I wanted to talk a little bit more about our market opportunity and what markets we’re actually addressing.
One of the markets we’re filling is bicycles and e-bikes, which is an $80 billion market per year. Just to give you an idea of the scale of that market, there are 150 million bicycles shipped annually, which is about the same amount of passenger vehicles that are shipped.
In our opinion, no one in that segment should be using dated chain drives. Chain drives can be great for gas and pedal powered bikes, but we believe that they are not capable of meeting the needs of the e-bike consumer.
Veer is addressing this space with our Split Belt™️ drivetrain and we fully intend to be the brand that people look for and want in their bicycles and e-bikes. We are currently building to accomplish this.
At the moment there are around 5-10 million e-bikes sold every year, and this is projected to grow to 17 million by 2030. In the Veer team's opinion, none of these should be using chain drives for their drivetrain systems.
That’s just one example of the overall market we’re trying to capture. We’re calling this market light electric vehicles, which includes:
- Electric Bikes
- Electric Motorcycles
- Electric Mopeds
- Off-Road Vehicles
That as a whole is a $180 billion market per year, and we believe our products can deliver significant value to the 300 million vehicles being produced every year.
As a lot of vehicles are transitioning towards electric, you see that a lot of the components that were designed for gasoline or pedal power just don't stand up to the electric torque.
When we’re talking about Veer’s market opportunity, we’re addressing these 300 million vehicles that need new components that are specifically designed to handle the power of electric vehicles.
These components need to be smarter, electronically monitoring themselves and the state of the hardware.
This market opportunity is massive, and we’re building products that are revolutionizing the electric vehicle market. We’re developing products that offer end users, designers, and distributors world-class support to bring to the next generation of vehicles.
Veer’s Split Belt™️ is more durable, lower cost to operate, and a more seamless experience overall.
Now that you know more about our investment opportunity, we hope you will join our mission and become a backer on StartEngine!
Join our community of over 650 early shareholders today.