Electric trolling motors are used in propulsion systems for marine industry, but not as a main source of main propulsion. Usually, electric trolling motors houses electric motor, propeller, and controllers. The key application is fishing. Wide variety of water vessels or boats have been benefitting from the advances in electric trolling motors market. They can be used commonly in fishing boats, kayaks, tenders, inflatable boats, and dinghies. The integration of boats with GPS-powered automatic boat control has also boosted the market.
Over the past few months, the Covid-19 pandemic has made a large adverse impact on the production of electric trolling motor, including in major hubs of North America and Europe. Nevertheless, there is a wave of optimism toward recovery of production in electric trolling motors market.
The study offers a data-driven business intelligence solution to key growth drivers, key impediments to market stakeholders, share and market sizing of the various key segments, current and emerging avenues in various regions. The research also presents a scrutiny of the prevailing macroeconomic underpinning of the expansion of avenues in the electric trolling motors market.
A thriving seafood industry is a key trend boosting the electric trolling motors market. Rise in demand for recreational fishing is a key trend boosting the market. Strides made in the fishing sector has also spurred the growth of the market. Moreover, rising number of outdoor marine events fuels the growth prospects in the electric trolling motors market. Rise in recreational fishing and sports fishing activities is a key trend boosting the market. Over the years before the Covid-19, there have been growth in sales of various marine products, thereby bolstering the growth of the electric trolling motors market.
Of the various product segments, bow mount trolling motors are gaining popularity. Key producing regions have seen unit sales of fishing power boats. Growth in exports of fish and seafood is also boosting the growth of the electric trolling motors market.
Market players in the electric trolling motors market are seeing substantially consistent revenues in the commercial fishing sector. A growing number of players are equipping the trolling motors with advanced marine electronics with an aim to boost the working and function of trolling motors. Top players are adopting integrated marine propulsion technology, which has thus opened a vast avenue in the coming years.
Several players are seeing new revenue stream from young demographics. This is because these are increasingly attracted toward fishing as a leisure activity. Furthermore, they are focusing on boosting the affordability of electric trolling motors.
Some of the aspiring players in the electric trolling motors market are MarineTech Products, Inc., Lankhorst Taselaar B.V., Haswing Outdoor, Rhodan Marine, Intex Recreation Corp., Newport Vessels, Torqeedo GmbH, MotorGuide, Jarvis Walker Pty, Inc., Lowrance Electronics Inc., and Garmin Ltd.
On the regional front, North America held a sizable revenue share of the global electric trolling motors market for the past several years. The U.S. has made robust sales of boats in recent years. Europe is also a promisingly lucrative market. Rise in use of fishing power boats is spurring the prospects in the electric trolling motors market. European nations have seen rise in exports of seafood and fish.