To outpace is to move faster or to improve more quickly than someone else. A runner who outpaces everyone else will win the race.
You can brag that your bicycle outpaces your friend's motorcycle, or comment that a six year-old easily outpaces her little brother at the playground. There are also companies that outpace their competition, by developing a new technology or product faster. Economists often talk about prices, sales, or growth that outpaces previous examples.