The rapidly evolving market demands, and the emergence of new paradigms in space applications and services have instigated a revolution in the space industry. Electric Propulsion (EP) is a key enabling technology in the new space era, noting the wide range of next-generation missions it underpins. Nonetheless, the EP industry has been struggling for decades with non-concurrent, resource-demanding, and largely empirical development strategies, which impede the sector’s transformation in line with the emerging market trends and the stringent reliability and flexibility requirements. A digital twin (DT) – a technology capable of providing accurate and dynamic virtual representation of a physical device – is a game-changing solution for the EP industry’s transcendence past its long-persisting challenges. In this paper, we aim to: (i) define/demystify DTs, highlighting how they surpass traditional modelling, (ii) enumerate DTs’ breakthrough promises for the EP and the broader space industry, and (iii) specify the challenges to realize fully fledged EP DTs and elucidate our vision and roadmap, which crucially includes community-wide collaborations and across-the-board stakeholders’ engagement.