Global Electric Trolling Motor Market - 2019-2026
Electric trolling motor is the combination of different devices including an electric motor, propeller and controllers which can be fixed to boat used for fishing. The electric trolling motor are compatible in saltwater, freshwater and available in infinite variable speed with depth adjustment collar designed to have excellent corrosion resistance. Recently many leading players are implementing for manufacturing of the electric trolling motor that is LED Volt display, intuitive steering with GPS-powered automatic boat control, speed and steering controls with the convenient foot pedal arrangements. These electric trolling motors can be fitted into wide varieties of boats including tenders, fishing boats, kayaks, inflatable boats, dinghies, etc. The global Electric trolling motor market valued USD XX million in 2018 and it is expected to grow at a CAGR of XX% to reach USD XX million by 2026.
The market is driven by the rising growth of the fishing and seafood industries due to increase in the disposable income and surge in fish production across the globe. According Food & Agriculture organization of United Nations (FAO) report in 2017, the marine fisheries production was 81.2 million and has been increased to 84.4 million tonnes in 2018 due to rising fish consumption. Furthermore, rising sport fishing trends with surge in outdoor travelling due to rise in disposable income.
There is rise in advanced technology like bluetooth compatibility and entertainment displays driving demand for trolling motor. Further the additional facilities like cable-steered pedal, with foot-actuated buttons to control speed, heading and anchor locking have created huge demand for this market. For instance on 7th July 2019, Garmin Company had been launched New Force Freshwater Trolling Motor Series with GPS-based anchor, and auto guidance technology electric trolling motor. This motor has wireless foot pedal for instant control and responsiveness, it can also follow tracks to favorite waypoints on the water and can create easy routes.
The global electric trolling motor market is segmented based on mounting type, type of thrust, applications and region.
In terms of mounting type the global electric trolling motor market is bifurcated into transom mount, saltwater, freshwater, bow mount, engine mount and others. Among this saltwater segment has the highest market share owing to increasing demand for the fish as food with surge in the global marine fisheries production. According Food & Agriculture organization of United Nations (FAO) report in 2016, total sale of fisheries and aquaculture production was estimated at USD 362 billion, out of which USD 232 billion was from aquaculture production.
Furthermore, transom bow segment has the highest market share in 2019 owing to affordable, easier to install, simple to operate than bow mount motors.
Similarly bow mount and engine mounting also growing at faster pace owing to surge in the demand for fishing among the people with small to large boats due to its wider range of control options like wireless remote, foot and hand.
Depending on the applications the global electric trolling motor market is bifurcated into commercial, private, sports & outdoor and others. Among this, commercial segment has the highest share owing to growing fish as food consumption. According to the FAO in 2015 the food fish consumption is growing at 1.5% per year which was increased to average consumption of 20.2 kg in 2015.
Similarly, sports & outdoor, private of global electric trolling motor market are also growing at faster pace owing to increase in the outdoor outing of the people due to rising consumer spending and surge in disposable income of the people. According to the Outdoor Industry Organization, the American's annual consumer spending was increased to around USD 887 billion for the outdoor recreation economy and has been employed around 7.6 million American.
By region, the global Electric trolling motor market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. Among all of the regions, North America is the dominated region for the global electric trolling motor market and expected to grow at the highest CAGR during the forecasted period due to growing consumer spending on anglers and rising the fishing spending followed by Europe region. According to the American Sport fishing Association, in the United States there are around 46 million people are estimated to go for fishing annually whereas there are approximately 60 million anglers. The fishing and boating has been contributed around USD 1.5 billion annually. According to the Bureau of Economic Analysis in 2016, the fishing and boating has been accounted for USD 36.9 billion of output in the America.
Asia Pacific is the also growing at faster pace for the electric trolling motor market, owing to demand for the fishing with rising consumer spending due to presence of huge population. According to the United Nation's Economic and Social Commission for Asia and the Pacific (ESCAP) Organization, the Asia Pacific region is growing at faster pace with surge in the consumer spending which has been projected to reach around USD 32 trillion by 2030. Thus such rise in the consumer spending impels the expenditure on recreational sports activities like fishing, boating which directly impels the demand for the electric troll motors over the forecast period. However, due to Covid-19 pandemic, the demand has been reduced tremendously and it is getting recovered in many countries.
The global Electric trolling motor market is highly competitive with the presence of several international and local markets. Product diversification, revenue generation, and opportunities intensify the market competition. MotorGuide, torqeedo, Minn Kota Minn Kota, Malibu Boat, Coleman, Hongkang Industry Co.,Limited, Garmin Force, Cabela, Newport Vessels, SEAMAX and Outsunnyare the leading market players with significant market share.
Companies are entering into the collaborations, acquisitions, mergers, and licensing for increasing their market penetration. For instance, on 24th July 2020, Garmin and Lawrence both in collaboration had set to launch trolling motors which is highly capable and well integrated with advanced multifunction display systems.