Electric Trolling Motors Market

Electric Trolling Motors Market outlook (2022-2032)

The global electric trolling motor market is set to enjoy a valuation of US$ 561.2 million in 2022 and further expand at a CAGR of 3.8% to reach US$ 818.6 million by the end of 2032.

Most preferred bow mount trolling motor is likely to hold more than 60% of the market share by the end of 2022.

Report Attributes	Details
Electric Trolling Motor Market Size (2021A)	US$ 549 Million
Estimated Market Value (2022E)	US$ 561.2 Million
Forecasted Market Value (2032F)	US$ 818.6 Million
Global Market Growth Rate (2022-2032)	3.9% CAGR
North America Market Share (2022)	~49.3%
North America Market Value (US$ Mn), 2022	US$ 276.6 Million
Europe Market Share (%), 2022	~26.3%
Europe Market Value (US$ Mn), 2022	US$ 147.8 Million
China Market Share (%), 2022	~58.6%
China Market Value (US$ Mn), 2022	US$ 36.5 Million
Top 3 country Market Share (%)	~52.9%
Key Companies Profiled	Minn Kota (Johnson Outdoor Marine) Motorguide (BrunswickCorporation) Garmin Ltd Lowrance (Navico) Haswing USA Watersnake (Jarvis Walker Pty, Inc.) Newport Vessels Torqeedo GmbH Rhodan Marine Navigator (MarineTech Products) Lankhorst Taselaar B.V. (Talamex)

Sales Analysis of Electric Trolling Motor Market (2017-2021) Vs. Market Forecast Outlook (2022-2032)

The global electric trolling motors market is expected to surpass a value of US$ 818.6 Mn by 2032-end, and expand at a CAGR of 3.8% during the forecast period (2022-2032). The pandemic is resulting in declining sales, as a number of anglers are staying indoors, which ultimately impacts the sales of electric trolling motors.

To increase business after the crisis, manufacturers are utilizing digital technologies and engaging customers via online portals. 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

The rift between the supply and demand coupled with current lower production rates is foreseen to affect the market. While inventories are expected to sustain the short term demand, and for this, there is need for increase in investment in this aspect to gain increased market share.

• Short Term (2022 Q2 to 2025): Utilization and integration of electric trolling motor in the bass boat and Jon boat to positively impact electric trolling motor market growth.
• Medium Term (2025-2028): Europe and North America anticipated to witness high electric trolling motor demand in forecast period.
• Long Term (2028-2032): Increase in the use of bow mount will drive electric trolling motor market demand.

Over the 2017-2021 historical period, the global electric trolling motor market registered a CAGR of (1.3)%, and according to the Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 3.8% CAGR between 2022 and 2032.

Market share analysis of electric trolling motor based on motor type and region is provided in a nutshell in the above image. Under the motor type segment, the bow mount sub-segment dominates with 60.1% market share in 2022.

What’s Driving Demand for Electric Trolling Motor?

“Electric Trolling Motor Market Ride the Wave of Profitability on the back of Recreational Boating & Fishing”

The electric trolling engine is growing because it gives anglers complete control over the boat and allows them to go through the water silently with no disturbance. Additionally, the market for electric trolling motors is anticipated to rise as more individuals of all ages and socioeconomic levels participate in outdoor activities such as recreational and fishing sports.

The recreational boating business is growing in terms of sales of boats, marine products, and services, according to the Recreational Boating & Fishing Foundation, compared to the previous year. This is anticipated to open up more potential opportunities for the trolling motor industry.

“Pivotal Role of Europe Union Countries in Global Fish and Seafood Trade to Bolster Market Growth”

The rising exports of fish and seafood from EU countries has encouraged the growth of commercial fishing tremendously over the past few years. EU is one the largest trader of fishery and aquaculture products in terms of value and had surpassed China’s trade value in 2017.

Therefore, the growing export activities, particularly from the Netherlands, Greece, Spain, Denmark, and the UK, is foreseen to bolster the growth of commercial fishing, thereby supporting the growth of trolling motors in the region.

Moreover, Europe’s thousands of lakes and river provides an excellent basis for angling tourism which has increased consumer spending by anglers on marine equipment. Thus, this is likely to boost the adoption of electric trolling motors during the forecast duration.

What Do Electric Trolling Motor Manufacturers Need to Watch Out for?

“Climate Change: Warming Waters to Wane Fish Stock”

The rising ocean temperatures have altered marine food web, which has led to drastic changes in the distribution, productivity and species composition of global fish production. Further global warming has led to temperature variability in water bodies across the globe.

As the water warming continues, fishes along the coastline are moving to cooler water. This movement of fishes has made them unreachable by some fishermen due to adverse climate conditions in cooler waters, leading to declining fish catches by some anglers at specific coastal locations.

Thus, climate change and water warming are major factors influencing the output of fishing industry. Such negative outlook of the fishing industry is likely to hamper the growth of the electric trolling motors market.

Country-wise Insights

Will the Huge Boating and Marine Industry in the US Drive High Demand for Electric Trolling Motor?

The United States electric trolling motor market is currently estimated at US$ 225.5 million and is expected to reach US$ 326.7 million by 2032.

The United States had one of the world's largest boating and marine industry. The country has a large share of electric trolling motor market is roughly 81.5% in North America region.

The National Marine Manufacturers Associations (NMMA) has estimated strong growth of boat sales in the US 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.

The US remains one of the world's largest markets for boating and marine equipment, making it a lucrative market for trolling motor manufacturers. Higher demand for marine equipment among Americans will drive growth in the market.

Why the UK Electric Trolling Motor Market is Seeking Attention?

Europe is one the largest trader of fishery and aquaculture which is further foreseen to strengthen the demand for the electric trolling motor demand over the forecast period. In Europe, UK’s market share increased and it is expected that the UK market will gain 176 BPS points over the assessed period.

The popularity of commercial fishing has been affected by the increase in fish and seafood exports from UK. Thus, it is anticipated that increasing export activity will increase demand for commercial fishing and, as a result, boost the expansion of the trolling motor market in the area.

The nation's long-established traditional fishing and aquaculture industries are the main drivers of demand. In 2032, the UK will hold a dominant position in the Europe region, accounting for about 27.5% of the global market for electric trolling motors.

The UK market for electric trolling motor is expected to reach a valuation of US$ 35.1 million in 2022.

Category-wise Insights

Which Electric Trolling Motor Type is Gaining Traction in the Market?

According to estimates, bow mount trolling motors will hold about 60.1% of the market in 2022. The most common type of trolling motor is the bow mount model, which can be put into medium to large boats. In addition, compared to other types, bow mount motors offer a large amount of control over the boat. In turn, this is opening up a wide range of chances for market participants engaged in the manufacture of bow mount trolling motors.

On the other hand, sales of transom mount trolling motors are rising as more young people are taking up fishing as a recreational hobby. These motors are less expensive than comparable models and are simple to install. As a result, several manufacturers are entering these markets in an effort to take advantage of the rising demand for electric trolling motors.

Which Boat Type Gaining Maximum Market Share?

A Jon boat is a small fishing boat specially designed for rivers, small lakes, and other calmer waters. They are ideal for navigating shallow waters because of their flat bottom design. Jon boats can travel farther upstream than boats with a deeper draft and they can get very close to shore. Further, the growing number of outdoor events such as recreational fishing and sport fishing activities among all kinds of people, all ages and income groups are expected to drive the growth of electric trolling motors market

Jon boat and bass boat has gaining maximum share in all of the boat types. Jon boat segment was valued ~1.7X than Bass boat segment owing to the growing demand, furthermore, the segment was pegged at a valuation of US$ 137.4 Mn in electric trolling motor market in 2021.

Competitive Landscape

Electric trolling motor manufacturers are Minn Kota, MotorGuide, Garmin Ltd., Lowrance Electronics, Torqeedo GmbH, Newport Vessels, Intex Recreation Corp., and Haswing Outdoor.

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. The electric trolling motors market will start showing positive signs by the end of 2022.

• In Jan. 2022, John Deere, one of the world’s largest equipment manufacturers has purchased a majority stake in Kreisel Electric, the company building the electric speedboat battery for the Racebirds of the upcoming E1 Series powerboat championship.
• In Nov. 2021, General Motors has acquired a 25% stake in Pure Watercraft with the goal of advancing the development and adoption of electric boats and outboard motors.

Fact.MR has provided detailed information about the price points of key manufacturers of electric trolling motor positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.

Segmentation of Electric Trolling Motor Industry Research

• By Motor Type :

  • Bow Mounts
  • Transom Mounts
  • Engine Mounts

• By Application :

  • Salt Water
  • Fresh Water

• By Boat :

  • Bass Boat
  • Jon Boat
  • Deep-V Boat
  • Pontoon
  • Skiffs
  • Flat Boats
  • Deck Boat
  • Bay Boat
  • Fish 'N Ski

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA