Generator and water pump maker Honda India Power Products on Wednesday announced its foray into the marine outboard engine business, aiming to capture a 10-15% market share in the 4-stroke engine segment in the first three years reach.
The marine outboard industry in India is about 10,000 units per year, of which the 4-stroke engine segment accounts for about 3,000 units.
The listed company targets boat operators and various government agencies involved 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, Honda India Power Products Ltd said . (HIPP) Chairman and MD, President and CEO Takahiro Ueda.
He added that all three segments of the boat outboard business – tourism and leisure, maritime security and fisheries – are witnessing a significant shift towards technologically advanced 4-stroke products from 2-stroke engines and the company is trying to capitalize on this.
The company’s product, priced at 1.8 lakh for 6hp and 23 lakh for 250hp, will go on sale from April through its dealer Es Mario Exports Enterprises in mainland India and through Bay Islands Marine Trading Services in the Andaman Islands.
When asked if the company would manufacture the marine outboard products in India, Mr. Ueda said, “In the initial phase, we will be importing from our global manufacturing facilities…if the growth rate continues to increase consistently, we might consider manufacturing . ”
He added that the company has made a total investment of more than 2,500 crore in India so far.
With a vast coastline of over 8,000 km, India offers significant opportunities in places like Kashmir, Andaman, Goa and Kerala.