Electric Trolling Motors Market to Face Sluggish Growth during COVID-19 Pandemic; Penetration of Digital Platforms Set to Create New Opportunities, Predicts Fact.MR
Published : 01 Jul 2020 Industry: Automotive
The global electric trolling motors market is expected to surpass a value of US$ 546 Mn by 2020-end, and expand at a CAGR of 3.2% during the forecast period (2020-2030). The rampant spread of COVID-19 is resulting in declining sales, as a number of anglers are staying indoors, which ultimately impacts the sales of electric trolling motors. To maintain business continuity during this crisis, manufacturers are utilizing digital technologies and engaging customers via online portals. Subsequently, the pandemic has shifted consumer focus towards e-Commerce platforms. Moreover, there are several trolling motor manufacturers who have started providing trolling motors through their websites. This, in turn, will strengthen the demand for electric trolling motors.
Manufacturers are aligning with the current market trends and are focusing on offering anglers with tremendous opportunity to fish effectively. For instance, they are integrating motors with GPS systems, which enables the angler to fish at the same spot the next day. This is anticipated to increase the demand for trolling motors and create ample opportunities for players operating in the electric trolling motors market.
Key Takeaways from Electric Trolling Motors Market Study
- The global electric trolling motors market is projected to create an absolute $ opportunity of more than US$ 200 Mn in the next decade, and surpass a valuation of US$ 75 Mn by 2030-end.
- Application of electric trolling motors in salt water is set to hold over 89% share of the total market value through 2030.
- Sales of bow mount motors are projected to increase at a value CAGR of 3.9%, and be valued 1.5X the value of transom mount motors by the end of 2030.
- Adoption in Jon boats is anticipated to grow and gain 90 BPS in its market share by 2030 over 2020.
- The market in Europe is expected to grow the fastest by experiencing a value CAGR of 3.6% through 2030, whereas, North America is projected to be valued 1.9X that of Europe, and account for a major chunk of global demand over the forecast period.
“The large-scale closure of OEM plants in USA and Europe will have a short-term impact on the demand for electric trolling motors. However, swift growth in the number of recreational fishing activities in developed regions is anticipated to reap larger benefits for key players during the forecast period,”says a Fact.MR analyst.
Product Launches to Enhance Market Resiliency
Key players in the electric trolling motors market are Minn Kota, MotorGuide, Garmin Ltd., Lowrance Electronics, Torqeedo GmbH, Newport Vessels, Intex Recreation Corp., and Haswing Outdoor. Prominent manufacturers are striving for product enhancement and introduction of new products to broaden their customer base and gain a competitive edge over other players. For instance,
- In 2019, Minn Kota launched a new Riptide Terrova trolling motor with an 87-inch shaft. This new motor is integrated with i-Pilot technology for networking with its Humminbird fish finder units.
- In 2019, Garmin Ltd. introduced its new Force Trolling Motor, which is 30% more powerful than existing trolling motors. This newly launched product comes with an integrated transducer optimized for freshwater use with Garmin CHIRP traditional and Ultra High-Definition ClearVü and SideVü scanning sonars.
Find More Valuable Insights on Electric Trolling Motors Market
Fact.MR, in its new offering, brings to fore an unbiased analysis of the global electric trolling motors market, presenting historical demand data (2015-2019) and forecast statistics for the period of 2020-2030. The study divulges compelling insights on the electric trolling motors market based on motor (bow mounts, transom mounts, and engine mounts), application (salt water and fresh water), and boat (bass boats, Jon boats, deep-v boats, pontoons, skiffs, flat boats, deck boats, bay boats, and fish & skis), across six regions.
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