Electric Trolling Motors Market: Overview
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.
Electric Trolling Motors Market: Key Trends
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.
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Electric Trolling Motors Market: Competitive Development Analysis and Key Developments
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.
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Electric Trolling Motors Market: Regional Assessment
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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
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The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
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10. What will be the barrier to entry for new players in the market?
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