Honda India Power Products, manufacturers of generators and water pumps, on Wednesday announced its foray into the marine outboard business with a target to garner 10-15% market share in the 4-stroke engine segment in the first three years.
The marine outboard industry in India is about 10,000 units a year, of which the 4-stroke engine segment is about 3,000 units.
The stock exchange listed company is targeting boat operators and various government agencies engaged in maritime security, Coast Guard, taxi boat services for passengers and tourists, and fishermen engaged in commercial fishing in sea and inland river systems for its products, said Honda India Power Products Ltd. (HIPP) chairman and MD, president and CEO Takahiro Ueda.
He added that all the three segments of the marine outboard business – tourism and leisure, maritime security and fishing – were witnessing a significant shift towards 4-stroke technologically advanced products from 2-stroke motors, and the company was looking to leverage this.
The company’s product, priced at ₹1.8 lakh for 6 hp and ₹23 lakh for 250 hp, will go on sale April onwards via its dealer Es Mario Exports Enterprises in mainland India and through Bay Islands Marine Trading services in the Andaman Islands.
Asked if the company would be manufacturing the marine outboard products in India, Mr. Ueda said, “In the initial stage we will be importing from our global manufacturing facilities… if the growth rate keeps on constantly growing, we may consider production.”
He added that the company had, so far, made a cumulative investment of more than ₹2,500 crore in India.
With a vast coastline of over 8,000 km, India offers significant opportunities in places like Kashmir, Andamans, Goa, and Kerala.