Fishing boat sales surge to bolster demand for electric trolling motors, says Fact.MR

The global Electric Trolling Motors Market is currently valued at around US$561.2 Million in 2022 and is projected to grow at a CAGR of 3.8% to reach US$818.6 Million by 2032.

/EIN News/ — 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 $561.2 million in 2022 and is expected to grow at an impressive CAGR of 3.8% over the forecast years 2022-2032.

Various market players are starting to invest in the innovation of electric trolling motor. For example, anglers have begun to catch up with current market trends and are benefiting from advances in electric trolling motors. These motors come with several features such as GPS-enabled motor, pedal steering, and remote steering among others. For example, a GPS-enabled motor can record routes and the angler can also fish in the same spot the next day.

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Due to the many advantages such as maneuverability and access, maintaining control and safety, anglers are realizing the benefits of electric power which also provides them with significant efficiency while fishing. This is expected to increase the demand for trolling motors and create many opportunities for players operating in the electric trolling motors market.

Key insights from market research

  • The Global Electric Trolling Motors Market is anticipated to expand at an impressive CAGR of 3.9% and be valued at USD 818.6 Million by 2032.
  • The market witnessed a CAGR of (1.3)% for the period 2017-2021.
  • Under engine, bow mount engine will dominate the market and will be valued at US$337.3 million in 2022.
  • North America and Europe led the market with 49.4% and 26.2% market share in 2021.
  • Under application, saltwater is expected to account for 89.3% market share in 2022.
  • Based on the boat, the Jon Boat type engine can reach the valuation of US$142.5 million in 2022.

“Fundraising for lakes and freshwater sports, fishing is the success factor of the electric trolling motor marketsays a Fact.MR analyst.

Electric Trolling Motors Industry Research Segmentation

  • By Engine Type:
    • bow mounts
    • Transom brackets
    • Engine mounts
  • Per application:
  • On a boat :
    • bass boat
    • Jon’s boat
    • Deep V boat
    • Pontoon
    • Skiffs
    • Flat boats
    • Deck boat
    • bay boat
    • Fish and ski
  • By region:
    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia and Oceania
    • AEM

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Market development

The market for electric trolling motors is mostly dominated by Minn Kota and MotorGuide. However, there are a large number of local and regional players in the market. Major players are focusing on product launches to expand their market presence. For example, in 2019, MotorGuide introduced two new products – the Tour and Tour Pro trolling motor in the different regions.

Both products are designed for tough conditions with a 360 degree detachable stand with integrated anti-rebound and a sturdy 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 eliminate noisy operation. It is integrated with zero sonar interference to provide anglers with the clearest sonar view possible.

Profiled Key Companies

  • Minn Kota (Johnson Outdoor Marine)
  • Motorguide (Brunswick Corporation)
  • Garmin Ltd.
  • Lowrance (Navico)
  • United States
  • Water Snake (Jarvis Walker Pty, Inc.)
  • Newport Ships
  • Torqeedo GmbH
  • Rhodan Marine
  • Navigator (MarineTech products)
  • Lankhorst Taselaar BV (Talamex)

country wise Knowledge

The electric trolling motor market in the United States 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 largest nautical and maritime industries in the world. The country holds a large share of the electric trolling motor market, accounting for about 81.5% in North America.

The National Marine Manufacturers Association (NMMA) estimated strong growth in boat sales in the United States. For example, in 2019, the country saw an increase in unit sales of motorized fishing boats. These factors are further predicted to strengthen the regional market.

The United States remains one of the world’s largest markets for boating and marine equipment, making it a lucrative market for trolling motor manufacturers. The increased demand for marine equipment among Americans will drive the growth of the market.

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More valuable information about the offer

Fact.MR, in its new offering, presents an unbiased analysis of the global Electric Trolling Motors Market, showcasing historical market data (2017-2021) and forecast statistics for the period 2022-2032.

The study reveals critical information on the basis of engine (bow mounts, transom mounts and engine mounts), application (saltwater and freshwater), boat (bass boats, Jon boats, deep-V boats, pontoons, skiffs, flatboats, deck boats, bay boats and fishing and skis), in major regions of the world (North America, Latin America, Europe, East Asia, South Asia and Oceania, and Middle East and Africa).

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