Electric Trolling Motor Market

Electric Trolling Motor Market Outlook (2024 to 2034)

The global electric trolling motors market is expected to surpass a value of US$ 850.8 Mn by 2034-end, and expand at a CAGR of 3.6% during the forecast period (2024-2034). The Economic Downturn is resulting in declining sales, as a reduce consumer spending power, which ultimately impacts the sales of electric trolling motors.

To increase business after the economic uncertainties, manufacturers are utilizing digital technologies and engaging customers via online portals. The pandemic has shifted consumer focus towards e-commerce platforms. Moreover, there are several trolling motor manufacturers who have started providing trolling motors through their websites. This, in turn, will strengthen the demand for electric trolling motors

The rift between the supply and demand coupled with current lower production rates is foreseen to affect the market. While inventories are expected to sustain the short-term demand, and for, there is a need for an increase in investment in this aspect to gain increased market share.

Report Attributes	Details
Electric Trolling Motor Market Size (2023A)	US$ 583.0 Million
Estimated Market Value (2024E)	US$ 597.4 Million
Forecasted Market Value (2034F)	US$ 850.8 Million
Global Market Growth Rate (2024 to 2034)	3.6% CAGR
Western Europe Market Share (2024)	22.4%
North America Market Growth Rate (2024 to 2034)	3.9% CAGR
Key Companies Profiled	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.

Historic Analysis (2019 to 2023) Vs Future (2024 to 2034) Pathway Analysis

The electric trolling motor market was valued at US$ 583.0 million in 2023, growing at a CAGR of 2.4% from 2019 to 2023.

• Short Term (2024 to 2027): In the short term, the electric trolling motor will see stable growth on the back of growing consumer preference towards eco-friendly boating solutions. The demand will driven by technology changes in areas like longer life and efficiency of batteries. Secondly, the recreational fishing and boating industry will continue to grow, specifically in the U.S. and Europe, thereby improving market adoption across various applications in freshwater and saltwater.
• Medium Term (2027 to 2030): Emission and environmental sustainability-related government regulations in the medium term will continue to drive the market. Innovation in electric propulsion technology, including integration with GPS and IoT-enabled systems for superior navigation, will continue to gain traction. For example, growing consumer awareness of eco-friendly solutions and a rise in water sports activities will surge demand in Europe and North America.
• Long Term (2030 to 2034): Growth in the electric trolling motor market will be faster in the long term when the maturity of battery technology allows longer runtimes at lower costs. Besides, emerging markets in Latin America and the Asia-Pacific region will drive global demand. The market will shift to zero-emission solutions and autonomous boating systems with an increased focus on meeting more stringent environmental regulations and consumer preferences.

Market Dynamics

What are the driving forces behind Electric Trolling Motor Market sales worldwide?

“Electric Trolling Motor Ride the Wave of Profitability On the Back of Recreational Boating & Fishing”

For instance, an electric trolling engine is gaining momentum in the market due to the full control of the boat and moving through the water without noise. Additionally, increasing participation from various sectors of age groups and strata has raised the potential demand for electric trolling motors in outdoor events such as recreation and fishing.

• The U.S. Fish and Wildlife Service reported that in 2023, over 55 million Americans participated in fishing, driving demand for electric trolling motors. The National Marine Manufacturers Association found that in 2023 80% of boats, engines, trailers, marine accessories, and gear used by millions of boaters in North America are made by member companies

The recreational boating business is getting bigger, compared to the last year, with more sales of boats, marine products, and services, according to the Recreational Boating & Fishing Foundation. As a result, good opportunities are expected to be created for the trolling motor industry.

“Pivotal Role of Europe Union Countries in Global Fish and Seafood Trade to Bolster Market Growth”

In recent years, the increased exports of fish and seafood by EU countries have given a major flip in commercial fishing. The EU ranks also among the largest traders of fish and aquaculture products in value.

• The EU's fish and seafood exports have significantly increased, with a reported 11% rise in household spending on fishery products in 2022. Additionally, approximately 8-10 million recreational sea anglers in Europe contribute $8-10 billion annually to the economy, driving demand for marine equipment like electric trolling motors.

Therefore, the growing export activities, particularly from the Netherlands, Greece, Spain, Denmark, and the UK, are foreseen to bolster the growth of commercial fishing, thereby supporting the growth of trolling motors in the region.

Moreover, Europe’s thousands of lakes and rivers provide an excellent basis for angling tourism which has increased consumer spending by anglers on marine equipment. Thus, this is likely to boost the adoption of electric trolling motors during the forecast duration.

What are the Challenges Encountered by Manufacturers of Electric Trolling Motors?

“Climate Change: Warming Waters to Wane Fish Stock”

The rising ocean temperatures have changed the marine food web, which has led to drastically altering the distribution, productivity, and species composition of global fish production. Further global warming has led to temperature variability in water bodies across the globe.

As the water warming continues, fishes along the coastline are moving to cooler water. This movement of fish has made them unreachable by some fishermen due to adverse climate conditions in cooler waters, leading to declining fish catches by some anglers at specific coastal locations.

Thus, climate change and water warming are major factors influencing the output of the fishing industry. Such a negative outlook for the fishing industry is likely to hamper the growth of the electric trolling motors market.

Country-wise Insights

Will the Huge Boating and Marine Industry in the US Drive High Demand for Electric Trolling Motor?

“Growth in U.S. Powerboat Sales Driving Electric Trolling Motor Demand”

Attribute	United States
Market Value (2024E)	US$ 113.0 Million
Growth Rate (2024 to 2034)	3.9% CAGR
Projected Value (2034F)	US$ 165.6 Million

The National Marine Manufacturers Association (NMMA) showed strong growth in recreational boating sales across the United States, where fishing powerboats have surged a notable 36% increase in from 2018 to 2023. This, results in continued growth within the electric trolling motor market. Recreational fishing is fast gaining popularity, and the demand for trolling motors that operate quietly and with better efficiency will be higher, especially in freshwater application categories.

The U.S. is one of the most massive boating and marine equipment markets globally. Therefore, it presents a huge opportunity for trolling motor producers. Growing interest in eco-friendly and technologically advanced marine technology will additionally drive the market.

Growing customer demand for more technologically advanced marine equipment in the US will keep fueling the growth, inspiring continuous launches of new products and improvements in technology.

Why the UK Electric Trolling Motor is Seeking Attention?

“Electric Trolling Motor Gain Popularity in U.K. for Recreational Use”

Attribute	U.K.
Market Value (2024E)	US$ 20 Million
Growth Rate (2024 to 2034)	3.5% CAGR
Projected Value (2034F)	US$ 28 Million

Europe is one of the largest traders of fishery and aquaculture, which is further foreseen to strengthen the demand for electric trolling motors over the forecast period. In Europe, the U.K's market share increased, and it is expected that the UK market will gain 176 BPS points over the assessed period.

This increased commercial fishing has been allocated an upset considering the increase in exports related to fish and seafood from the UK. Therefore, it is expected that with increasing export activity, demand for commercial fishing will drive the growth of the trolling motor market in the region.

Traditional fishing and aquaculture constitute significant sectors of this country's economy. This is the principal driver of demand.

Category-wise Insights

Which Electric Trolling Motor Type is Gaining Traction in the Market?

“Rapid Growth in Bow Mount Trolling Motor for Diverse Application”

Attribute	Bow Mount Trolling
Market Value (2024E)	US$ 359.6 Million
Growth Rate (2024 to 2034)	3.9% CAGR
Projected Value (2034F)	US$ 529.6 Million

The most frequent sort of trolling motor is a bow mount model that can be put into medium to large boats. Besides, in comparison with other types of bow mount motors offer a great deal of control over the boat. This opens a wide range of chances for participants involved in the manufacture of bow-mount trolling motors.

On the other hand, the sales of transom mount trolling motors are growing owing to rising interest among youngsters regarding fishing as a relaxation sport. These kinds of mount motors are relatively cheaper than their equivalent models, and most of these motors are pretty easy to install. Due to this fact, several manufacturers are entering these markets so that they can gain from the growing demand for electric trolling motors.

Which Boat Type Gaining Maximum Market Share?

“Jon Boats and Recreational Fishing Boosting Electric Trolling Motor”

Attribute	Jon Boats
Market Share (2024E)	US$ 156.0 Million
Growth Rate (2024 to 2034)	26.1% CAGR

A Jon boat is a small fishing boat specially designed for rivers, small lakes, and other calmer waters. They are ideal for navigating shallow waters because of their flat bottom design. Jon boats can travel farther upstream than boats with a deeper draft and they can get very close to shore. Further, the growing number of outdoor events such as recreational fishing and sport fishing activities among all kinds of people, of all ages and income groups are expected to drive the growth of the electric trolling motors market.

Competitive Landscape

Key players in the electric trolling motor Are 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.

The recent developments suggest that manufacturers will have new opportunities in the short term owing to the remarkable increase in the number of anglers worldwide. As a result, there will be an increased demand for fishing equipment and gears which include trolling motors, and thus a revamp of their production processes. As of late 2024, signs of positive changes in the electric trolling motors market are likely to emerge.

• 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.

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

• By Region :

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa