ePropulsion, a global leader and market challenger in marine electric propulsion systems and services, has today revealed a 60% growth in sales revenue in 2020 with further forecasted growth of 100% in 2021. The results have been driven by recreational boating in Western Europe and North America which are the company’s two top markets, with a large proportion of sales coming from the freshwater fishing segment and the sailing community.
The company’s forecasted continued growth in 2021 will be propelled by the brand’s recently launched, entirely new product line, including the all-new Spirit 1.0 Evo, Navy 3.0 Evo and Navy 6.0 Evo models; an evolution of its established Spirit and Navy product lines, with hydrogenation capabilities. Offering new features across the brand, ePropulsion has also created a brand-new 9.9HP Pod Drive model.
Other notable innovations for 2021 include 48-volt architecture, safety wristbands, a new ergonomic tiller and direct-drive brushless motors, resulting in better performance and greater noise reduction.
Founded and incubated at the Hong Kong University of Science and Technology in 2012, ePropulsion has grown rapidly from when it launched its first product at METSTRADE in 2013, to establishing its Songshan Lake headquarters in 2015 and developing distribution channels throughout Europe before starting production in 2016.
To support its continued expansion, ePropulsion has grown its workforce by 40% in 2020, with 160 employees now working across its three facilities in the great bay area in China. Among them, its 65 engineers have enabled the company to gain 40 new patents in the last year alone.
Danny Tao, CEO of ePropulsion, said: “I am really proud of the growth and success ePropulsion has seen since it was founded nine years ago. Like many businesses, we were impacted by COVID-19 in early 2020, however, we were fortunate that the outbreak was very effectively controlled at our headquarters and in the surrounding area, allowing our R&D department to return to the office soon after. This was soon followed by full access to equipment and testing, and our factory resuming production shortly after that.
“We have worked really hard to build our team internally and to develop a strong distribution and dealer network across our core markets in Europe and the US. 2021 promises to be another successful and exciting year for ePropulsion and this is already evident in the enquiries and sales figures we have had for January before the boating season in these regions has even begun. When we look at market segments, we see a positive trend of a 20% conversion rate from different boat owners transferring to using electric propulsion outboards. We expect more and more boat owners, whether sailors, anglers or tender users, to convert and reap the rewards of using electric outboards.”