Honda India Power Products has forayed into the marine outboard business and is eyeing 10-15 percent market share in the four-stroke engine segment in the first three years, CMD and president Takahiro Ueda has told Moneycontrol.
The company will sell four-stroke marine outboard motors for boat operators and has set up 15 dealerships across the southern, eastern and western peninsula in India.
Honda India Power will initially sell marine outboard motors under the Honda Marine brand in Andaman and Nicobar, Goa and Kerala, Ueda said on March 30.
The company will offer products that start from around Rs 1.8 lakh for 6 hp and Rs 23 lakh for 250 hp as part of its initial launch. All products sold under the brand Honda Marine will initially be imported from Japan.
The company said the marine outboard industry in India has a size of around 10,000 units a year and is expected to grow up to Rs 1,400 crore.
From a quantity point of view, the biggest segment will be the fishing segment, as it mainly uses small engines, Ueda added.
Honda India Power is also looking at the growth of its portable generators, water pumps, engines and tillers business.
Currently, the company makes close to 300,000 units of its total capacity of 350,000 units at its facility in Greater Noida.