Honda is foraying into the marine business, which is quite distinct from what the organisation has done so far. What is your vision and plan for the market? Additionally, how do you plan on capturing the market share?
India has a vast coastline of about 8,848 Kms; hence, our priority markets include the entire Coastline, Tourism Markets like Goa, Andamans, Kashmir, Kerala and all popular destinations along the rivers where boating is done.
We want to showcase Honda 4 Stroke Marine outboard motors' Durability, reliability and Fuel efficiency for Maritime, Security, Coastal Patrolling, Interceptor Boats, and Leisure and tourism segments for passenger taxi boats and sports fishing segments.
With the launch of Honda 4 Stroke OBM’s, we aim to provide a complete solution covering rightly matched engines to the boats and OEM authorised service infrastructure with an assured supply of genuine spare parts for customers involved in maritime security, tourism & leisure and commercial fishing.
We will begin with targeting to establish ourselves in maritime security, tourism & leisure markets and then diversify into the vast and diversified fishing segment.
India's marine market is estimated to be a little over 10,000 units annually, with 4 Strokes comprising approximately 30 per cent of the total Marine Market. The 4 Stroke market is growing with increased consciousness for environment-friendly engines. We want to target 10 to 15 per cent of the total 4 Stroke market by the end of the third year.
What products will you be launching for the marine sector? How does the product set itself apart from any existing products?
With the launch of Honda 4 Stroke OBM’s, we aim to provide a complete solution covering rightly matched engines to the boats along with OEM authorised service infrastructure with an assured supply of genuine spare parts for customers involved in maritime security, tourism & leisure and commercial fishing.
Honda 4 Stroke OBM’s have proved their mettle in the global markets owing to their durability, fuel efficiency and reliable performance. As the only Marine OEM present in the Indian market, Honda is uniquely positioned to offer its Marine OBM Range backed up with trained service manpower and supporting infrastructure. We will provide quick and efficient service through our channel partners with an assured supply of genuine spare parts for our valued customers.
We will launch Outboard motors from 6ps to 250ps range catering to water mobility usage across all the three broad segments of maritime security, tourism & leisure and commercial fishing.
After having served the customers through our power products range comprising of portable generators for power backup to power tillers and brush cutters in the agricultural segment, as well as Advanced GX Engines powered construction machinery in the construction segment, we would now like to add joy to our customers who use outboard motors for applications mentioned above on the water.
The Indian market is a tricky one. Are there any challenges that you anticipate in the way of you seize the market? How do you plan on overcoming them?
Every market has its peculiarities, and India is no different. With increasing fuel prices and environmental consciousness, the demand for fuel-efficient 4 Stroke outboard motors has started to grow. India's marine market is estimated to be a little over 10,000 units annually, with 4 Stroke comprising approximately 30 per cent of the total Marine Market. We want to target 10 to 15 per cent of the total 4 Stroke market by the end of the third year.
We would like to further accelerate the shift towards 4 Stroke technology by clearly demonstrating to our customers the Honda advantage, just as we have done in the agriculture and construction segments in the Power product business in India.
In this marine business, what are your revenue targets for this year? How do you plan on reaching the set goal?
This being the first year of operation, we focus more on demonstrating the product advantages to our varied customer base. As already shared, we will target to acquire a 10-15 per cent share of the 4-stroke market over the next three years.
For 2022, what is the sales and market share HIPP planning to capture?
We have set ambitious and visionary goals to approach the Indian Market.
HIPP, today commands over 30 per cent share in the petrol run internal combustion engine-based power products market. Its technically advanced products such as portable generators, power tillers, water pumps and brush cutters offer unmatched durability and portability to its valued customers delivering superior product performance and less acquisition, operating & maintenance costs.
For the last 36 years, HIPP has been the preferred choice of customers worldwide and has powered the dreams of over five million happy users by “Empowering them, To Do Better”.
Honda has about 400 dealerships and around 60 Distributors. However, there are some areas we would like to expand our presence to cater to the customers' requirements.