Electric Trolling Motor Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DM2556 | Last Updated On: Aug 30 2022 | Available Formats

> Global Electric Trolling Motor Market is Expected to reach a high CAGR By 2029: DataM Intelligence

Global Electric Trolling Motor Market is segmented By Mounting Type (Transom, Bow, Engine mount, Saltwater, Freshwater, Others), By Application (Commercial, Sports & outdoor, Private, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

[150 Pages Report] The Global Electric Trolling Motor Market is expected to grow at a high CAGR during the forecasting period (2022-2029).

Electric Trolling Motor Market - Strategic Insights

Metrics

Details

Market CAGR

 3%

Segments Covered

By Mounting Type, By Application and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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An electric trolling motor is a combination of different devices, including an electric motor, propeller, and controllers, fixed to the boat used for fishing. The electric trolling motor is compatible with saltwater, freshwater and available in infinite variable speed with a depth adjustment collar designed to have excellent corrosion resistance. Recently many leading players are implementing the electric trolling motor that is LED Volt display, intuitive steering with GPS-powered automatic boat control, speed and steering controls with the convenient foot pedal arrangements. These electric trolling motors can be fitted into wide varieties of boats, including tenders, fishing boats, kayaks, inflatable boats, dinghies, etc.

Market Dynamics:

The market is driven by the rising growth of the fishing and seafood industries due to increased disposable income and a surge in fish production worldwide. According to the Food & Agriculture Organization of United Nations (FAO) report in 2017, the marine fisheries production was 81.2 million and increased to 84.4 million tonnes in 2018 due to rising fish consumption. Furthermore, rising sport fishing trends with a surge in outdoor traveling due to a rise in disposable income.

There is a rise in advanced technology like Bluetooth compatibility and entertainment displays driving demand for trolling motors. Additional facilities like a cable-steered pedal, with foot-actuated buttons to control speed, heading, and anchor locking, have created a huge demand for this market. For instance, on 7th July 2019, Garmin Company launched the New Force Freshwater Trolling Motor Series with GPS-based anchor and auto-guidance technology electric trolling motor. This motor has a wireless foot pedal for instant control and responsiveness; it can also follow tracks to favorite waypoints on the water and create easy routes.

Segment Analysis

The global electric trolling motor market is segmented on mounting type, type of thrust, applications, and region.

The global electric trolling motor market is bifurcated into transom mount, saltwater, freshwater, bow mount, engine mount, and others in terms of a mounting type. Among this saltwater, the segment has the highest market share owing to increasing demand for fish as food with a surge in the global marine fisheries production. According to the Food & Agriculture Organization of United Nations (FAO) report in 2016, the total sale of fisheries and aquaculture production was estimated at USD 362 billion. USD 232 billion was from aquaculture production.

Furthermore, the transom bow segment has the highest market share in 2019 owing to affordable, easier to install, simple to operate than bow mount motors. 

Similarly, bow mounting and engine mounting are also growing faster due to the surge in demand for fishing among people with small to large boats due to its wider range of control options like wireless remote, foot, and hand.

Depending on the applications, the global electric trolling motor market is bifurcated into commercial, private, sports & outdoor. Among these, the commercial segment has the highest share owing to growing fish as food consumption. According to the FAO, in 2015, the food fish consumption is growing at 1.5% per year, increasing to an average consumption of 20.2 kg in 2015.

Similarly, sports & outdoor, private of global electric trolling motor market are also growing faster due to increasing outdoor outing of the people due to rising consumer spending and surge in disposable income. According to the Outdoor Industry Organization, the American’s annual consumer spending was increased to around USD 887 billion for the outdoor recreation economy and employed around 7.6 million Americans.

Geographical Presentation

By region, the global Electric trolling motor market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. North America is the dominant region for the global electric trolling motor market among all of the regions. It is expected to grow at the highest CAGR during the forecasted period due to growing consumer spending on anglers and rising fishing spending followed by the European region. According to the American Sportfishing Association, in the United States, there are around 46 million people who are estimated to go fishing annually, whereas there are approximately 60 million anglers. Fishing and boating have been contributed around USD 1.5 billion annually. According to the Bureau of Economic Analysis, in 2016, fishing and boating accounted for USD 36.9 billion of output in America.

The Asia Pacific is also growing faster for the electric trolling motor market, owing to demand fishing with rising consumer spending due to a huge population. According to the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) Organization, the Asia Pacific region is growing faster with a surge in consumer spending, projected to reach around USD 32 trillion by 2030. Thus such a rise in consumer spending impels the expenditure on recreational sports activities like fishing, boating which directly impels the demand for electric troll motors over the forecast period. However, due to the Covid-19 pandemic, the demand has been reduced tremendously, and it is getting recovered in many countries.

Competitive Analysis

The global Electric trolling motor market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. MotorGuide, torqeedo, Minn Kota, Malibu Boat, Coleman, Hongkong Industry Co., Limited, Garmin Force, Cabela, Newport Vessels, SEA MAX, and Outsunnyare, the leading market players with significant market share.

Companies are entering into collaborations, acquisitions, mergers, and licensing for increasing their market penetration. For instance, on 24th July 2020, Garmin and Lawrence had set to launch trolling motors, both in collaboration, which is highly capable and well-integrated with advanced multifunction display systems.

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