Electric Trolling Motor Market is Projected to Expand at 3.6% CAGR and Hit US$ 850.8 Million by 2034 | Fact.MR Report
Rockville, MD , Sept. 30, 2024 (GLOBE NEWSWIRE) -- The global Electric Trolling Motor Market is set to reach a valuation of US$ 597.4 Mn in 2024 and further expand at a CAGR of 3.6% to end up at US$ 850.8 Mn by the year 2034.
Various market players have started investing in innovation in the electric trolling motor. For instance, anglers have started aligning with the current market trends and are benefiting from the advancement in electric trolling motors. These motors are loaded with multiple features such as GPS-enabled motors, foot pedal steering, and remote control steering among others. For example, GPS-enabled motors can record routes and anglers can fish at the same spot the next day as well
Due to the several advantages in the form of easy driving, greater control, and safety, the fishermen are getting great value from electric power. It also enables them to fish more effectively. With this, the demand for trolling motors is expected to increase along with numerous opportunities opening up for firms in the electric trolling motors market.
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Key Takeaways from the Market Study:
- The global electric trolling motor market is projected to expand at an impressive CAGR of 6% and be valued at US$ 850.8 million by 2034.
- The market witnessed 4 % CAGR for the period of 2019-2023.
- Under motor, bow mount motors will dominate the market and are valued at US$ 359.6 million in 2024.
- North America and Western Europe dominated the market with 9% and 22.4% market share in 2024.
- Under application, salt water is likely to represent 7% market share in 2024.
- Based on the Motor Type, the bow-mounted motor can reach a valuation of US$ 359.6 million in 2024.
“Fishing and Freshwater Sports Funding Drives Success in Electric Trolling Motor Market,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Electric Trolling Motor Market:
Minn Kota (Johnson Outdoor Marine); Motorguide (Brunswick Corporation); Garmin Ltd; Lowrance (Navico); Torqeedo GmbH; propulsion; Rhodan Marine; Newport Vessels; Watersnake (Jarvis Walker Pty, Inc.); Aquamot; Other Competitors.
Market Growth Stratagems:
The companies present in the market are seen to build partnerships and create new products together. They do it in order to make their products better for higher demand and eventually good sales. Also, they have strong demand in, Western Europe and North America, in silent motors and effective fishing-related solutions.
- In July 2024, Garmin added a new 48-inch shaft option to the Force Kraken trolling motor series, targeting the smaller craft pontoon or microskiff.
- In September 2024, Minn Kota introduced the new Riptide Instinct and updated Riptide Terrova trolling motors. The new models boast better technologies for a better and more durable performance. They are specifically made for saltwater fishermen and grow the electric trolling motor market.
Electric Trolling Motor Industry News:
- In September 2024, ePropulsion started ePropulsion Commercial, a new business unit that aims to provide electric propulsion solutions for commercial marine applications. This initiative focuses on providing sustainable and efficient electric motors for the rising demand in the commercial sector to enhance operational efficiency while reducing environmental impacts.
- In November 2023, BSI A/S- one of the leading companies making electric trolling motors-inaugurated its upscale Motor-Riptide Ulterra which also offers customers precise control as well as higher efficiency hence contributing towards the growing market for this device in Europe and North America respectively.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the electric trolling motors market, presenting historical market data (2019-2023) and forecast statistics for the period of 2024 to 2034.
The study reveals essential insights based on by Motor Type (Bow-Mount Motors, Transom-Mount Motors, Engine Mount Motor), By Application (Fresh Water, Salt Water), By Boat Type (Solvent-based Mirror Coatings, Water-based Mirror Coatings, Nano Mirror Coatings) across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and Pacific, Middle East & Africa).
Segmentation of Electric Trolling Motor Industry Research:
By Motor Type :
- Bow-Mount Motors
- Transom-Mount Motors
- Engine Mount Motor
By Application :
- Fresh Water
- Salt Water
By Boat Type :
- Bass Boat
- Jon Boat
- Deep-V Boat
- Pontoon
- Skiffs
- Flat Boats
- Deck Boat
- Fish and Ski Boats
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