The electric trolling motors market is anticipated to expand at a steady CAGR of 3.2% in value terms over the assessment period between 2020 and 2030. An increasing number of outdoor events, for instance, sport fishing and recreational fishing activities.
The population of all income groups and ages will boost the market growth of the electric trolling motors. Although, the COVID-19 outbreak, has a negative impact on the market growth as the temporary shutdown of plants in directing trolling motor producing nations in Europe and North America.
“The enduring COVID-19 pandemic has hit companies adversely on the supply side, triggering a drop in the sales of trolling motors. Nevertheless, progressions in marine electronics to enhance motor features and performance, together with efficient technology integration, are prophesied to pave new roads for the electric trolling motors market.” says the Fact.MR report.
Electric Trolling Motors Market – Key Takeaways
- Based on type, bow mount trolling motors are projected to hold about 60% of the overall market share in 2020 as they offer significant control over the boat in contrast to other variants.
- Mount trolling motors will witness increasing sales due to an increase in the adoption of fishing as a leisure activity amid the younger demographics.
- North America is anticipated to retain its dominance among other regional landscape by capturing a 49% share of total revenue.
- Increasing seafood and fish exports from European nations have regulated the popularity of commercial fishing.
Electric Trolling Motors Market – Driving Factors
- The growing need for fish and seafood is providing impetus to the fishing boat sector which is projected to act as a crucial growth trait.
- Technological progressions such as auto guidance technology, GPS-based anchors, entertainment displays and Bluetooth compatibility is boosting the market demand.
- Additional facilities for example cable-steered pedal, with foot-actuated buttons to control speed, heading as well as anchor locking have generated a huge demand.
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Electric Trolling Motors Market – Constraints
- Higher trust motors take up extra space and weight for marine batteries which can affect the performance of boats especially the smaller ones thus impacts the sales of the electric trolling motors.
- Just as with the early electric cars, the electric trolling motors are still at the nascent phase and lacks charging facilities, poor range, and slower speeds.
Anticipated Market Impact by COVID-19 Outbreak
As a result of the outbreak of COVID-19, the temporary closedown of plants in Europe and North America has brought down the electric trolling motors sales, as well as has contributed intense pressure to distributors and manufacturers.
Amidst the decline for offline sales, the increasing use of virtual technologies to impact the online shopping amid consumers that are anticipated to increasingly complement the growth of electric trolling motors.
Major players identified in the electric trolling motors market include, but are not limited to, MotorGuide, Minn Kota, Garmin Ltd., Torqeedo GmbH, Lowrance Electronics, Newport Vessels, Haswing Outdoor, and Intex Recreation Corp.
Leading manufacturers are striving for the introduction of new products and product enhancement to widen their consumer base and attain a competitive edge over other manufacturers through mergers and collaborations. For instance,
Garmin collaborated with Lawrence and is poised to launch electric trolling motors that are highly capable and well incorporated with advanced multifunction display systems.