Future Growth of Electric Trolling Motors Estimated at 3.6% CAGR
Projected Growth of the Electric Trolling Motor Market
The global Electric Trolling Motor market is anticipated to witness significant expansion in the coming years, with estimates suggesting a valuation of US$597.4 million in 2024. As the industry continues on its growth trajectory, it is projected to reach US$850.8 million by the year 2034, marking a compound annual growth rate (CAGR) of 3.6% during this period.
Innovative Trends in Electric Trolling Motors
As fishing enthusiasts gravitate towards modern technology, the electric trolling motor sector is seeing a surge in innovation. Key enhancements such as GPS-enabled functionalities, remote control operations, and foot pedal steering are revolutionizing the angling experience. With GPS-enabled motors, anglers can efficiently map their routes, effectively allowing them to return to successful fishing locations with ease.
Value and Efficiency for Fishermen
Electric trolling motors provide significant advantages for fishermen, including easier navigation, enhanced control, and improved safety measures. The demand for these motors is expected to swell as they facilitate a better fishing experience, thereby creating numerous growth opportunities in the market. Key players are responding to this trend by investing heavily in the development and distribution of these motors.
Market Insights and Trends
According to industry analysts, several key takeaways highlight the market's trajectory:
- The Electric Trolling Motor market is set to grow at an impressive CAGR of 6%, with a target valuation of US$850.8 million by 2034.
- During 2019-2023, the market experienced a 4% CAGR.
- Bow mount motors are expected to dominate, valued at US$359.6 million in 2024.
- North America and Western Europe currently hold significant market shares of 9% and 22.4%, respectively.
- In terms of application, saltwater environments are predicted to capture a 7% market share in 2024.
According to a Fact.MR analyst, the funding directed at fishing and freshwater sporting activities is a primary driver for success in the electric trolling motor sector.
Key Players Leading the Market
Several industry leaders are making notable strides in innovation within the electric trolling motor market. Prominent companies include Minn Kota (Johnson Outdoor Marine), Motorguide (Brunswick Corporation), Garmin Ltd, Lowrance (Navico), and Torqeedo GmbH, among others. These organizations are actively enhancing their product offerings to adapt to new trends and consumer demands.
Recent Innovations
- In July 2024, Garmin launched a new 48-inch shaft version of its Force Kraken trolling motor, targeting smaller recreational crafts including pontoon boats.
- September 2024 saw Minn Kota unveil the Riptide Instinct and an updated version of the Riptide Terrova. These models feature improved technology tailored for saltwater fishing, enhancing durability and performance.
Industry Developments and Future Directions
The electric trolling motor market is also witnessing exciting developments aimed at boosting operational efficiency and reducing environmental impact. For instance, ePropulsion recently inaugurated ePropulsion Commercial, a new unit focused on delivering electric propulsion solutions for commercial marine sectors. This initiative reflects the growing demand for sustainable practices in the industry.
Moreover, in November 2023, BSI A/S introduced its advanced Motor-Riptide Ulterra, which enhances control and efficiency, contributing to the market's growth both in Europe and North America.
Market Segmentation Insights
Understanding the structure of the electric trolling motor market involves examining its segmentation by motor type, application, and boat type:
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
Frequently Asked Questions
What is the projected growth rate of the electric trolling motor market?
The market is expected to grow at a CAGR of 3.6%, reaching US$850.8 million by 2034.
What recent innovations have been introduced in electric trolling motors?
Recent innovations include GPS functionality, remote controls, and updated models such as the Minn Kota Riptide Instinct.
Who are the leading companies in the electric trolling motor market?
Key players include Minn Kota, Motorguide, Garmin, and Torqeedo, focusing on enhancing their product offerings.
What advantages do electric trolling motors provide?
They offer easier navigation, better control, and increased safety for fishermen, making fishing more efficient.
What are the primary applications for electric trolling motors?
Electric trolling motors are primarily used in both freshwater and saltwater fishing applications.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
Disclaimer: The content of this article is solely for general informational purposes only; it does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice; the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. The author's interpretation of publicly available data shapes the opinions presented here; as a result, they should not be taken as advice to purchase, sell, or hold any securities mentioned or any other investments. The author does not guarantee the accuracy, completeness, or timeliness of any material, providing it "as is." Information and market conditions may change; past performance is not indicative of future outcomes. If any of the material offered here is inaccurate, please contact us for corrections.
Related Articles
- ISS A/S Updates on Share Buyback Program Progress
- Valoe Corporation Expands Convertible Bond Subscription Period
- InspireSemi Announces Key Business Update and CFO Change
- Ridgeview Partners Invests in PayRange to Boost Growth Strategies
- Aspen Neuroscience CFO Kameel Farag to Present Key Updates
- Innovative AI Tool Streamlines Lending with Figure Technology
- Apono Secures $15.5 Million to Innovate Cloud Access Security
- Warren Buffett Urges Investors to Reconsider Stock Ownership Strategies
- John Vilade Takes the Helm at 6P Color, Inc. as CEO
- Robert Freidel: Honored Member of the Inner Circle of Excellence
Recent Articles
- Navient's New Strategy Sparks Hope Amid Legacy Loan Challenges
- Zeta Global Holdings: Increasing Growth and Market Confidence
- Exploring the Future of Behavioral Rehabilitation Market Growth
- Jack in the Box Expands Reach with 12 New Locations in Chicago
- Growth Projections for Bariatric Surgery Devices Through 2033
- Tide Capital Anticipates Crypto Surge After Fed Rate Cuts
- Equity Funds Experience Record Inflows Amid Market Changes
- PCE Data Sparks Interest in Potential Fed Rate Cuts Soon
- Talus Network's Nexus Revolutionizes Autonomous AI on Blockchain
- WPP Energy Revolutionizes Energy Sector with Innovations
- Prime Medicine Collaborates with Bristol Myers Squibb for Innovative T-Cell Therapies
- Tonix Pharmaceuticals Shares Insights on Long COVID Workshop
- Mercury Systems Boosts KC-46A Tanker Fleet with Enhanced Tech
- CytoMed Therapeutics Updates on Clinical Progress and Finances
- BioStem Technologies Seeks Nasdaq Uplisting with Form 10 Registration
- Exploring Nurix Therapeutics' Innovations at a Leading Conference
- Sable Resources Expands Copper Queen Project with New Discoveries
- Exploring Investment Opportunities in Consumer Discretionary ETFs
- Captivision Inc. Sees 22% Revenue Growth in Recent Results
- Market Reflections: Powell's Insights and Global Trends
- Akero Therapeutics to Showcase Innovations at Upcoming Virtual Conference
- Exploring Growth Stocks: Broadcom and AMD Amid Market Bounce
- Perspective Therapeutics Shares Insights at European Congress
- BioCryst Pharmaceuticals Secures $69 Million Influenza Contract
- Gain Therapeutics Shares Promising Phase 1 Data on GT-02287
- Hydreight Technologies Unveils Share Buyback Initiative
- Vor Bio Welcomes Dr. Han Choi as Chief Financial Officer
- Key Leadership Appointment at Silvaco Enhances Legal Expertise
- Onity Group's Strategic Moves to Restructure Capital for Growth
- West Red Lake Gold Emphasizes Commitment to Reconciliation
- Alamos Gold Announces Upcoming Conference for Q3 2024 Results
- Wabash Hosts Ignite 2024: Innovating the Future of Logistics
- Fanhua Announces Upcoming Extraordinary General Meeting Details
- Auddia Expands faidr App with Over 13,000 AM/FM Stations
- AECOM Welcomes Jill Hudkins as Head of Water Advisory Line
- Baladna Expands Influence with New Dairy Production Projects
- Diversified Healthcare Trust Sells Senior Living Communities for $135M
- Kubicle Partners with Rand Mutual Assurance for Digital Growth
- Tech Stocks Poised for Growth Amid Economic Uncertainty
- Verizon and Vertical Bridge Discuss Major Tower Sale Agreement
- Future Growth of the Solvents Market and Key Insights Ahead
- Strong Recovery in Global Equity Fund Inflows Amid Changes
- TE Connectivity's Strategic Move to Incorporate in Ireland
- Positive Outlook for Elanco as Zenrelia Gains Traction in Market
- Expedited Cash Advances for Lawsuit Plaintiffs in Utah
- Truist Keeps Positive Outlook on Evolent Health Stock Amid Changes
- Albemarle Corporation Announces Q3 2024 Earnings Release
- Barclays Adjusts Procter & Gamble Rating Amid Global Pressures
- Vestis Sells Minority Stake for $37 Million to Boost Agility
- KalVista Advances Novel Oral HAE Treatment for Global Approval