Electric Trolling Motors Market to Face Sluggish Growth during COVID-19 Pandemic, Finds Fact.MR
The electric trolling motors market value is poised to expand 1.4X and register a CAGR of 3.2% during the forecast period (2020-2030).
Manufacturers are aligning with the current market trends and are focusing on offering anglers with tremendous opportunity to fish effectively. For instance, they are integrating motors with GPS systems, which enables the angler to fish at the same spot the next day. This is anticipated to increase the demand for trolling motors and create ample opportunities for players operating in the electric trolling motors market.
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Key Takeaways from Electric Trolling Motors Market Study
• The global electric trolling motors market is projected to create an absolute $ opportunity of more than US$ 200 Mn in the next decade, and surpass a valuation of US$ 75 Mn by 2030-end.
• Application of electric trolling motors in salt water is set to hold over 89% share of the total market value through 2030.
• Sales of bow mount motors are projected to increase at a value CAGR of 3.9%, and be valued 1.5X the value of transom mount motors by the end of 2030.
• Adoption in Jon boats is anticipated to grow and gain 90 BPS in its market share by 2030 over 2020.
• The market in Europe is expected to grow the fastest by experiencing a value CAGR of 3.6% through 2030, whereas, North America is projected to be valued 1.9X that of Europe, and account for a major chunk of global demand over the forecast period.
"The large-scale closure of OEM plants in USA and Europe will have a short-term impact on the demand for electric trolling motors. However, swift growth in the number of recreational fishing activities in developed regions is anticipated to reap larger benefits for key players during the forecast period," says a Fact.MR analyst.
PR Source- https://www.factmr.com/