China-based ePropulsion, a developer of marine propulsion systems and services, has highlighted the rapid expansion of the electric marine industry, following a 60% growth of its sales revenue in 2020 with further forecasted growth of 100% in 2021.
The company says 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.
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 in 2013. To support its continued expansion, the company workforce has grown by 40% by 2020, with 160 employees now working across its three facilities in the Greater Bay Area, 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, commented, “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.
“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.”