Rockville, Nov. 16, 2022 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global electric trolling motor market is estimated at US$ 561.2 million in 2022 and is expected to expand at an impressive CAGR of 3.8% during the forecast years of 2022-2032.
Various market players are started investing for innovation in the electric trolling motor. For instance, anglers have started aligning with the current market trends and are benefiting from the advancement in electric trolling motors. These motors are loaded with multiple features such as GPS enabled motor, foot pedal steering, and remote control steering among others. For example, GPS enabled motor can record routes and angler can fish at the same spot the next day as well.
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Owing to the several advantages such as manoeuvrability and access, holding control, and safety, anglers are realizing the benefits of electric power that also provides them with significant efficiency while fishing. 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 Market Study
- The global electric trolling motor market is projected to expand at an impressive CAGR of 3.9% and be valued at US$ 818.6 million by 2032.
- The market witnessed (1.3)% CAGR for the period of 2017-2021.
- Under motor, bow mount motor will dominate the market and are valued at US$ 337.3 million in 2022.
- North America and Europe dominated the market with 49.4% and 26.2% market share in 2021.
- Under application, the salt water is likely to represent 89.3% market share in 2022.
- Based on boat, the Jon boat type motor can reach the valuation of US$ 142.5 million in 2022.
“Raising funds for lakes and fresh water sports, fishing is the factor behind the success in electric trolling motor market” says a Fact.MR analyst.
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
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Market Development
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 presence. For instance, in 2019, MotorGuide introduced two new products – Tour and Tour Pro trolling motor across the different regions.
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.
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)
Country-wise Insights
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.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global electric trolling motor market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of motor (bow mounts, transom mounts, and engine mounts), application (salt water and fresh water), boat (bass boats, Jon boats, deep-v boats, pontoons, skiffs, flat boats, deck boats, bay boats, and fish & skis), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).
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