Electric Trolling Motors Market Insights
The electric trolling motors market value is poised to expand 1.4X and register a CAGR of 3.2% during the forecast period (2020-2030). However, the COVID-19 pandemic is having a negative impact on the global electric trolling motors market in 2020, due to the closure of plants in leading trolling motor manufacturing countries in North America and Europe.
The pandemic has also impacted the supply of components to manufacturing facilities, thereby resulting in declining production of trolling motors. However, manufacturers are optimistic that flourishing growth of the fishing and seafood industries will provide impetus to the fishing boat industry. This, in turn, is anticipated to boost the growth of the electric trolling motors market size during the forecast period.
Electric Trolling Motors Market Trends
Over the years, electric trolling motors have gained significant popularity, as they enable anglers to have complete control over the boat and move through the water quietly by creating minimum disturbances. Further, growing number of outdoor events such as recreational fishing and sport fishing activities among the population of all ages and income groups is expected to drive the growth of the electric trolling motors market.
As per the Recreational Boating & Fishing Foundation (US), the recreational boating industry was estimated to be valued at US$ 41 Bn in 2018, with an increase of 7% from the previous year in terms of sales of boats, marine products, and services. This, in turn, is foreseen to unlock more growth avenues for the electric trolling motors market.
Electric Trolling Motors Market Analysis by Motor
Bow mount trolling motors are estimated to account for around 60% of the total market share in 2020. Bow mount trolling motors are the most popular type of trolling motors, as they can be integrated on medium to large size boats. In addition, bow mount motors provide significant control over the boat as compared to other variants. This, in turn, is creating a plethora of opportunities for market players active in the production of bow mount trolling motors.
On the other hand, rise in the adoption of fishing as a leisure activity among the younger demographics is resulting in increasing sales of transom mount trolling motors. These motors are easy to install and tend to be more affordable than their counterparts. Thus, numerous manufacturers are venturing into these segments to capitalize on the growing demand for electric trolling motors.
Electric Trolling Motors Market: Regional Insights
North America is estimated to dominate the global electric trolling motors market with 49% share of total revenue, followed by Europe. The National Marine Manufacturers Associations (NMMA) has estimated strong growth of boat sales in the U.S. For instance, in 2019, the country witnessed a rise in unit sales of fishing power boats. Such factors are further foreseen to reinforce the regional market.
Rising exports of fish and seafood from European countries have influenced the popularity of commercial fishing. Growing export activities are thus foreseen to bolster the demand for commercial fishing, and subsequently support the growth of the trolling motors market in the region.
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Electric Trolling Motors Market: Competitive Analysis
The electric trolling motors market is majorly dominated by Minn Kota and MotorGuide. However, there are a large number of local and regional players in the market space. Leading players are concentrating on product launches in order to broaden their market footprints. For instance, in 2019, MotorGuide introduced two new products – Tour and Tour Pro trolling motors.
Both products are built for tough conditions with a full 360-degree breakaway mount with an integrated bounce buster and a rugged two-piece shaft with a metal outer column and a composite inner shaft. In the same year, Lowrance Electronics Inc. introduced its Ghost freshwater trolling motor, which uses a brushless motor and helps in eliminating noisy operation. It is integrated with zero sonar interference in order to provide anglers the clearest sonar view possible.
COVID-19 Impact Analysis
The COVID-19 pandemic has limited the growth of the electric trolling motors market. The closure of plants in North America and Europe has brought down the sales of trolling motors, and has added intense pressure to manufacturers and distributors. North America is one of the most prominent regions in the global electric trolling motors market; however, it will witness maximum fall in demand, as it emerges as the most affected region by the pandemic.
Amid the downturn for offline sales of electric trolling motors, growing use of virtual technologies to influence online shopping among consumers is expected to gradually drive the sales of electric trolling motors.
Manufacturers are likely to gain new opportunities in the near term, owing to significant growth in the number of anglers, globally. This is anticipated to result in increased demand for fishing equipment and gear, including trolling motors, and a revamp of the production process. As per the report published by Fact.MR, it is estimated that, the electric trolling motors market will start showing positive signs by the second quarter of 2021.
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The Analyst’s Viewpoint
The ongoing COVID-19 pandemic has hit market players adversely on the supply side, causing a decline in the sales of trolling motors. However, growing advancements in marine electronics to improve motor performance and features, coupled with effective integration of technology, are foreseen to open new growth avenues for the electric trolling motors market.
Global Electric Trolling Motors Market: Scope of the Report
The recent global electric trolling motors market report by Fact.MR offers a 10-year forecast for the period of 2020 to 2030. The report elaborates on key drivers, restraints, opportunities, and threats to the expansion of the global electric trolling motors market. A detailed segmental analysis based on motor, application, and boat has also been provided in the report.
Regional analysis in terms of supply chain, business execution, and market value provides an in-depth perspective about the future scope of the global electric trolling motors market. In addition, a separate section on the market structure has also been provided. The section provides detailed analysis of key market players and the strategies for expansion in the electric trolling motors market.
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Key Segments of Electric Trolling Motors Market
For the better understanding of readers, Fact.MR’s study on the electric trolling motors market offers information divided into four key segments - motor, application, boat, and region. This report offers comprehensive data and information about various important market dynamics and growth parameters that are closely associated with these categories.
- Bow Mounts
- Transom Mounts
- Engine Mounts
- Salt Water
- Fresh Water
- Bass Boats
- Jon Boats
- Deep-V Boats
- Flat Boats
- Deck Boats
- Fish and Skis
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa (MEA)
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Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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