ePropulsion, a global leader and market challenger in marine electric propulsion systems and services, announced today it has reached 100% growth in sales revenue in 2021, achieving its growth forecast in a remarkable eight months.
These results have been driven by an increased popularity of electric propulsion in Europe and North America, which are the company’s two fastest-growing markets, with the majority of sales coming from the leisure marine industry. Over 10,000 units have already been sold across the globe in 2021, with the largest markets being the United Kingdom, United States and Germany. Building a distribution network from just three countries in 2015, to over 60 countries and areas to date, and a workforce growth from four to over 200, the industry demand for ePropulsion’s products are set to propel even further.
This explosive growth is a testament to the hard work of the ePropulsion team and comes just eight months after launching an entirely new product line, another contribution to the boost in sales. The latest range includes the 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 hydrogeneration capabilities. Offering new features across the brand, ePropulsion also created a brand new 9.9HP Pod Drive model to cement its array of innovative new products brought to market in 2021.
“I am really excited and proud of the success ePropulsion has seen since it was founded just nine years ago,” said Danny Tao, Co-founder and CEO of ePropulsion. “The results speak for themselves, and we are absolutely delighted to have seen the predicted growth in sales come to fruition quicker than expected. We strive to innovate and build a sustainable boating experience for our customers, and we continue to see a positive conversion rate of 20%, from different boat owners transferring to electric propulsion. This trend is set to continue, and we expect to see more and more boat owners converting to electric outboards. Customers are often surprised at how efficient, simple and clean electric outboard motors are compared to gas, while still achieving the same results in terms of performance.
“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 North America. We are so grateful for the continued support of our distributors and customers and look forward to continuing to grow our network and for the developments 2022 promises to bring.”
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 just six years ago. ePropulsion also recently announced that it is opening an office in Hong Kong to strengthen its research and development capabilities. The new facility will support ePropulsion’s growth as an elite innovator that is introducing a smarter boating experience to the world.
ePropulsion’s continued success is paving the way for more sustainable boating and a growing number of conscientious boat owners converting from internal combustion to electric propulsion outboards. Its products are renowned for being high-quality, quiet, eco-friendly and low maintenance. Electric propulsion outboards are not only better for the environment, but they are also easier to use, with no starter cord, fuel tap or choke. Furthermore, the products benefit from the full power running time of a 3HP electric outboard being generally the same as, or longer than, a gas outboard.
ePropulsion was also the first company to introduce brushless direct drive technology and FOC (field-oriented control) into the electric outboard market. The direct-drive structure further reduces the number of internal moving parts and eliminates the gearbox, resulting in less mechanical friction and much better reliability.