Yamaha Motor Integrated Report 2020

We aim to offer enriching marine lifestyles by building a base for sustainable growth.The Marine Products business portfolio includes marine engines, boats, personal watercraft, and pools, and is the Company’s second largest operation after the Land Mobility business. The business has built its presence as a global leader in the marine products market with its strengths of cutting-edge and highly reliable engine and hull technologies, and its worldwide service network.In fiscal 2019, the first year of the current Medium-Term Management Plan, we were able to steadily move forward with priority objectives. Demand for large outboard motors of over 200 horsepower in North America and Europe—our main markets for outboard motors—showed solid growth and the shift away from propulsion units such as inboard motors and stern drives is proceeding.In light of this market environment, we set bolstering the global produc-tion structure for outboard motors as a priority measure in the current Medium-Term Management Plan. In fiscal 2019, we began increasing our production capacity for large outboard motors and enhancing production flexibility between Yamaha Motor’s Iwata Main Factory, Yamaha Kumamoto Products Co., Ltd., and Thai Yamaha Motor Co., Ltd. as planned, and are making progress.In addition, with the aim of furthering our system supplier strategy, we are focusing on promoting the development of sophisticated boat con-trol support features using integrated control technologies—a Company strength—and we launched in fiscal 2019 a new steering device to the market in a sport boat. Over the long term, we intend to advance tech-nology and product development with an eye on introducing highly reliable and high-value-added automated boat control systems and more.In 2020, we anticipate a dramatic change in the business environment due to the worsening economic conditions accompanying the global COVID-19 pandemic. Nevertheless, from a medium- to long-term perspec-tive, we believe that the culture of marine leisure fostered to date will remain unchanged, and we may even see positive changes. To help offer reliable and rich marine lifestyles as laid out in the Marine Long-Term Vision, we will seek to fortify our high-profit business structure and to build a base for sustainable growth, despite the severity of the current business environment.Marine ProductsMarkets and conditions at Yamaha MotorMain competitorsOutboard motorsAs demand for outboard motors is increasing with the rise in demand for pleasure-use boats, primarily in North America and Europe, we will build a global production structure with the flexibility to keep pace with demand. Mercury Marine, Suzuki, Honda, Tohatsu, EvinrudeBoatsThe domestic boat market is relatively stable and we will offer higher value-added pleasure-use boats. With “Sea-Style” and our other service-based businesses, we will strengthen our development of services in line with customer preferences.Yanmar, Toyota, Suzuki, TohatsuPersonal watercraftThe North American market accounts for the majority of demand and is growing in scale yearly as uses for personal watercraft broaden.BRP, KawasakiOverview of Primary Products and Main CompetitorsProgress: In addi-tion to continuing our activities to date, in fiscal 2019, we took part in survey work aimed at resolving the issue of ocean plastic waste.Opportunities• Growing demand for large outboard motors centered on developed markets• Expansion of peripheral equipment business due to advances with integrated control technologies• Changes in values regarding marine leisure triggered by the impact of the COVID-19 pandemicRisks• Making flexibility adjustments to manufacturing and sales structures in response to recent demand fluctuations due to the COVID-19 pandemic, etc.• Creating a business structure resilient against changes in exchange rates and regulationsStrengths• Overall business strength of the Marine Products business (wide-ranging fields of operation and product lineup)• Unquestioned product reliability centered around integrated control technologies• Sales and service capabilities spanning the global marketHirofumi UsuiSenior Executive Officer,Chief General Manager of Marine Business OperationsBusiness Strategy72Yamaha Motor Co., Ltd. Integrated Report 2020

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