ePropulsion smashes growth forecast
ePropulsion has revealed its reached 100% growth in sales revenue in 2021, achieving its forecast in a remarkable eight months.
The results have been driven by an increased take up of electric propulsion in Europe and North America, which are the company’s two largest 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, including Europe, with the largest markets being the UK, US and Germany.
The company says this is testament to the hard work of the team and comes just eight months after launching an entirely new product line including the Spirit 1.0 Evo, Navy 3.0 Evo and Navy 6.0 Evo models as well as its 9.9HP Pod Drive model.
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.
Having a distribution network across 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 its products is set to propel even further.
“I am really excited and proud of the success ePropulsion has seen since it was founded just nine years ago. The results speak for themselves, and we are absolutely delighted to have seen the predicted growth in sales come to fruition quicker than expected,” says Danny Tao, co-founder and CEO (pictured above).
“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 petrol, whilst 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.”
