Results for Fiscal 2021 Net sales for fiscal 2021 were ¥1,179.7 billion and operating income was ¥68.7 billion. The motorcycle business in developed markets experienced continued solid demand, while progress on structural reforms steadily reduced losses. Furthermore, in the motorcycle busi-ness in emerging markets, although demand has yet to recover to 2019 levels in Southeast Asia and India, the implementation of our premium segment strategy led to the average price per unit increasing. Operating income (right axis) Net sales Creating New Kando through Synergy between Motorcycles, Recreational Vehicles, and Smart Power VehiclesStrengthsOpportunitiesRisks• Worldwide customer base that trusts Yamaha technology and products• Diverse and global product lineup combining both high performance and quality through our cultivated core technologies• Established global brand position for motorcycles• Pedigree of constantly pioneering new markets by creating new forms of mobility• Expansion of middle-income markets in ASEAN and other emerging economies• Global rollout of models compliant with emissions regulations• Evolution of marketing through digital technologies• Surge in outdoor family recreation• Prolonged pressure on product supply networks due to pandemic and geopolitical risks • Rapid global advance of carbon neutral regulations• Tighter emissions regulations in each country• Structural shift in the industry from new technologies and competitors(¥ billion)Smart Power Vehicles4.3%Main competitors Honda, Suzuki, Kawasaki, Harley-Davidson, BMW, Ducati, Triumph, KTM, Aprilia, Piaggio, KYMCOHonda, Suzuki, Kawasaki, Hero, BajajPolaris, BRP, Honda, KawasakiPanasonic, Bosch, ShimanoDeveloped market motorcycle business21.1%Emerging market motorcycle business65.0%28Net Sales / Operating Income / Operating Income Margin(¥ billion) 1,500Overview of Primary Products and Main Competitors1,0005002.0%2020Motorcycles for developed marketsMotorcycles for emerging marketsATVs / ROVsElectrically power-assisted bicycles and OEM drive units5.1%5.8%20212022 (Forecast) Operating income marginMarket and conditions at Yamaha MotorGrowth in overall demand amid reevaluation of the advantages of motorcycles. Demand in the second half of 2021 recovered from the impacts of lockdowns imposed in the first half and unit sales increased overall. On the other hand, securing adequate supply was challenging due to the shortages of semiconductors and shipping containers.Despite the effects of a resurgence in COVID-19 infections, increased unit sales of premium segment models helped improve the model mix.The North American market accounts for the majority of demand. Despite the resur-gence of COVID-19 infections, the strong outdoor recreation demand continued.Yamaha Motor is the pioneer of e-Bikes, and the current reevaluation of the advantages bicycles have for getting to and from nurseries, schools, and offices helped keep sales of complete Yamaha-brand bicycles for Japan and e-Kits (electrically power-assisted bicycle drive units and peripheral components) for Europe strong.90603000In the RV business, operations returned to profitability due to the growth in demand for outdoor recreation and the flagship Wolverine RMAX Series models for the recreational segment. In the SPV business, we have steadily increased sales amid market expansion mainly in Europe—the largest market—where there has been a reevaluation of the advantages of bicycles.Net Sales Breakdown by Main Product Category(Fiscal 2021)Recreational vehicles9.6%Land Mobility
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