Integrated Report 2021(For the year ended December 31, 2020)

Marine ProductsSeeing dramatic market changes as opportunities, we will seek to offer experiences with higher added value. In fiscal 2020, the COVID-19 pandemic drastically affected our business and our performance suffered as a result. Nevertheless, we were still able to make steady progress with the priority initia-tives outlined in our current Medium-Term Management Plan. These run from continuing our transformation into a system supplier with the launch of the new Helm Master™ EX boat steering system in developed markets and reinforcing our develop-ment structure with R&D functions in North America to engaging in new IoT-powered initiatives for early issue detection and predic-tive maintenance services.Further, as demand for outdoor recreation rose in developed markets, positive developments also emerged, such as consumer reevaluations of marine recreation, seeing it as an accessible form of leisure requiring little to no long-distance travel. We can also expect future trade-in demand with more people purchasing a Yamaha marine product for the time, hence I the roots of our business are growing. In fiscal 2021, we will accurately gauge the various levels of demand and bolster our product supply systems, as well as move forward with our new Marine CASE strategy as our business policy for the future.This strategy is centered on achieving our Marine Long-Term Vision of a “Reliable and rich marine life” and incorporates the priority initiatives we have engaged in thus far. It is aimed at transforming customers’ marine lifestyles with experiences that provide even greater peace of mind and comfort. We will respond to the drastic market changes taking place against the backdrop of thwarting climate change, rapid technological innovation, and other developments, as well as take on the challenge of lowering the hurdles to marine product ownership—expensive product prices, costly maintenance, and the required boating skills—all in line with our CASE approach. Doing so will turn risks into oppor-tunities and we will leverage our strengths as a manufacturer as we strive to build greater marine product demand from the ground up. Through our CASE strategy, we will seek to offer enriching marine lifestyles as we create higher-value-added experi-ences and transition to a business model that fosters customer self-actualization.Strengths• Unquestioned product reliability centered on integrated control technologies• Overall business strength supported by wide-ranging business domains and an expansive product lineup• Sales and service capabilities spanning the global marketOpportunities• Growing demand for large outboard motors centered on developed markets• Expansion of peripheral equipment business due to advances with integrated control technologies• Changing sense of value pertaining to marine recreation spurred by staycation demandRisks• Dramatic market changes against the backdrop of climate change, rapid technological innovation, etc.• 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 regulationsHirofumi UsuiSenior Executive Officer, Chief General Manager of Marine Business OperationsMarkets and conditions at Yamaha Motor Main competitorsOutboard motors Outdoor and family recreation demand surged after the end of lockdowns, mainly in North America. We will build a global production scheme with the flexibility to keep pace with demand growth.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 Competitors74Business StrategyYamaha Motor Co., Ltd. Integrated Report 2021

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