The electric trolling motors market is anticipated to expand at a steady CAGR of 3.2% in value terms over the assessment period between 2020 and 2030. An increasing number of outdoor events, for instance, sport fishing and recreational fishing activities amid the population of all income groups and ages will boost the market growth of the electric trolling motors. Although, the COVID-19 outbreak, has a negative impact on the market growth as the temporary shutdown of plants in directing trolling motor producing nations in Europe and North America.
“The enduring COVID-19 pandemic has hit companies adversely on the supply side, triggering a drop in the sales of trolling motors. Nevertheless, progressions in marine electronics to enhance motor features and performance, together with efficient technology integration, are prophesied to pave new roads for the electric trolling motors market.” says the Fact.MR report.
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Electric Trolling Motors Market – Key Takeaways
Electric Trolling Motors Market – Driving Factors
Electric Trolling Motors Market – Constraints
Anticipated Market Impact by COVID-19 Outbreak
As a result of the outbreak of COVID-19, the temporary closedown of plants in Europe and North America has brought down the electric trolling motors sales, as well as has contributed intense pressure to distributors and manufacturers. Amidst the decline for offline sales, the increasing use of virtual technologies to impact the online shopping amid consumers that are anticipated to increasingly complement the growth of electric trolling motors.
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Major players identified in the electric trolling motors market include, but are not limited to, MotorGuide, Minn Kota, Garmin Ltd., Torqeedo GmbH, Lowrance Electronics, Newport Vessels, Haswing Outdoor, and Intex Recreation Corp. Leading manufacturers are striving for the introduction of new products and product enhancement to widen their consumer base and attain a competitive edge over other manufacturers through mergers and collaborations. For instance,
Garmin collaborated with Lawrence and is poised to launch electric trolling motors that are highly capable and well incorporated with advanced multifunction display systems.
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More on the Report
Our market research report provides in-depth insights into the electric trolling motors market. The market is scrutinized on the basis of motor (bow mounts, engine mounts and transom mounts), application (salt water and fresh water), and boat (fish & skis, deck boats, flat boats, skiffs, pontoons, deep-V boats, jon boats and brass boats) across seven major regions (North America, Europe, East Asia, South Asia, Oceania, Latin America, and Middle East & Africa (MEA).
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