The global trolling motor market is set to witness growth in future. As per Transparency Market Research, it will chart a steady growth rate over the forecast period of 2019 to 2027. This will primarily be a result of growing fishing industry and need for better boats, creating new opportunities for market players to tap into for growth. Also, it is pertinent to note here that technology holds a prominent place in the market.
The growing trolling motor market is witnessing increase in number of players. It is quite important note here that the vendor landscape of the market is not just consolidated but also competitive and currently, players in the market are taking significant steps to ensure revenues increase and profits accrue.
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Prominent players operating in the playfield of global trolling motor market are:
- Minn Kota
- Newport Vessels
- Haswing USA
- Garmin Ltd.
These players are known for their active and aggressive measures, which are also known to be driving the market on to a better growth trajectory. Some of the growth strategies are technological advancement, and entering key alliances in order to penetrate a new market or an old one in a better way. Innovation and partnerships therefore hold a special place in the growth scheme.
Global Trolling Motor Market: Key Trends and Drivers
Of the numerous growth factors that are anticipated to contribute to growth in the global trolling market over the forecast period, the top ones, as identified by Transparency Market Research, have been detailed out below.
- There is a notable increase in fishing sales in the market and the trend is only set to grow over the forecast period as fishing sees an increase in popularity as far as recreational activities grow. Around the world, people are also demanding for good fishing vacations. This will create demand for fishing boats which are technologically sound and have superior motors. This will drive the market forward in a big way.
- There is global need emerging for ensuring food security and this is set to drive demand for fishing, in turn, driving demand for boats. This will be a notable factor of growth in the global trolling motor market over the forecast period. This is leading players to invest in better and electric motors, contributing to growth in the market
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In terms of regional growth, Transparency Market Research notes that North America is set to lead the way owing to growing sales of fishing boats. Not only is fishing as a profession is witnessing growth nut also is dishing as a vacation activity. A number of places in the North American region have emerged in the past few years, credit great wilderness and increasing demand for such places. Two regions which have the potential of being hotbeds of such activity are Canada and the American Northwest. High disposable incomes are the region is also a critical factor of growth in the market. Together, these factors will contribute massively to growth in the trolling motor market over the forecast period. It is also quite pertinent to note here that the Asia Pacific region will also pave way for higher growth owing to countries such as China and India, which are known for sea-borne trade and extensive fishing activities.
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