Global Trolling Motor Market: Overview
The global trolling motor market is set to witness growth in future. As per Transparency Market Research, it will chart a steady growth rate over the forecast period of 2019 to 2027. This will primarily be a result of growing fishing industry and need for better boats, creating new opportunities for market players to tap into for growth. Also, it is pertinent to note here that technology holds a prominent place in the market.
Global Trolling Motor Market: Competitors Landscape
The growing trolling motor market is witnessing increase in number of players. It is quite important note here that the vendor landscape of the market is not just consolidated but also competitive and currently, players in the market are taking significant steps to ensure revenues increase and profits accrue.
Prominent players operating in the playfield of global trolling motor market are:
- Minn Kota
- Newport Vessels
- Haswing USA
- Garmin Ltd.
These players are known for their active and aggressive measures, which are also known to be driving the market on to a better growth trajectory. Some of the growth strategies are technological advancement, and entering key alliances in order to penetrate a new market or an old one in a better way. Innovation and partnerships therefore hold a special place in the growth scheme.
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Global Trolling Motor Market: Key Trends and Drivers
Of the numerous growth factors that are anticipated to contribute to growth in the global trolling market over the forecast period, the top ones, as identified by Transparency Market Research, have been detailed out below.
- There is a notable increase in fishing sales in the market and the trend is only set to grow over the forecast period as fishing sees an increase in popularity as far as recreational activities grow. Around the world, people are also demanding for good fishing vacations. This will create demand for fishing boats which are technologically sound and have superior motors. This will drive the market forward in a big way.
- There is global need emerging for ensuring food security and this is set to drive demand for fishing, in turn, driving demand for boats. This will be a notable factor of growth in the global trolling motor market over the forecast period. This is leading players to invest in better and electric motors, contributing to growth in the market
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Global Trolling Motor Market: Regional Analysis
In terms of regional growth, Transparency Market Research notes that North America is set to lead the way owing to growing sales of fishing boats. Not only is fishing as a profession is witnessing growth nut also is dishing as a vacation activity. A number of places in the North American region have emerged in the past few years, credit great wilderness and increasing demand for such places. Two regions which have the potential of being hotbeds of such activity are Canada and the American Northwest. High disposable incomes are the region is also a critical factor of growth in the market. Together, these factors will contribute massively to growth in the trolling motor market over the forecast period. It is also quite pertinent to note here that the Asia Pacific region will also pave way for higher growth owing to countries such as China and India, which are known for sea-borne trade and extensive fishing activities.
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
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- 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
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
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.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
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?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.