Australia Motorcycles 161814

MarketLine Industry Profile
Motorcycles in Australia
August 2022
Reference Code: 0125-0403
Publication Date: August 2022
Primary NAICS: 336991
WWW.MARKETLINE.COM
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Industry Profiles
1. Executive Summary
1.1. Market value

The Australian motorcycles market grew by 18.3% in 2021 to reach a value of $588.3 million.
1.2. Market value forecast

In 2026, the Australian motorcycles market is forecast to have a value of $979.4 million, an increase of
66.5% since 2021.
1.3. Market volume

The Australian motorcycles market grew by 16.6% in 2021 to reach a volume of 75.1 thousand units.
1.4. Market volume forecast

In 2026, the Australian motorcycles market is forecast to have a volume of 115.6 thousand units, an
increase of 54% since 2021.
1.5. Category segmentation

Motorcycles is the largest segment of the motorcycles market in Australia, accounting for 92.8% of the
market's total volume.
1.6. Geography segmentation

Australia accounts for 1% of the Asia‐Pacific motorcycles market value.
1.7. Market share

Honda is the leading player in the Australian motorcycles market, generating a 27.2% share of the market's
volume.
1.8. Market rivalry

Industry Profiles
The presence of large, multinational companies with strong brands intensifies the rivalry level in this
market. Diversification through product lines and geographical presence help to alleviate rivalry to an
extent.
1.9. Competitive Landscape

Concentration in the motorcycle market remains high, but competition has intensified, driven by existing
manufacturers and emerging manufacturers. The market’s landscape continues to change rapidly with
players facing tighter environmental regulations and advancing technologies.

Industry Profiles
TABLE OF CONTENTS
1. Executive Summary 2
1.1. Market value ................................................................................................................................................2
1.2. Market value forecast ..................................................................................................................................2
1.3. Market volume.............................................................................................................................................2
1.4. Market volume forecast...............................................................................................................................2
1.5. Category segmentation................................................................................................................................2
1.6. Geography segmentation.............................................................................................................................2
1.7. Market share................................................................................................................................................2
1.8. Market rivalry...............................................................................................................................................2
1.9. Competitive Landscape ................................................................................................................................3
2. Market Overview 9
2.1. Market definition .........................................................................................................................................9
2.2. Market analysis ............................................................................................................................................9
3. Market Data 11
3.1. Market value ..............................................................................................................................................11
3.2. Market volume...........................................................................................................................................12
4. Market Segmentation 13
4.1. Category segmentation..............................................................................................................................13
4.2. Geography segmentation...........................................................................................................................15
5. Market Outlook 16
5.1. Market value forecast ................................................................................................................................16
5.2. Market volume forecast.............................................................................................................................17
6. Five Forces Analysis 18
6.1. Summary ....................................................................................................................................................18
6.2. Buyer power...............................................................................................................................................20
6.3. Supplier power ...........................................................................................................................................21

Industry Profiles
6.4. New entrants .............................................................................................................................................23
6.5. Threat of substitutes ..................................................................................................................................25
6.6. Degree of rivalry.........................................................................................................................................26
7. Competitive Landscape 28
7.1. Market share..............................................................................................................................................28
7.2. Who are the leading players? ....................................................................................................................28
7.3. What strategies do leading players follow? ...............................................................................................29
7.4. What are the competitive advantages of leading players?........................................................................30
7.5. Which are the most significant recent events in the market? ...................................................................30
7.6. What are the future strategies of leading players? ...................................................................................31
8. Company Profiles 32
8.1. Honda Motor Co., Ltd.................................................................................................................................32
8.2. Yamaha Motor Co Ltd ................................................................................................................................38
8.3. Kawasaki Heavy Industries, Ltd. .................................................................................................................44
8.4. Suzuki Motor Corporation..........................................................................................................................50
9. Macroeconomic Indicators 55
9.1. Country data ..............................................................................................................................................55
Appendix 57
Methodology ...........................................................................................................................................................57
9.2. Industry associations..................................................................................................................................58
9.3. Related MarketLine research .....................................................................................................................58
About MarketLine....................................................................................................................................................59

Industry Profiles
LIST OF TABLES
Table 1: Australia motorcycles market value: $ million, 2016–21 11
Table 2: Australia motorcycles market volume: thousand units, 2016–21 12
Table 3: Australia motorcycles market category segmentation: % share, by volume, 2016–2021 13
Table 4: Australia motorcycles market category segmentation: thousand units, 2016-2021 13
Table 5: Australia motorcycles market geography segmentation: $ million, 2021 15
Table 6: Australia motorcycles market value forecast: $ million, 2021–26 16
Table 7: Australia motorcycles market volume forecast: thousand units, 2021–26 17
Table 8: Australia motorcycles market share: % share, by volume, 2021 28
Table 9: Honda Motor Co., Ltd.: key facts 32
Table 10: Honda Motor Co., Ltd.: Annual Financial Ratios 34
Table 11: Honda Motor Co., Ltd.: Key Employees 35
Table 12: Honda Motor Co., Ltd.: Key Employees Continued 36
Table 13: Honda Motor Co., Ltd.: Key Employees Continued 37
Table 14: Yamaha Motor Co Ltd: key facts 38
Table 15: Yamaha Motor Co Ltd: Annual Financial Ratios 39
Table 16: Yamaha Motor Co Ltd: Key Employees 40
Table 17: Yamaha Motor Co Ltd: Key Employees Continued 42
Table 18: Yamaha Motor Co Ltd: Key Employees Continued 43
Table 19: Kawasaki Heavy Industries, Ltd.: key facts 44
Table 20: Kawasaki Heavy Industries, Ltd.: Annual Financial Ratios 46
Table 21: Kawasaki Heavy Industries, Ltd.: Key Employees 47
Table 22: Kawasaki Heavy Industries, Ltd.: Key Employees Continued 48
Table 23: Kawasaki Heavy Industries, Ltd.: Key Employees Continued 49
Table 24: Suzuki Motor Corporation: key facts 50
Table 25: Suzuki Motor Corporation: Annual Financial Ratios 52
Table 26: Suzuki Motor Corporation: Key Employees 53
Table 27: Suzuki Motor Corporation: Key Employees Continued 54

Industry Profiles
Table 28: Australia size of population (million), 2017–21 55
Table 29: Australia gdp (constant 2005 prices, $ billion), 2017–21 55
Table 30: Australia gdp (current prices, $ billion), 2017–21 55
Table 31: Australia inflation, 2017–21 55
Table 32: Australia consumer price index (absolute), 2017–21 56
Table 33: Australia exchange rate, 2017–21 56

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LIST OF FIGURES
Figure 1: Australia motorcycles market value: $ million, 2016–21 11
Figure 2: Australia motorcycles market volume: thousand units, 2016–21 12
Figure 3: Australia motorcycles market category segmentation: thousand units, 2016-2021 14
Figure 4: Australia motorcycles market geography segmentation: % share, by value, 2021 15
Figure 5: Australia motorcycles market value forecast: $ million, 2021–26 16
Figure 6: Australia motorcycles market volume forecast: thousand units, 2021–26 17
Figure 7: Forces driving competition in the motorcycles market in Australia, 2021 18
Figure 8: Drivers of buyer power in the motorcycles market in Australia, 2021 20
Figure 9: Drivers of supplier power in the motorcycles market in Australia, 2021 21
Figure 10: Factors influencing the likelihood of new entrants in the motorcycles market in Australia, 2021 23
Figure 11: Factors influencing the threat of substitutes in the motorcycles market in Australia, 2021 25
Figure 12: Drivers of degree of rivalry in the motorcycles market in Australia, 2021 26
Figure 13: Australia motorcycles market share: % share, by volume, 2021 28

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2. Market Overview
2.1. Market definition

The motorcycles market consists of all classes of on‐ and off‐road motorcycles including scooters and mopeds.
Mopeds are powered two‐wheeler vehicles with engine capacity of less than 50 c.c., generally also equipped for
non‐motorised propulsion and with restricted maximum speed. For the purposes of this profile, all powered two‐
wheelers other than mopeds are classed as 'motorcycles'. (The term 'scooter' refers to a two‐wheeler of any
capacity that has its engine as part of the rear suspension, and/or has a step‐through chassis, thus depending on
its engine capacity a scooter may fall into either moped or motorcycle category).
Volumes reflect the number of new motorcycles sold each year.
The market value is assessed at manufacturers' list price.
All market data and forecasts are represented in nominal terms (i.e. without adjustment for inflation) and all
currency conversions used in the creation of this report have been calculated using constant 2021 annual average
exchange rates.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia‐Pacific,
Middle East, South Africa and Nigeria.
North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, and Peru.
Europe comprises Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia‐Pacific comprises Australia, China, Hong Kong, India, Indonesia, Kazakhstan, Japan, Malaysia, New Zealand,
Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Middle East comprises Egypt, Israel, Saudi Arabia, and United Arab Emirates.
2.2. Market analysis

The value of the Australian motorcycles market declined by 15.0% in 2020 as a result of the COVID‐19 pandemic,
which reduced the volume of sales. The market recovered in 2021 with growth of 18.3% and will remain on a
strong growth trajectory for the rest of the forecast period.
The Australian motorcycles market had total revenues of $588.3 million in 2021, representing a compound annual
growth rate (CAGR) of ‐3% between 2016 and 2021. In comparison, the Japanese and Chinese markets grew with
CAGRs of 3.3% and 13.8% respectively, over the same period, to reach respective values of $2.3 billion and $15.9
billion in 2021.
The market had witnessed a downward trend in recent years, with sales declining even before the pandemic due
to weaker consumer spending, particularly in 2017.
Market consumption volumes declined with a CAGR of ‐0.1% between 2016 and 2021, to reach a total of 75,100
units in 2021. The market's volume is expected to rise to 115,600 units by the end of 2026, representing a CAGR of
9% over 2021–26.

Industry Profiles
A combination of a demand and supply shock amid lockdown measures resulted in the sharp decline of the market
in 2020. The volume of sales in the Australian market was down by 16.9%, a strong decline compared to other
developed markets. However, this saw recovery in 2021 where growth of 16.6% aided the market.
Motorcycles had the highest volume in the Australian motorcycles market in 2021, with a total of 69,700 units,
equivalent to 92.8% of the market's overall volume. In comparison, mopeds had a volume of 5,400 units in 2021,
equating to 7.2% of the market total.
Decline in 2020 came as largely from the motorcycle segment, with moped sales remaining relatively stable. In
2021, both segments saw growth, but motorcycles in particular drove the recovery of the market with value rising
from $487 million to $575.9 million over the year.
The performance of the market is forecast to accelerate, with an anticipated CAGR of 10.7% over 2021–26, which
is expected to drive the market to a value of $979.4 million by the end of 2026. Comparatively, the Japanese and
Chinese markets will grow with CAGRs of 8.7% and 11.5% respectively, over the same period, to reach respective
values of $3.5 billion and $27.4 billion in 2026.
The Australian motorcycles recovered from 2021, following the recovery of consumer spending. The gradual
easing of containment measures and the immunization of the population will further allow the recovery of
economic activity, stimulating demand for transportation. The market is expected to follow a strong growth
trajectory over the forecast period, mainly driven by increasing leisure demand for off‐road motorcycles.

Industry Profiles
3. Market Data
3.1. Market value

The Australian motorcycles market grew by 18.3% in 2021 to reach a value of $588.3 million.
The compound annual rate of change of the market in the period 2016–21 was ‐3%.
Table 1: Australia motorcycles market value: $ million, 2016–21
Year $ million A$ million € million % Growth

2016 684.3 911.7 578.7
2017 522.8 696.5 442.2 (23.6%)
2018 571.9 761.9 483.7 9.4%
2019 585.3 779.8 495.0 2.3%
2020 497.4 662.7 420.7 (15.0%)
2021 588.3 783.8 497.5 18.3%
CAGR: 2016–21 (3.0%)

SOURCE: MARKETLINE MARKETLINE
Figure 1: Australia motorcycles market value: $ million, 2016–21

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3.2. Market volume

The Australian motorcycles market grew by 16.6% in 2021 to reach a volume of 75.1 thousand units.
The compound annual rate of change of the market in the period 2016‐21 was ‐0.1%.
Table 2: Australia motorcycles market volume: thousand units, 2016–21
Year thousand units % Growth

2016 75.5
2017 70.0 (7.3%)
2018 75.5 7.8%
2019 77.5 2.7%
2020 64.4 (17.0%)
2021 75.1 16.6%
CAGR: 2016–21 (0.1%)

Figure 2: Australia motorcycles market volume: thousand units, 2016–21

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4. Market Segmentation
4.1. Category segmentation

Motorcycles is the largest segment of the motorcycles market in Australia, accounting for 92.8% of the market's
total volume.
The Mopeds segment accounts for the remaining 7.2% of the market.
Table 3: Australia motorcycles market category segmentation: % share, by volume, 2016–2021
Category 2016 2017 2018 2019 2020 2021

Motorcycles 93.8% 93.8% 93.8% 93.8% 92.8% 92.8%
Mopeds 6.2% 6.2% 6.2% 6.2% 7.2% 7.2%
Total 100% 100% 100% 100% 100% 100%

Table 4: Australia motorcycles market category segmentation: thousand units, 2016-2021
Category 2016 2017 2018 2019 2020 2021 2016-21

CAGR(%)
Motorcycles 70.8 65.7 70.8 72.7 59.8 69.7 -0.3%
Mopeds 4.7 4.4 4.7 4.8 4.6 5.4 2.7%
Total 75.5 70.1 75.5 77.5 64.4 75.1 (.1%)


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Figure 3: Australia motorcycles market category segmentation: thousand units, 2016-2021

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4.2. Geography segmentation

Australia accounts for 1% of the Asia‐Pacific motorcycles market value.
China accounts for a further 27.8% of the Asia‐Pacific market.
Table 5: Australia motorcycles market geography segmentation: $ million, 2021
Geography 2021 %
China 15,895.7 27.8
India 7,306.5 12.8
Japan 2,322.9 4.1
Australia 588.3 1.0
South Korea 536.9 0.9
Rest of Asia-Pacific 30,459.1 53.3
Total 57,109.4 99.9%

Figure 4: Australia motorcycles market geography segmentation: % share, by value, 2021

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5. Market Outlook
5.1. Market value forecast

In 2026, the Australian motorcycles market is forecast to have a value of $979.4 million, an increase of 66.5% since
2021.
The compound annual growth rate of the market in the period 2021–26 is predicted to be 10.7%.
Table 6: Australia motorcycles market value forecast: $ million, 2021–26
Year $ million A$ million € million % Growth

2021 588.3 783.8 497.5 18.3%
2022 648.2 863.6 548.2 10.2%
2023 713.2 950.1 603.1 10.0%
2024 787.9 1,049.7 666.3 10.5%
2025 879.0 1,171.1 743.4 11.6%
2026 979.4 1,304.8 828.3 11.4%
CAGR: 2021–26 10.7%

Figure 5: Australia motorcycles market value forecast: $ million, 2021–26

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5.2. Market volume forecast

In 2026, the Australian motorcycles market is forecast to have a volume of 115.6 thousand units, an increase of 54%
since 2021.
The compound annual growth rate of the market in the period 2021–26 is predicted to be 9%.
Table 7: Australia motorcycles market volume forecast: thousand units, 2021–26
Year thousand units % Growth

2021 75.1 16.6%
2022 81.6 8.7%
2023 88.6 8.6%
2024 96.4 8.8%
2025 105.5 9.5%
2026 115.6 9.6%
CAGR: 2021–26 9.0%

Figure 6: Australia motorcycles market volume forecast: thousand units, 2021–26

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6. Five Forces Analysis

The motorcycles market will be analyzed taking motorcycle manufacturers as players. The key buyers will be taken
as motorcycle dealers, and manufacturers of raw materials and components as the key suppliers.
6.1. Summary
Figure 7: Forces driving competition in the motorcycles market in Australia, 2021
The presence of large, multinational companies with strong brands intensifies the rivalry level in this market.
Diversification through product lines and geographical presence help to alleviate rivalry to an extent.
The buyers in the motorcycles market are motorcycle dealerships. These are generally divided into two types:
motorcycle dealers and manufacturer franchised dealerships. Motorcycle dealerships have more buyer power in
comparison to the manufacturer franchiser dealerships, as these have the freedom to sell brands depending on their
revenue and size.
Key inputs for a motorcycle manufacturer include aluminum and steel sheets, bars, castings, and forgings, as well as
finished components such as fuel injection systems, seats, batteries, and tires. It is more cost‐effective to source these
items from specialist manufacturers than to produce them in‐house. Large suppliers will increase supplier power and
such suppliers benefit not only from supplying a diverse range of manufacturers, but also their size results in large
economies of scale and enables these businesses to charge cheaper prices in comparison to small manufacturers.
Setting up a production facility involves large capital outlay, thus constituting a significant entry barrier and resulting in
high fixed costs. Most motorcycle products are so technologically sophisticated that barriers to entry are often
merciless for potential newcomers. Additionally, leading motorcycle brands enjoy an exceptionally high level of brand
recognition, which is reflected in their high sales volumes and market dominance.

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Substitutes to the motorcycles market consist of other types of vehicles or means of transport. The threat of
substitution with respect to the motorcycles market is dependent upon the necessity of motorcycle use to the end
user.

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6.2. Buyer power
Figure 8: Drivers of buyer power in the motorcycles market in Australia, 2021
The direct buyers in the motorcycles market are motorcycle dealerships. These are generally divided into two types:
motorcycle dealers and manufacturer franchised dealerships. Motorcycle dealerships have more buyer power in
comparison to the manufacturer franchiser dealerships, as these have the freedom to sell brands depending on their
revenue and size. Apart from new motorcycle vehicles, these dealerships have the possibility of selling accessories and
second hand motorcycles, which increases their diversity and bargaining power. Manufacturers usually enter into long
standing contractual agreements with franchised dealerships. Dealerships may be deterred from this if there are
switching costs, such as re‐branding, but the same case may apply for manufacturers themselves over changing dealer
franchiser.
Forward integration of manufacturers by setting up their own distribution network is possible, but that depends on the
market through which they sell their products; in small markets, manufacturers usually choose dealership
representatives as the benefits of setting up a distribution network are reduced in this case.
Dealerships may be direct buyers for motorcycle manufactures, but ultimately purchasing decisions are reliant on final
end‐users, consumers. Individual end‐users have negligible bargaining power as buyers, but consumer preferences are
a crucial parameter that sets the number of potential buyers (end‐users) in the market. Specifically, the adoption of
motorcycles across country‐markets varies, as well as their perception as safe and convenient modes of transportation
by consumers. Motorcycle ownership rates indicate the level of adoption, and extensively, the importance of these
products for consumers within a market. In Australia, motorcyles account for only 5% of the vehicle fleet in the country,
according to the OECD's latest data. This is a low penetration rate in comparison to other countries, indicating limited
preference by Australian consumers for motorcycles. This is mainly due to the large geographical dispersion of the
country, with motorcycles having reduced functionality for consumers in this market.
The price sensitivity of consumers within a market may also vary depending on the dispensability of motorcycles for
them. The average price of a new motorcycle sold in Australia was approximately $7,090 in 2020, which is a relatively
high price compared to other developed markets. This, coupled with a limited penetration rate, means that
motorcycles are mainly considered as a leisure (discretionary) good by consumers rather than a mode of
transportation.
Finally, the limited choice of brands in this market, as well as the brand appeal as a significant factor in consumer
preference, ultimately weakens buyer power.
Overall, buyer power in the Australian market is assessed as moderate.

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6.3. Supplier power
Figure 9: Drivers of supplier power in the motorcycles market in Australia, 2021
Key inputs for a motorcycle manufacturer include aluminum and steel sheets, bars, castings, and forgings, as well as
finished components/accessories such as fuel injection systems, electronics, cables/wires, batteries, and tires.
Components and accessories are either produced in‐house by manufacturers, or obtained from OEM (original
equipment manufacturers) suppliers. Players that can afford to invest in the earlier stages of the supply chain are likely
to save costs overall.
The high importance of the raw materials to the manufacturers of motorcycles can enhance supplier power. Large
suppliers of raw materials have increased power, especially in the steel industry, which is dominated by ArcelorMittal
and Gruppo Riva. These suppliers benefit not only from supplying a diverse range of manufacturers, but also their size
results in large economies of scale and enables these businesses to charge competitive prices in comparison to smaller
suppliers. However, with minimal differentiation of raw materials, there is little to distinguish between suppliers, and
that mitigates their power.
Suppliers of raw materials can adopt a variety of measures in order to secure themselves against the potential price
fluctuations of commodities. The most common counter‐measure for commodity prices is the option of future
contracts. By using this option, suppliers can secure the amount of commodities they want to buy in the future by
securing their price as well. In this way, suppliers are can limit losses through commodity price fluctuations, and that
strengthens their bargaining power against players.
Among suppliers of components and accessories, there are large multinationals, such as Robert Bosch, Denso
Corporation (electronics and fuel ignition systems), Magna International (electronics), Brembo (brakes), Michelin, and
Continental (tyres), with leading technologies and a strong presence within global markets, which boosts their power.
Providers of technology and services for the motorcycles market merge their activities in the areas of driving safety
systems, propulsion systems, and sets of indicators creating new, more efficient designs and meeting the individual
requirements of motorcycle manufacturers around the world. Suppliers also have to keep pace with developing safety
laws; countries around the world are mandating ABS be fitted to new motorcycles. Suppliers' key activities in the
motorcycles market are not only limited to safety, but are also focused on enhancing the driving experience, such as
the development of motorcycles with automatic and semi‐automatic gear shifting, lower fuel consumption, and digital
connectivity.
Switching costs between suppliers and market players are relatively low, decreasing supplier power. To ensure timely
delivery of materials, market players often sign short‐term contracts with their providers, thus strengthening their

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power. Market players like to change their motorcycle orders according to what is in demand. Therefore, it is more
secure for market players to enter into short‐term contracts with suppliers.
Labor is another major supplier for this market, as motorcycle manufacturing is a labor‐intensive business. The supply
of skilled labor at competitive costs is important for motorcycle manufacturers, with limited supply increasing the
power and cost of labor suppliers.
Overall, supplier power within this market is moderate.

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6.4. New entrants
Figure 10: Factors influencing the likelihood of new entrants in the motorcycles market in Australia, 2021
Setting up a production facility involves large capital outlay, thus constituting a significant entry barrier and resulting in
high fixed costs. Most motorcycle products are so technologically sophisticated that barriers to entry are often
insurmountable for potential newcomers. Additionally, leading motorcycle brands such as Honda, Kawasaki, or Yamaha
enjoy an exceptionally high level of brand recognition, which is reflected in their high sales volumes and market
dominance. Shifting consumers from their favorite brand is tough: customers often remain loyal to a certain brand
because it provides features they value. New entrants must overcome that by offering something new.
The mode of entry of new players within a particular market is also crucial: entry can be achieved either through
domestic production or importing. In the first case, the accessibility of suppliers and the competiveness of local labor
are determinant for domestic production. In the second case, trade barriers on car imports and weaker currency
exchange rates can be distortive, increasing the cost for buyers and lowering profit margins, but the risks and costs of
divesting are lower.
Compliance with regulatory requirements such as emission and safety standards increase production costs and can
deter new players. Emission standards place restrictions on the amount of carbon monoxide (CO), hydrocarbons (HC),
and nitrogen oxides (NOx) emitted from vehicles. Compliance with such emission restrictions means increased cost in
terms of investing in technologies to improve combustion to minimize emissions coming out of the engine or the
addition of more efficient and costlier catalysts. Australia adopts the ADR 79/04 emission standards, which are based
on the Euro 5 standards. Thresholds on the amount of CO2 and NOX permitted are tight, limited to 1g/km and
0.06g/km, respectively. The cost of compliance could further increase in the future as the Australian government is
considering the introduction of the tighter Euro 6 standards.
Taxation can also be a deterrent for new entrants. High import duties, or high taxes on acquisition and registration, can
be a significant burden for players in the market, distorting demand.
Brand name recognition poses a great barrier for companies looking to enter the market. End users tend to choose
motorcycles based on the brand, as they have associated their experiences and the performance of the motorcycle
with it. Leading motorcycle brands such as Honda or Harley‐Davidson enjoy an exceptionally high level of brand
recognition, which is reflected in their high sales volumes and market dominance. Shifting consumers from their
favorite brand is tough: customers often remain loyal to a certain brand because it provides features they value, such as
quality, safety, and appeal. Accordingly, given the existing strength of premium motorcycle brands, it is difficult for new
entrants to introduce their products into the market. However, new entrants can look for market niches and offer

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specially designed motorcycles to narrow customer demographics. Such examples are Harley‐Davidson producing
premium cruise motorcycles and Piaggio specializing in affordable scooters (Vespa) and sport bikes (Aprilia). Nowadays,
manufacturers are shifting to smaller and more affordable bikes, complying with the needs of the younger generation
of consumers.
Access to a network of dealerships forms a significant obstacle; major players already have their own and persuading
dealers to switch manufacturers is unlikely given the costs involved. However, the consumer can easily switch, making
the market easier for new entrants. Due to the existing strength of motorcycle brands, it is difficult for new entrants to
introduce their products into the market.
For a new start‐up player, entry to a niche part of the market is more feasible. The relatively new and emerging niche
market of electric motorcycles could therefore increase the likelihood of entry of new small start‐up manufacturers,
such as Zero Motorcycles, Gogoro, or Lightning Motorcycles in the past decade.
Overall, the threat of new entrants with respect to the Australian motorcycles market is weak.

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6.5. Threat of substitutes
Figure 11: Factors influencing the threat of substitutes in the motorcycles market in Australia, 2021
Substitutes to the motorcycles market consist of other types of vehicles or means of transport. The threat of
substitution with respect to the motorcycles market is dependent upon the necessity of motorcycle use to the end
user.
In addition, substitutes are highly correlated with the disposable income and the weather conditions of a country.
Analytically, consumers in countries with lower disposable income tend to prefer motorcycles due to their lower
acquisition and operating cost. On the other hand, in countries with cold and rainy weather, consumers tend to prefer
cars or other means of transport.
While cars are generally more expensive, regarding their purchasing price and fuel consumption, they offer more
benefits; cars are a more convenient mode of transport regarding vehicle room, allowing more passengers or
belongings. However, in urban areas characterized by high traffic volume, motorcycles offer the advantages of fast
transportation, allowing riders to get through most traffic jams, while they are also convenient in finding a parking
space. Ultimately though, cars are generally seen as safer alternatives to motorcycles, which makes them a stronger
substitute.
Overall, in Australia, the ratio of new car to motorcycle sales was estimated at 13.3 in 2019, according to Marketline
data. This means that approximately only one out of 13 passenger vehicle sales were motorcycles, with this ratio
revealing a high substitution from cars.
The substitution threat of public transport varies according to its reliability. While means of public transport provide
alternatives for some, they are often more expensive, slow, and less accessible for many consumers. For example, in
rural or less densely populated areas, public transportation is less dense, urging consumers to opt for a private vehicle.
Especially in Australia, demand and supply for public transport is significantly lower compared to other developed
countries, mainly due to geographic dispersion. This lessens the threat of substitutes to the motorcycles market.
Another alternative threatening sales of motorcycle manufacturers is used motorcycles. These may be sold privately, or
by dealers that also offer new motorcycles, and will almost always be cheaper than a new vehicle of similar
specification.
The threat of substitutions is considered moderate.

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6.6. Degree of rivalry
Figure 12: Drivers of degree of rivalry in the motorcycles market in Australia, 2021
The motorcycles market is quite concentrated to a few players, as economies of scale, which are the most crucial
aspect in motorcycle manufacturing, dictate an oligopolistic market structure. The Australian motorcycles market is
highly concentrated, with the top four players, namely Honda, Yamaha, Kawasaki, and Suzuki, holding 71.1% of the
market by volume. Nonetheless, competition has increased in recent years as that concentration has been reducing,
with other major brands such as Harley‐Davidson capturing a higher share of sales. Although the high concentration of
the market to a small number of players could theoretically reduce competition, the presence of such large
multinational companies with exceptionally high assets boosts the degree of rivalry among them in their effort to
expand their sales. High fixed costs mean that the market is more prone to oversupply and undercutting rather than
withholding inventory to increase prices.
Rivalry in the market is highly influenced by brand name. For example, motorcycle brands such as Honda, Suzuki,
Yamaha, or BMW have a strong brand name based on good quality, making it extremely difficult for other players to
compete with them as consumers tend to prefer them.
While most brands compete on price, which is an important factor for the mass‐market of consumers, others like
Harley‐Davidson and Ducati differentiate by positioning themselves in the high‐end of the market.
Product differentiation alleviates rivalry to some extent. Manufacturers may offer a range of different types of
motorcycles, including on‐road bikes (cruiser, sport, touring, standard, dual‐purpose), off‐road bikes (motocross,
enduro), and scooters, with unique design and performance characteristics.
Diversification of business models through geographical expansion or in the manufacture of other goods and
technology also serves to alleviate competition and sustain market downward trends. Kawasaki, for example, is
significantly engaged in a number of other industries including aerospace and defense, industrial equipment, and
shipbuilding, while Yamaha diversifies its revenue streams by serving a number of end markets, including motorcycles,
marine products, power products, and surface mounters. Similarly, Honda, Suzuki, and BMW diversify their revenue
streams by serving the automobile market. In addition, these manufacturers are more capable of creating economies of
scale and synergies, having augmented bargaining power against suppliers and dealers, and the capacity to transfer
innovation from one industry to the other. On the other hand, the manufacturing specialization of some players like
Harley‐Davidson, KTM, Triumph, and Piaggio may also provide greater potential for innovation and differentiation than
rivals. Markedly, leading brands that are engaged in motorcycle racing can be at the forefront of innovative and

Industry Profiles
technological advances. Many innovations, such as ABS brakes and engine management systems, originated from
motorcycle racing and were further developed for mainstream use in road motorcycles.
Great financial muscle can lead to a significant competitive advantage, as the capacity to offer credit financing to
dealerships and consumers can expand sales and increase players’ market share.
The cyclical patterns of demand within a particular market also determine the level of competition. For instance, a low
average age of motorcycles within a market could mean that consumers tend to shorten the replacement period for
their motorcycles. Accordingly, the shorter the replacement period, the less saturated a market can be.
Furthermore, demand, and extensively competition in the motorcycles market, is extremely vulnerable to the
macroeconomic environment within a market; consumers tend to postpone or refrain from the purchase of big ticket
items like motorcycles in the face of economic uncertainty, while sales are boosted in periods of economic exuberance.
Sales in the Australian market have fluctuated in the last five years, with periodic growth facilitated by economic growth
and relaxed consumer lending. Falling ownership rates in recent years due to their high substitution with cars, along
with the perception of motorcycles as discretionary goods in this market, intensify competition.
Overall, rivalry within the Australian motorcycles market is assessed as strong.

Industry Profiles
7. Competitive Landscape
Concentration in the motorcycle market remains high, but competition has intensified, driven by existing
manufacturers and emerging manufacturers. The market’s landscape continues to change rapidly with players
facing tighter environmental regulations and advancing technologies.
7.1. Market share
Table 8: Australia motorcycles market share: % share, by volume, 2021
Company % Share
Honda 27.2%
Yamaha 21.1%
Kawasaki 16.0%
SUZUKI 9.5%
Other 26.2%
Total 100%
Figure 13: Australia motorcycles market share: % share, by volume, 2021
7.2. Who are the leading players?

Industry Profiles
Honda Motors Co Ltd is the largest player in the Australian market, with a share of 27.2% in 2021. The company is
based in Tokyo, Japan, and designs, manufactures, and markets automobiles, motorcycles, power products, and
aviation products. Honda also provides retail lending and leasing services to customers and wholesale financing to
dealers. It operates in North America, Europe, Asia, and other regions. Honda’s motorcycle business offers a broad
range of motorcycles, ranging from 50 cubic capacity (cc) class to 1,800cc class. In the FY2022 (ended March 31st 2022)
sales revenue increased by 10.5% which was stated in the annual report as largely due to the increased sales in
motorcycles. Operating profit also increased by 32.0% but despite this recovery the firm was impacted by a continued
shortage in semiconductors, as well as increases in costs of raw materials.
Yamaha Motor Co Ltd is the second largest player in Australia with a market share of 21.1% in 2021. The company is
based in Iwata, Japan and manufactures and markets motorcycles, marine products, power products, robots, and other
components. The firm operates through development, production and sales networks across the world. The company
reported that revenues for the fiscal year ended December 2021 (FY2021), increased by of 23.2% over FY2020. In
FY2021, the company’s operating margin was 9.9%, compared to an operating margin of 5.2% in FY2020.
Kawasaki Heavy Industries is the third largest player in Australia with a market share of 16.0%. The company is based in
Tokyo, Japan, and has presence across North America, Asia, Europe and other regions. Kawasaki’s top products in the
motorcycle segment include Ninja H2 SX, Z900RS, W800, KX250, Versys1000 and Vulcan S. The company reported that
revenues for the fiscal year ended March 2022 (FY2022), increased by 0.8% over FY2021.
Suzuki Motor Corporation is the fourth largest player in Australia, with a market share of 9.5%. The company is based in
Hamamatsu, Japan, and designs and manufactures all‐terrain vehicles, automobile mini vehicles, sub‐compact vehicles,
standard‐sized vehicles, outboard motors, engines for snowmobiles, electro senior vehicles, and houses. It also offers
logistics and other services related to its operations. Suzuki Its Motorcycle business segment offers motorcycles, all‐
terrain vehicles (ATV), motor‐driven bicycles and related products. The company reported that revenues in the fiscal
year ended March 2022 (FY2022), increased by 12.3% over FY2021. In FY2022, the company’s operating margin was
5.2%, compared to an operating margin of 5.5% in FY2021.
7.3. What strategies do leading players follow?

Honda’s overarching strategy is based on low manufacturing costs through operational synergies and the development
of reasonably priced products that are adaptive to market challenges. Honda operates its business through its wide‐
spread production and sales network. Its motorcycles and power products are produced at Kumamoto factory, and
Shizuoka factory in Japan respectively. The company's overseas production sites include the US, Canada, Mexico, the
UK, Turkey, Italy, France, China, India, Indonesia, Malaysia, Thailand, Vietnam, Argentina, and Brazil. All of its products,
including motorcycles, automobiles, and power products are distributed networks of retail distributors. Automobiles
and power products are distributed in Japan through retail dealers. Sales of spare parts and after sales services are
mainly provided through retail dealers. North America and Asia are the largest regional markets for Honda motorcycles,
automobiles and power products. Honda’s extensive production base helps it to achieve economies of scale and its
robust distribution network provides it a wider reach, thus boosting revenue.
A well‐diversified brand portfolio enables Suzuki to enhance its brand value and top‐line performance and distinguish
itself as a benchmark for excellence in automobile markets. The company has heavily focused on scooter and street
motorcycle product line‐up that caters to all price segments, while its product development has been focused on
catering for market needs rather than expanding the market.
Yamaha offers a wide range of motorcycles with a variety of specifications serving different uses scooters for day‐to‐day
mobility, to sports and cruiser models, used for long‐distance touring and off‐road excursions and racing motorcycles
for road racing, motocross and other competitions. Yamaha’s strategy is built on enhancing its products based on its
four technical competencies of powertrains, electronic control, chassis and hulls, and manufacturing. Its core
competencies are combined with manufacturing technology, which enables the company to develop new businesses.
Markedly, its product development operations are based on a pull marketing approach, seeking to attract consumers
through products with Yamaha’s value proposition rather than aligning product development with market needs.
Kawasaki has mainly focused on touring motorcycles and sports bikes, building a high‐performance and high‐quality
brand image based on its flagship model series Ninja, Z and KX. Moreover, the company’s operations have been based
on an established sales and service network and the accommodation of strategies to local consumer demand. However,

Industry Profiles
high operating costs due to high development costs, along with no premium brands in the market, have limited its
operating margins.
7.4. What are the competitive advantages of leading players?

Large economies of scale as well as operational and cost synergies created by involvement in automotive or other
heavy manufacturing business are major competitive advantages for Honda, Suzuki, Yamaha, and Kawasaki. Strong
financial muscle from their diversified business also enables them to invest significant resources in R&D to achieve
competitive edge through innovation. Moreover, their wide geographic operations helps to mitigate various risks
associated with dependence on a specific market.
Honda’s innovation capabilities, extensive production and sales network, and diversified product portfolio are the
company’s major strengths. Honda has earned a reputation for manufacturing high‐quality products ranging from cars
to motorcycles to lawn mowers to generators through its exceptional research and development (R&D) initiatives. It
also has a diversified product portfolio which cushions it from business risks arising from single product line. A
diversified product portfolio not only reduces business risks of Honda, but also provides a strong future growth
platform for the company.
Honda is well supported by its strong innovation capabilities. Honda R&D has separate research centers for the each of
its business segments, while it promotes in‐house development for technologies of raw materials and elements. This
has enabled Honda to gain expertise in these technologies and allowed for the, creation of proprietary technologies
and products. Innovation‐based on these strategies has enabled the company to stay abreast of the changes in the
industry and provide it the ‘first mover’ advantage by launching products ahead of competition and delivering advanced
products and services to its customers. The company’s innovation focuses on creating value added products, which are
internationally competitive.
In line with this approach the company enhanced its product innovation capabilities through its subsidiaries including
Honda R&D Co., Ltd. in Japan; Honda R&D Americas, Inc. in the US; and Honda Motor (China) Technology Co., Ltd. in
China. The company’s production technologies innovation is executed by Honda Engineering Co., Ltd. in Japan and
Honda Engineering North America, Inc. in the US. Further, its innovation also focuses on developing of new
technologies including the advancement of mobility, innovation of digital technologies including Artificial intelligence,
and big data.
Suzuki’s R&D operation is also its main strength. Suzuki has yielded solid results since the start of a strategic business
partnership with General Motors Corporation (GM) in 1981. Although General Motors sold its equity ownership in
Suzuki, the two continue to work together on various technologies. Apart from the partnership with GM, Suzuki also
has business collaborations with other automotive manufacturers in Japan. It invests a significant part of its total
revenue on R&D activities principally to maintain its development methodologies at the highest level in the market and
developing value‐added products,
R&D is also the strongest asset for Yamaha, heavily focused on the development of innovative products with advanced
technological edge. Yamaha also conducts R&D in cooperation with affiliated companies in Japan and six other
countries. A key part of its R&D operations is that its Innovation Center integrates design development and
technologies.
Kawasaki, as the most diversified player in this market, is able to reach a wide customer base and tap new market
opportunities through its well‐spread revenue base. Its engagement in heavy manufacturing and technologically
advanced industries such as precision machineries, robotics, ship building and aerospace systems, offers a strong
competitive edge in raw material, automation and engineering technologies. Moreover, the company benefits from a
global supply chain system with high bargaining power over suppliers based on the volume of its activities.
7.5. Which are the most significant recent events in the market?
Honda announced plans to launch the next generation 125cc motorcycle, SP 125 BSVI in 2019. Earlier in that year,
Honda developed a new frame, the enhanced Smart Architecture Frame (eSAF), which was used in its Genio model for

Industry Profiles
the Indonesian market. This new frame “is at least 8% lighter than conventional frames”, while it improves rigidity and
design. Honda is planning to adopt the eSAF for other models on a rolling basis. In December 2019, Honda announced
the BENLY e, an electric scooter aimed for business uses such as pick‐up/delivery services. It includes a large and flat
rear deck and a reverse assist function to increase user convenience. It is powered by two units of the Honda Mobile
Power Pack detachable battery. Additionally, in March 2020 Honda launched the CBR1000RR‐R FIREBLADE and
CBR1000RR‐R FIREBLADE SP sport models, adding advanced electronic control technologies to enhance sports riding
performance. In February 2021, Honda launched a new version of the PCRX 125cc model in this market.
Yamaha announced some new models in 2020, namely the YZF‐R1 supersport bike, the MT‐03 sport bike, the Tenere
700 touring/dual sport model, and the WR250F, YZ250FX, YZ125X off‐road bikes. Moreover, Yamaha continued to
expand its product line‐up in electric motorcycles, releasing the EC‐05, in Taiwan in 2019, which is compatible with
Gogoro Energy Network’s battery swapping stations.
7.6. What are the future strategies of leading players?

Yamaha Motor’s long‐term strategy is to expand in the world of personal mobility. The company intends to pursue
original and innovative concepts, technologies that achieve superior performance and functionality, and design that
expresses refined dynamism, incorporating Yamaha’s unique engineering, manufacturing, and marketing. The company
also seeks to create products that incorporate logic and emotion through core technologies for high performance, light
weight, fuel efficiency and compactness, with an emphasis on original styling, shapes, materials and appeal to captivate
customers.
An example of this is the MOTOROiD concept model, an autonomous motorcycle with AI capabilities. MOTOROiD is
equipped with an image recognition AI system for recognizing the rider’s face, Yamaha’s proprietary AMCES (Active
Mass Center Control System) technology for motorcycle chassis to achieve stability, and a human‐machine interface
(HMI) that is aimed at fostering non‐verbal communication between the rider and the machine. According to the
company, the MOTOROiD is the testbed vehicle for the above technologies that had been developed earlier. The LMW
(Leaning MultiWheel) technology, available on Yamaha Niken that has been released in Japan in 2018, is another
example of innovation towards the evolution of mobility.
Under its new Mid‐Term Management Plan, Yamaha has identified three long‐term vision sets: transforming mobility,
advance robotics, and rethinking solutions. The company plans to achieve this goal through increasing the earning
power of existing businesses and technologies, and investing resources into new growth strategies and electrification,
connected and autonomous technologies.
Honda is targeting sustainable growth in its vision to 2030, with electrification at the core of its long‐term strategy.
Specifically, the company is focused on developing a range of models with a swappable battery capability, and it has
partnered with Panasonic and Yamaha (E‐KIZUNA project) on that purpose. Honda also aims to shift its strategic
approach from quantity to quality to realize growth.
Suzuki has recently implemented certain strategic expansion initiatives to enhance its business and existing offerings.
Particularly, the company aims to launch new scooters and bikes above 125cc, in the effort to shift towards
performance motorcycles, where demand is increasing. Notably, Suzuki is yet to join the electrification race, citing
concerns that the market might is not mature enough for entry.
Kawasaki’s long‐term strategy includes maintaining its level of sales in developed markets and sourcing growth from
emerging country‐markets, where it can expand sales. In order to fulfil these targets, Kawasaki aims to improve
efficiency of fixed costs focused on R&D in developed markets, and expand procurement and sales networks in India,
and other emerging country‐markets. The company also seeks to trial production of hybrid and electrified models and
develop motorcycles with advanced rider‐support features. Overall, the company seeks to increase its diversification in
other emerging industries such as robotics and energy.

Industry Profiles
8. Company Profiles
8.1. Honda Motor Co., Ltd.
8.1.1. Company Overview
Honda Motor Co., Ltd. (Honda or 'the company') is a manufacturer of automobiles and motorcycles. The
company apart from motorcycles and automobiles, it also makes power products including tillers, generators,
snow throwers, outboard engines, and lawnmowers, and aircraft and jet engines. Honda also ventures into
robotics and advanced technologies in the spirit of utilizing technology to help people with a prime focus on
environment and sustainability. In addition, the company invests in motorcycle and motorsports events like
MotoGP, Formula 1 and EWC. Honda has operations spread across different geographies, including, Asia and
Oceania, Americas, Europe, Africa and the Middle East. The company is headquartered in Tokyo, Japan.
The company reported revenues of (Yen) JPY14,552,696 million for the fiscal year ended March 2022 (FY2022),
an increase of 10.5% over FY2021. In FY2022, the company’s operating margin was 5.5%, compared to an
operating margin of 5.1% in FY2021. In FY2022, the company recorded a net margin of 4.9%, compared to a net
margin of 5% in FY2021. The company reported revenues of JPY3,829,550 million for the first quarter ended
June 2022, a decrease of 1.2% over the previous quarter.
8.1.2. Key Facts
Table 9: Honda Motor Co., Ltd.: key facts
Head office: 2-1-1 Minami-Aoyama, , Minato-Ku, Tokyo, Japan

Telephone: 81334231111
Number of Employees: 204035
Website: www.honda.co.jp
Financial year-end: March
Ticker: 7267
Stock exchange: Tokyo Stock Exchange
SOURCE: COMPANY WEBSITE MARKETLINE
8.1.3. Business Description
Honda Motor Co., Ltd. (Honda or ‘the company’) is primarily involved in the development, production, and sales of
a variety of automobiles, motorcycles, and power products. The company also provides a range of financial
services to its customers and dealers. Honda operates through a global network subsidiaries and affiliates
operating over the world. It primarily operates in North and South America, Asia, the Middle East and Europe.
The company operates through four business segments: Automobile Business, Financial Services Business,
Motorcycle Business, and Life Creation and Other Businesses.
The company's Automobiles Business offers light trucks, passenger and mini vehicles. Honda's automobiles use
gasoline engines of four, three or six‐cylinder, gasoline‐electric hybrid systems, diesel engines and gasoline‐electric
plug‐in hybrid systems. Honda also offers alternative fuel‐powered vehicles such as ethanol, natural gas, and fuel
cell vehicles. Automobiles are produced by the company at two sites in Japan, which include the Suzuka and the
Saitama factory. Honda's major manufacturing facilities are located in Japan, the US, Canada, Mexico, the UK,
Turkey, Italy, France, China, India, Indonesia, Malaysia, Thailand, Vietnam, Argentina, and Brazil. In FY2021, the
Automobiles segment reported revenue of JPY85,67,205 million, which accounted for 65% of the company’s total
revenue.

Industry Profiles
Under the Financial Services Business, Honda offer a variety of financial services to its customers and dealers
through finance subsidiaries in countries, including Japan, the US, Canada, the UK, Germany, Brazil, and Thailand.
The services of these subsidiaries include retail lending, leasing to customers and other financial services, such as
wholesale financing to dealers. In FY2021, the segment reported revenue of JPY24,94,294 million, which
accounted for 18.9% of the company’s revenue.
Under the Motorcycle Business, the company produces a wide range of motorcycles, ranging from the 50 cubic
capacity (cc) classes to the 1,800cc class in cylinder displacement. Honda's motorcycles use internal combustion
engines developed by Honda that are four‐cycle, air or water‐cooled, and single, four or six‐cylinder. Honda's
motorcycle line consists of sports, including moto‐cross and trial racing, business and commuter models. Honda
also offers multi utility vehicles (MUVs), side‐by‐sides (SxS), and all‐terrain vehicles (ATVs). Honda's motorcycles
are produced at the Kumamoto factory in Japan. The company's motorcycles are also produced by subsidiaries in
countries around the world, including Vietnam, Thailand, India, Argentina and Brazil. In FY2021, the segment
reported revenue of JPY17,87,283 million, which accounted for 13.6% of the company’s total revenue.
Under its Life Creation and Other Businesses, Honda produces lawn mowers, riding mowers, water pumps, general
purpose engines, outboard marine engines, brush cutters, tillers, walking assist devices, snow blowers, robotic
mowers, generators, and portable battery inverter power sources. In FY2021, the segment reported revenue of
JPY3,21,737 million, which accounted for 2.4% of the company’s total revenue.
Geographically, the company has classified its business operations into five regions, including North America (The
US, Canada, and Mexico), Asia (Thailand, India, China, Indonesia, and Vietnam), Japan, Europe (The UK, Germany,
Turkey, Belgium, and Italy), and Other Regions (Brazil and Australia). In FY2021, the North America region
accounted for 53.8% of the company’s total revenue, followed by Japan with (14%), Asia with (24.7%), Europe with
(3.9%), and Other Regions with (3.6%).

Industry Profiles
Table 10: Honda Motor Co., Ltd.: Annual Financial Ratios

Key Ratios 2017 2018 2019 2020 2021
Growth Ratios
Operating Income Growth % 14.11 -25.45 -8.50 9.92
EBITDA Growth % 10.26 -13.67 -5.67 -1.12
Net Income Growth % 71.81 -42.39 -25.33 44.25
EPS Growth % 56.76 -35.13 -27.28 39.99
Working Capital Growth % 15.49 4.99 10.60 23.34
Equity Ratios
EPS (Earnings per Share) JPY 361.35 566.45 367.48 267.23 374.10
Dividend per Share JPY 92.00 100.00 111.00 112.00 110.00
Dividend Cover Absolute 3.93 5.66 3.31 2.39 3.40
Book Value per Share JPY 4047.81 4461.36 4698.74 4640.46 5260.06
Profitability Ratios
Gross Margin % 22.38 21.88 20.82 20.62 20.73
Operating Margin % 5.64 5.86 4.23 4.11 5.13
Net Profit Margin % 4.40 6.90 3.84 3.05 4.99
Profit Markup % 28.84 28.00 26.29 25.98 26.16
PBT Margin (Profit Before Tax) % 7.19 7.26 6.16 5.29 6.94
Return on Equity % 8.45 13.35 7.38 5.69 7.24
Return on Capital Employed % 5.83 6.56 4.65 4.19 4.17
Return on Assets % 6.50 5.53 3.07 2.23 3.10
Return on Working Capital % 70.06 69.22 49.15 40.66 36.24
Operating Costs (% of Sales) % 94.36 94.14 95.77 95.89 94.87
Administration Costs (% of Sales) % 11.44 11.56 11.17 10.99 10.11
Liquidity Ratios
Current Ratio Absolute 1.21 1.23 1.23 1.26 1.33
Quick Ratio Absolute 0.96 0.96 0.96 0.99 1.06
Cash Ratio Absolute 0.39 0.40 0.42 0.46 0.48
Leverage Ratios
Debt to Equity Ratio Absolute 0.93 0.86 0.89 0.93 0.85
Net Debt to Equity Absolute 0.62 0.55 0.57 0.58 0.51
Debt to Capital Ratio Absolute 0.48 0.46 0.47 0.48 0.46
Efficiency Ratios
Asset Turnover Absolute 1.48 0.80 0.80 0.73 0.62
Fixed Asset Turnover Absolute 3.83 2.13 2.18 1.98 1.69
Inventory Turnover Absolute 15.93 8.31 8.09 7.53 6.72
Current Asset Turnover Absolute 4.27 2.28 2.23 2.04 1.77
Capital Employed Turnover Absolute 1.03 1.12 1.10 1.02 0.81
Working Capital Turnover Absolute 12.43 11.81 11.63 9.88 7.07
SOURCE: COMPANY FILINGS MARKETLINE

Industry Profiles
Table 11: Honda Motor Co., Ltd.: Key Employees
Name Job Title Board

Asako Suzuki Director Non Executive Board
Fumiya Kokubu Director Non Executive Board
General Manager Automobile Business Asia
Gaku Nakanishi Senior Management
and Oceania region
Hideko Kunii Director Non Executive Board
Hiroyuki Kachi Chief Officer- Production Operations Senior Management
Hiroyuki Kachi Executive - Corporate Project Senior Management
Hiroyuki Kachi Operating Officer Senior Management
Hisao Takahashi Managing Officer Senior Management
Chief Officer, Brand and Communication
Katsuhide Moriyama Senior Management
Operations
Katsuhide Moriyama Operating Officer Senior Management
Katsuhisa Okuda Chief Officer, Power Product Operations Senior Management
Katsuhisa Okuda Operating Officer Senior Management
Katsushi Inoue Operating Officer Senior Management
Kazuhiro Higashi Director Non Executive Board
Keiji Ohtsu Managing Executive Officer Senior Management
Kimiyoshi Teratani Chief Officer, Regional Operations (Japan) Senior Management
Kimiyoshi Teratani Operating Officer Senior Management
Kohei Takeuchi Director Executive Board
Kohei Takeuchi Senior Managing Officer and Director Executive Board
Kunihiko Sakai Director Non Executive Board
Masafumi Suzuki Director Non Executive Board
Chief Executive Officer Asian Honda Motor
Masayuki Igarashi Senior Management
Co., Ltd
Chief Officer- Regional Operations (Asia &
Masayuki Igarashi Senior Management
Oceania)
Masayuki Igarashi Director Asian Honda Motor Co., Ltd. Senior Management
Masayuki Igarashi Operating Officer Senior Management
Masayuki Igarashi President Asian Honda Motor Co., Ltd. Senior Management
Michimasa Fujino Managing Officer Senior Management
Mitsugu Matsukawa Operating Officer Senior Management
Motoki Ozaki Director Non Executive Board
Noriaki Abe Chief Officer, Regional Operations, Japan Senior Management

Industry Profiles
Table 12: Honda Motor Co., Ltd.: Key Employees Continued

Chief Officer, Traffic Safety Promotion
Noriaki Abe Senior Management
Operations
Noriaki Abe Managing Executive Officer Senior Management
Chief Officer, Regional Operations, North
Noriya Kaihara Senior Management
America
Noriya Kaihara Managing Officer Senior Management
Ryoko Nagata Director Non Executive Board
Seiji Kuraishi Director Executive Board
Seiji Kuraishi Executive Vice President Executive Board
Executive Vice President, Executive Officer,
Seiji Kuraishi Risk Management Officer, Corporate Brand Executive Board
Officer, and Representative Director
Shinji Aoyama Managing Executive Officer Senior Management
General Manager Saitama Factory,
Soichi Yamamoto Senior Management
Production Operations
Soichi Yamamoto Operating Officer Senior Management
Soichiro Takizawa Director Honda North America, Inc Senior Management
Senior Executive Vice President Honda North
Soichiro Takizawa Senior Management
America, Inc
Takanobu Ito Advisor Executive Board
Takanobu Ito Director Executive Board
Takashi Sekiguchi Executive-Corporate Planning Senior Management
Takashi Sekiguchi Managing Officer Senior Management
Chief Executive Officer Honda Cars India
Takuya Tsumura Senior Management
Limited
Takuya Tsumura President Honda Cars India Limited Senior Management
Tomomi Kosaka Director Honda Engineering Co., Ltd Senior Management
Tomomi Kosaka Operating Officer Senior Management
Tomomi Kosaka President Honda Engineering Co., Ltd Senior Management
Toshiaki Hiwatari Director Non Executive Board
Toshiaki Mikoshiba Chairman Executive Board
Toshiaki Mikoshiba Director Government and Investor Relations Executive Board
Toshihiro Mibe Chief Executive Officer Executive Board
Toshihiro Mibe Director Executive Board
Toshihiro Mibe President Executive Board
Toshiyuki Shimabara Director Honda North America, Inc. Senior Management
Toshiyuki Shimabara Director Honda of America Mfg., Inc. Senior Management

Industry Profiles
Table 13: Honda Motor Co., Ltd.: Key Employees Continued

Toshiyuki Shimabara Operating Officer Senior Management
Toshiyuki Shimabara President Honda of America Mfg., Inc. Senior Management
Yasuhide Mizuno Operating Officer Senior Management
Yoichiro Ogawa Director Non Executive Board
Yoshi Yamane Director-Production Senior Management
Yoshi Yamane Risk Management Officer Senior Management
Yoshi Yamane Senior Managing Director Senior Management
Yoshishige Nomura Managing Officer Senior Management
Yoshiyuki Matsumoto Director Honda RandD Co., Ltd Senior Management
Yoshiyuki Matsumoto Head Research and Development Senior Management
Yoshiyuki Matsumoto President Honda RandD Co., Ltd Senior Management
Yoshiyuki Matsumoto Senior Managing Director Senior Management

Industry Profiles
8.2. Yamaha Motor Co Ltd
Yamaha Motor Co Ltd (Yamaha Motor), is an automobile company. The company manufactures and markets
motorcycles, marine products, Robotics; Financial services; and other components. Its product portfolio
includes motorcycles, all‐terrain vehicles, snowmobiles, recreational vehicles, outboard engines, personal
watercraft, boats, industrial robots, automobile components, and industrial use unmanned helicopters. Yamaha
Motor also manufactures and sells financial services and other products such as golf cars, automobile engines,
generators, electric wheelchairs, parts and accessories, water purification systems, snow blowers, pleasure‐use
boat mooring equipment and racing kart engines. The company serves automobile, water sports, consumers,
businesses, and other industrial markets. It operates through development, production and sales networks
across the world. Yamaha Motor is headquartered in Shizuoka, Iwata, Japan.
The company reported revenues of (Yen) JPY1,812,496 million for the fiscal year ended December 2021
(FY2021), an increase of 23.2% over FY2020. In FY2021, the company’s operating margin was 9.9%, compared
to an operating margin of 5.2% in FY2020. In FY2021, the company recorded a net margin of 8.6%, compared to
a net margin of 3.6% in FY2020. The company reported revenues of JPY587,180 million for the second quarter
ended June 2022, an increase of 21.9% over the previous quarter.
8.2.2. Key Facts
Table 14: Yamaha Motor Co Ltd: key facts
Head office: 2500 Shingai, , Iwata-Shi, Shizuoka, Japan

Fax: 81538374252
Website: global.yamaha-motor.com/jp
Financial year-end: December
Ticker: 7272
Yamaha Motor Co Ltd (Yamaha Motor) manufactures and markets motorcycles, marine products, robotics;
financial services; and other products. The company serves automobile, water sports, consumers, businesses, and
other industrial markets.
Yamaha Motor operates through five reportable segments: Land mobility; Marine Products; Robotics; Financial
sServices; and Others.
Yamaha Motor had around 160 subsidiaries and affiliates at the end of FY2021. The company operates global
development, production and sales networks, and its products are sold in more than 180 countries and regions.

Industry Profiles
Table 15: Yamaha Motor Co Ltd: Annual Financial Ratios

Key Ratios 2017 2018 2019 2020 2021
Growth Ratios
Sales Growth % 11.13 0.18 -0.50 -11.62 23.19
Operating Income Growth % 37.56 -4.62 -16.59 -34.95 135.16
EBITDA Growth % 28.93 -3.04 -10.72 -25.42 85.12
Net Income Growth % 60.88 -8.11 -18.88 -29.92 193.14
EPS Growth % 60.51 -9.70 -20.20 -25.70 185.14
Working Capital Growth % 10.16 -23.72 40.59 29.68 8.29
Equity Ratios
Gross Margin % 27.46 27.20 26.57 25.27 27.96
Profit Markup % 37.86 37.37 36.18 33.82 38.82
Return on Equity % 16.31 14.20 10.74 7.43 18.11
Return on Assets % 7.43 6.58 5.13 3.34 8.96
Liquidity Ratios
Leverage Ratios
Efficiency Ratios

Industry Profiles
Table 16: Yamaha Motor Co Ltd: Key Employees

Industry Profiles

Ben Mallett General Manager Bennett Marine Senior Management
President Yamaha Motor Finance
Craig Hewitt Senior Management
Corporation, US
Chief Operating Officer PT. Yamaha
Dyonisius Beti Senior Management
Indonesia Motor Manufacturing
Dyonisius Beti Executive Officer Senior Management
Eishin Chihana Executive Office Senior Management
Managing Director Yamaha Motor India Pvt.
Eishin Chihana Ltd, India Yamaha Motor Pvt. Ltd, Yamaha Senior Management
Motor India Sales Pvt. Ltd
Eric de Seynes President Yamaha Motor Europe N.V. Senior Management
Eric de Seynes Senior Executive Officer Senior Management
Chief General Manager-Technical Research
Heiji Maruyama Executive Board
and Development Center
Heiji Maruyama Director Executive Board
Heiji Maruyama Senior Executive Officer Executive Board
Chief General Manager - Marine Business
Hirofumi Usui Senior Management
Operations
Hirofumi Usui Senior Executive Officer Senior Management
Senior General Manager- 3S Emerging
Ishikawa Shigeru Countries Section, Motorcycle Business Unit, Senior Management
Land Mobility Business Operations
Chief General Manager-Land Mobility
Itaru Otani Senior Management
Business Operations
Executive General Manager- Motorcycle
Itaru Otani Business Unit, Land Mobility Business Senior Management
Operations
Itaru Otani Senior Executive Officer Senior Management
Chairman Yamaha Motor Finance
Jeffrey Young Executive Board
Corporation, U.S.A.
Jeffrey Young Deputy Executive Officer Executive Board
General Manager US Marine Development
Jonathon Burns Senior Management
and Business Planning
Katsuaki Watanabe Chairman Executive Board
Chief General Manager- Manufacturing
Kenichi Muraki Senior Management
Technology Center
Kenichi Muraki Executive Officer Senior Management
Deputy Chief General Manager - Technical
Kenji Komatsu Senior Management
Research and Development Center
General Manager Quality Assurance Division,
Automotive Development Section, Technical
Research and Development Center, Business
Kodama Satoshi Senior Management
Planning and Control Division, Automotive
Development Section, Technical Research
Deputy Chief General Manager-
Koutarou Ueda Senior Management
Manufacturing Center
Koutarou Ueda Executive Officer Senior Management
Michael Chrzanowsk President Yamaha Motor Corporation, U.S.A. Senior Management
President PT. Yamaha Indonesia Motor
Minoru Morimoto Senior Management
Manufacturing
Minoru Morimoto Senior Executive Officer Senior Management

Industry Profiles
Table 17: Yamaha Motor Co Ltd: Key Employees Continued

Chief General Manager-Human Resources
Mitsuru Hashimoto Senior Management
and General Affairs Center
Executive Officer, Human Resources and
General Affairs, Corporate Planning and
Motofumi Shitara Senior Management
Finance, IT, Market Development, Customer
Experience
Senior General Manager-Technical
Naoki Okamota Development Section, Technical Research Senior Management
Norio Yamada Chief General Manager- IT Center Senior Management
Norio Yamada Executive Officer Senior Management
Poh Wai Poo Director Executive Board
General Manager, HL Yamaha Motor
Poh Wai Poo Executive Board
Research Centre
Chief General Manager - Manufacturing,
Satohiko MatSuyama Manufacturing Technology, Procurement and Executive Board
Power Products
Director Senior Executive Officer, Chief
General Manager in charge of Manufacturing,
Satohiko MatSuyama Executive Board
Manufacturing Technology, Procurement, and
Power Products
Chief General Manager of Quality Assurance
Satoshi Hirose Senior Management
Center
Executive General Manager of Customer
Satoshi Hirose Senior Management
Experience Business Unit
Satoshi Hirose Executive Officer Senior Management
Division Manager - Yamaha Marine Supply
Scott Higgins Senior Management
Chain Management
Deputy Chief General Manager of PF Model
Shin Yokomizo Senior Management
Unit
Senior General Manager of PF Model
Shin Yokomizo Senior Management
Development Section, PF Model Unit
Takehiro Kamigama Director Non Executive Board
Chief General Manager - Corporate Planning
Takeo Noda Senior Management
and Finance Center
Takeo Noda Executive Officer Senior Management
Takuya Kinonshita Chief General Manager- Creative Center Senior Management
Takuya Kinonshita Senior Executive Officer Senior Management
Tatsumi Okawa Director Executive Board
Tatsumi Okawa Senior Executive Officer Executive Board
Tatsuya Masuda Chief General Manager- Procurement Center Senior Management
Tatsuya Masuda Executive Officer Senior Management
Tetsuji Ohashi Director Non Executive Board
Toshiaki Ibata Executive Officer Senior Management
Senior General Manager - Boat Business Unit,
Toshiaki Ibata Senior Management
Marine Business Operations
Toshihiro Nozue Chief General Manager-Powertrain Unit Senior Management
Toshihiro Nozue Executive Officer Senior Management
Toyoshi Nishida Chief General Manager - PF Model Unit Senior Management

Industry Profiles
Table 18: Yamaha Motor Co Ltd: Key Employees Continued

Senior General Manager- Motor Sports
Toyoshi Nishida Senior Management
Section, PF Model Unit
Managing Director Yamaha Motor Pakistan
Yamaura Shinsuke Senior Management
Ltd.
YANAGI Hiroyuki Director Non Executive Board
Yasutaka Suzuki Executive Officer Senior Management
General Director of Yamaha Motor Vietnam
Yasutaka Suzuki Senior Management
Co., Ltd.
Yoshihiro Hidaka Chief Executive Officer Executive Board
Yoshihiro Hidaka Director Executive Board
Yoshihiro Hidaka President Executive Board
Yuko Tashiro Director Non Executive Board

Industry Profiles
8.3. Kawasaki Heavy Industries, Ltd.
Kawasaki Heavy Industries, Ltd. (KHI or 'the group') is a manufacturer and marketer of transportation
equipment and industrial goods. The group manufactures ships, rolling stock, aircraft and jet engines, gas
turbine power generators, environmental and industrial plants, construction machinery, consumer products,
and manufacturing equipment and systems. Itmanages plant engineering services for industrial plants, that
includes cement plants; and tunneling equipment and steel structures, environmental protection facilities,
chemical plants, and boiler facilities. KHI has a presence across North America, Asia and Europe. The group is
headquartered in Tokyo, Japan.
an increase of 0.8% over FY2021. The operating profit of the company was JPY44,139 million in FY2022,
compared to an operating loss of JPY24,840 million in FY2021. The net profit of the company was JPY21,803
million in FY2022, compared to a net loss of JPY19,332 million in FY2021.
8.3.2. Key Facts
Table 19: Kawasaki Heavy Industries, Ltd.: key facts
Head office: Kobe Crystal Tower 1-1-3, Higashikawasaki-Cho, Chuo-Ku, Kobe-Shi, Hyogo,
Japan
Fax: 81783719568
Website: www.khi.co.jp
Ticker: 7012
Kawasaki Heavy Industries, Ltd. (KHI or 'the group') is a diversified engineering group engaged in manufacturing
and sales activities in industries such as aerospace, shipbuilding, and construction machinery. It has major
operations in Japan, the US, and other Asian and European regions.
The group operates through seven business segments: Ship and Offshore Structure; Rolling Stock; Aerospace
Systems; Energy System and Plant Engineering; Motorcycle and Engine; Precision Machinery and Robot; and
Other.
The Ship and Offshore Structure segment is engaged in the development, construction, and maintenance of ships
and other vessels. Its offers products, including LNG and LPG carriers, container ships, oil tankers. bulk carriers,
submarines and offshore structures. Kawasaki Shipbuilding also operates a joint venture in China with China Ocean
Shipping (COSCO), called Nantong COSCO KHI Ship Engineering. In FY2020, the Ship and Offshore Structure
segment generated revenue of JPY71,680 million, which accounted for 4.4% of the company’s revenue.
The Rolling Stock segment is involved in the production and sale of electric cars, diesel locomotives, Shinkansen,
passenger coach, locomotives, new transit systems and snow plows and freight cars. Its domestic customers
include different Japan railway companies in addition to private and municipal railway companies. In addition, the
group also delivers its products to customers in overseas markets such as North America and Asia. KHI produces
rail cars in the US at Kawasaki Rail Car. In FY2020, the Rolling Stock segment generated revenue of JPY136,553
million, which accounted for 8.3% of the company’s revenue.

Industry Profiles
The Aerospace Systems segment provides a wide range of products for the aviation industry. The segment
develops and develops aircraft for the Japan Ministry of Defense.it also includes the Gas Turbines and Machinery
segment reported in the last year. In FY2020, the Aerospace Systems segment generated revenue of JPY532,549
million, which accounted for 32.4 % of the company’s revenue.
Energy System and Plant Engineering segment offers a wide range of industrial plants to process cement,
chemicals, and nonferrous metals. It also offers environmental protection facilities, including municipal waste
incinerators, from design to sale and crushing machines. It also manufactures low‐temperature tanks for liquefied
natural gas (LNG) and liquefied petroleum gas (LPG), as well as shield machines for tunneling in underground
construction projects. In FY2020, the Energy System and Plant and Infrastructure Engineering segment generated
revenue of JPY242,972 million, which accounted for 14.8% of the company’s revenue.
The Motorcycle and Engine segment manufactures and sells gasoline engines, personal watercraft, utility vehicles,
off‐road four wheeler, and motorcycles. In FY2020, the Motorcycle and Engines segment generated revenue of
JPY337,757 million, which accounted for 20.6% of the company’s revenue.
The Precision Machinery and Robot segment is involved in the production and sale of hydraulic components and
equipment used in construction machinery as well as industrial machinery and ships. The segment's hydraulic
components business manufacture a wide range of products, including pump motors, valves, and other hydraulic
machinery, as well as its assembled hydraulic systems. The group markets its hydraulic machinery and systems
under the KPM brand name. Additionally, this segment's robot business provides industrial robots and automation
systems for use in welding, assembly, handling, painting, and palletization, to various industries, including the
automotive and electronics industries. In FY2020, the Precision Machinery and Robot segment generated revenue
of JPY217,387 5 million, which accounted for 13.2% of the company’s revenue.
The Other segment is involved in intermediary activities, administers welfare facilities, sales/order agency, and
commercial activities. In FY2020, the Other segment generated revenue of JPY102,345 million, which accounted
for 6.2% of the company’s revenue.

Industry Profiles
Table 20: Kawasaki Heavy Industries, Ltd.: Annual Financial Ratios

Key Ratios 2017 2018 2019 2020 2021
Growth Ratios
Operating Income Growth % -1.45 48.57 -6.78 -141.62
EBITDA Growth % 4.13 24.00 -1.69 -69.89
Net Income Growth % 10.35 -5.06 -32.02 -203.58
EPS Growth % 50.92 -28.93 -29.94 -150.78
Working Capital Growth % 5.11 10.42 14.33 18.26
Equity Ratios
EPS (Earnings per Share) JPY 153.23 231.25 164.34 115.13 -58.46
Dividend per Share JPY 60.00 60.00 70.00 35.00
Gross Margin % 15.80 16.17 16.81 16.48 12.84
Operating Margin % 2.88 2.74 4.01 3.64 -1.67
Net Profit Margin % 1.73 1.84 1.72 1.14 -1.30
Profit Markup % 18.76 19.29 20.21 19.73 14.74
PBT Margin (Profit Before Tax) % 2.56 2.10 2.37 2.40 -0.99
Return on Equity % 5.99 6.20 5.76 4.10 -4.15
Return on Capital Employed % 5.18 4.71 6.57 5.91 -2.38
Return on Assets % 3.11 1.67 1.52 0.98 -0.99
Return on Working Capital % 18.66 17.49 23.53 19.19 -6.75
Liquidity Ratios
Leverage Ratios
Efficiency Ratios

Industry Profiles
Table 21: Kawasaki Heavy Industries, Ltd.: Key Employees

Akio Nekoshima Director Non Executive Board
Akira Matsufuji Executive Officer Senior Management
Deputy General Manager-Corporate
Akiyoshi Saiki Senior Management
Technology Division
Akiyoshi Saiki Executive Officer Senior Management
Atsuko Ishii Director Non Executive Board
Atsuko Kakihara Executive Officer Senior Management
General Manager-Sustainable Development
Atsuko Kakihara Senior Management
Division
Deputy General Manager - Corporate
Eiichi Harada Senior Management
Technology Division
Eiichi Harada Executive Officer Senior Management
Etsuro Mishima Executive Officer Senior Management
Hidehiko Shimamura Managing Executive Officer Senior Management
Hideo Tsujimura Director Non Executive Board
Hiroshi Ito Deputy General Manager-Marketing Division Senior Management
Hiroshi Ito Executive Officer Senior Management
Hiroshi Murao Executive Officer Senior Management
Hiroshi Nakatani Director Executive Board
General Manager -Corporate Technology
Hiroshi Nakatani Executive Board
Division
Hiroshi Nakatani Managing Executive Officer Executive Board
Hiroyoshi Shimokawa Managing Executive Officer Senior Management
Ichiro Kono Managing Executive Officer Senior Management
Jenifer Rogers Director Non Executive Board
Katsunori Hosokawa Executive Officer Senior Management
General Manager - General Administration
Katsunori Hosokawa Senior Management
Division
Katsuya Yamamoto Director Executive Board
Katsuya Yamamoto Senior Executive Officer Executive Board
Katsuya Yamamoto Vice President Executive Board
Katsuyoshi Fukuma Director Non Executive Board
Kazutoshi Honkawa Managing Executive Officer Senior Management
Keigo Imamura Executive Officer Senior Management
Kenji Sanada Executive Officer Senior Management

Industry Profiles
Table 22: Kawasaki Heavy Industries, Ltd.: Key Employees Continued

Kouji Ogata Executive Officer Senior Management
Kouzou Tomiyama Executive Officer Senior Management
Kouzou Tomiyama General Manager Human Resources Division Senior Management
Makoto Shiota Executive Officer Senior Management
Makoto Shiota General Manager Marketing Division Senior Management
Mitsumasa Sato Executive Officer Senior Management
Motohisa Amako Executive Officer Senior Management
Naoki Murakami Executive Officer Senior Management
Naoshi Kato Executive Officer Senior Management
Noboru Takagi Executive Officer Senior Management
Nobuhisa Kato Executive Officer Senior Management
General Manager Finance and Accounting
Nobuhisa Kato Senior Management
Division
Osamu Kobayashi Executive Officer Senior Management
Ryoichi Sait Director Non Executive Board
Satoru Kohdera Director Non Executive Board
Sukeyuki Namiki Director Executive Board
Sukeyuki Namiki Senior Executive Officer Executive Board
Sukeyuki Namiki Vice President Executive Board
Takeshi Kaneko Executive Officer Senior Management
General Manager -Corporate Planning
Takeshi Kaneko Senior Management
Division
Tatsuya Motoi Executive Officer Senior Management
Tatsuya Watanabe Managing Executive Officer Senior Management
Yasuhiko Hashimoto Chief Executive Officer Executive Board
Yasuhiko Hashimoto Director Executive Board
Yasuhiko Hashimoto President Executive Board
Yasushi Kawakami Executive Officer Senior Management
Yoshiaki Tamura Director Non Executive Board
Yoshinari Tobinaga Executive Officer Senior Management
Yoshinori Kai Executive Officer Senior Management
Yoshinori Kanehana Chairman Executive Board

Industry Profiles
Table 23: Kawasaki Heavy Industries, Ltd.: Key Employees Continued

Yuji Horiuchi Managing Executive Officer Senior Management

Industry Profiles
8.4. Suzuki Motor Corporation
Suzuki Motor Corporation (Suzuki or ‘the company’) is a provider of automobiles, motorcycles, and all‐terrain
vehicles (ATV), and outboard motor equipment. The company also offers aftersales maintenance kits to
customers. Its product portfolio includes cars, motorized wheelchairs, electro senior vehicles, motorcycles, all‐
terrain vehicles, outboards, maintenance kits and others. Suzuki also provides after sales and maintenance
services to customers across the globe. The company’s business operations are spread across many countries
including Hungary, Germany, the UK, France, India, Pakistan, Indonesia, Thailand, Australia, Mexico, Colombia
and the US. Suzuki has established offices in several locations worldwide to distribute its products efficiently
and to reach out to a large customer base. The company is headquartered in Hamamatsu City, Shizuoka, Japan.
an increase of 12.3% over FY2021. In FY2022, the company’s operating margin was 5.2%, compared to an
operating margin of 5.5% in FY2021. In FY2022, the company recorded a net margin of 4.5%, compared to a net
margin of 4.6% in FY2021. The company reported revenues of JPY1,063,358 million for the first quarter ended
June 2022, an increase of 7% over the previous quarter.
8.4.2. Key Facts
Table 24: Suzuki Motor Corporation: key facts
Head office: 300 Takatsuka-Cho, Minami-Ku, , Hamamatsu-Shi, Shizuoka, Japan

Fax: 81534450040
Website: www.suzuki.co.jp
Ticker: 7269
Suzuki Motor Corporation (Suzuki or ‘the company’) is engaged in manufacturing and selling automobiles,
motorcycles, and all‐terrain vehicles (ATV), and outboard motor equipment. The company also offers aftersales
maintenance kits to customers across the globe. Suzuki’s business operations are spread across many countries
including Hungary, Germany, the UK, France, India, Pakistan, Indonesia, Thailand, Australia, Mexico, Colombia and
the US.
The company primarily operates through three reportable segments: Automobile, Motorcycle and Marine.
Under Automobile segment, Suzuki manufactures and markets mini vehicles, sub‐compact vehicles, standard‐sized
vehicles under various brand names including Celerio, Ignis, Swift, Dzire, Baleno, Vitara, S‐Cross, Jimny, Ciaz, Ertiga,
APV and others. It manufactures in overseas market through its subsidiaries including Magyar Suzuki Corporation
Ltd and Maruti Suzuki India Ltd. Suzuki also manufactures in domestic market through its subsidiaries including
Suzuki Motor Sales Kinki Inc. In FY2021, the Automobile segment reported revenue of JPY2,876,601 million, which
accounted for 90.5% of the company’s revenue.
Under Motorcycle Business segment, the company offers motorcycles, all‐terrain vehicles (ATV), motor‐driven
bicycles and related products. It manufactures in overseas market through its subsidiary Thai Suzuki Motor Co Ltd
and an affiliate, Jinan Qingqi Suzuki Motorcycle Co., Ltd. In FY2021, the Motorcycle business segment reported
revenue of JPY206,530 million, which accounted for 6.5% of the company’s revenue.

Industry Profiles
Under Marine business segment, Suzuki offers outboard motors, motorized wheelchairs, electro senior vehicles
and houses. It operates its division through two subsidiaries such as Suzuki Marine Co Ltd, and Suzuki Motor Sales
Kinki Inc. In FY2021, the Marine business segment reported revenue of JPY95,077 million, which accounted for 3%
of the company’s revenue.
Geographically, the company classifies its business operations into three regions: Japan, India and others. In
FY2021, Japan accounted for 36.9% of the company’s revenue, followed by Others (32.6%), and India (30.4%).

Industry Profiles
Table 25: Suzuki Motor Corporation: Annual Financial Ratios

Key Ratios 2017 2018 2019 2020 2021
Growth Ratios
Operating Income Growth % 63.90 -36.23 -10.07 -18.40
EBITDA Growth % 33.89 -26.13 -2.23 -17.71
Net Income Growth % 34.87 -17.14 -24.91 9.09
EPS Growth % 12.39 15.13 -47.27 15.48
Working Capital Growth % -24.77 -51.07 11.17 49.68
Equity Ratios
Gross Margin % 28.64 29.43 29.25 27.91 27.27
Profit Markup % 40.13 41.70 41.35 38.72 37.49
Return on Equity % 14.28 16.62 12.84 9.02 8.68
Return on Assets % 10.27 6.68 5.30 3.98 3.97
Liquidity Ratios
Leverage Ratios
Net Debt to Equity Absolute -0.34 -0.27 -0.22 -0.12 -0.26
Efficiency Ratios

Industry Profiles
Table 26: Suzuki Motor Corporation: Key Employees

Hideaki Domichi Director Non Executive Board
Joint Managing Director, TDS Lithium-Ion
Hisanori Takashiba Senior Management
Battery Gujarat Private Limited
Hisanori Takashiba Managing Officer Senior Management
Chief Executive Officer Maruti Suzuki India
Hisashi Takeuchi Senior Management
Limited
Hisashi Takeuchi Managing Director Maruti Suzuki India Limited Senior Management
Hisashi Takeuchi Managing Officer Senior Management
Ichizo Aoyama Senior Managing Officer Senior Management
Katsuhiro Kato Managing Officer Senior Management
Kazunobu Hori Managing Officer Senior Management
Executive Vice Chairman, Maruti Suzuki India
Kenichi Ayukawa Executive Board
Limited
Kenichi Ayukawa Executive Vice President Executive Board
Kenichi Goto Managing Officer Senior Management
Kenichirou Toyofuku Managing Officer Senior Management
Kinji Saito Director Executive Board
Senior Managing Officer -Global Automobile
Kinji Saito Executive Board
Marketing
Masahiko Nagao Director Executive Board
Masahiko Nagao Senior Managing Officer Executive Board
Masahiro Ikuma Managing Officer Senior Management
Masayoshi Ito Managing Officer Senior Management
Executive General Manager, Product
Masayuki Fujisaki Senior Management
Planning, CJP Promotion
Masayuki Fujisaki Managing Officer Senior Management
Naoki Suzuki Managing Officer Senior Management
Executive General Manager, Corporate
Naomi Ishii Senior Management
Planning Office
Naomi Ishii Executive Vice President Senior Management
Naomi Ishii Senior Managing Officer Senior Management
Osamu Honda Director Executive Board
Osamu Honda Senior Technical Executive Executive Board
Osamu Kawamura Director Non Executive Board
Satoshi Uchida Managing Officer Senior Management
Shigeo Yamagishi Managing Officer Senior Management

Industry Profiles
Table 27: Suzuki Motor Corporation: Key Employees Continued

Shigetoshi Torii Managing Officer Senior Management
Shinichi Imaizumi Managing Officer Senior Management
Tatsuro Takeuchi Managing Officer Senior Management
Toshiaki Suzuki Director Executive Board
Executive General Manager, Domestic
Toshiaki Suzuki Executive Board
Marketing I, Domestic Marketing
Toshiaki Suzuki Senior Managing Officer Executive Board
Toshihiro Suzuki Chairman Executive Board
Yasuharu Osawa Managing Officer Senior Management
Yukihiro Yamashita Director Executive Board
Executive General Manager, Automobile
Yukihiro Yamashita Executive Board
Powertrain Engineering
Yukihiro Yamashita Senior Managing Officer Executive Board
Yuriko Katou Director Non Executive Board
Yutaka Kikukawa Managing Officer Senior Management

Industry Profiles
9. Macroeconomic Indicators
9.1. Country data
Table 28: Australia size of population (million), 2017–21
Year Population (million) % Growth

2017 23.8 1.0%
2018 24.0 1.0%
2019 24.3 1.0%
2020 24.5 1.0%
Table 29: Australia gdp (constant 2005 prices, $ billion), 2017–21
Year Constant 2005 Prices, $ billion % Growth

2017 1,021.7 2.9%
2018 1,052.2 3.0%
2019 1,084.2 3.0%
2020 1,117.8 3.1%
Table 30: Australia gdp (current prices, $ billion), 2017–21
Year Current Prices, $ billion % Growth

2017 1,733.0 5.4%
2018 1,827.4 5.4%
2019 1,928.5 5.5%
2020 2,032.3 5.4%
Table 31: Australia inflation, 2017–21
Year Inflation Rate (%)

2017 2.6%
2018 2.5%
2019 2.5%
2020 2.6%

Industry Profiles
Table 32: Australia consumer price index (absolute), 2017–21
Year Consumer Price Index (2005 = 100)

2017 137.7
2018 141.1
2019 144.7
2020 148.4
Table 33: Australia exchange rate, 2017–21
Year Exchange rate ($/A$) Exchange rate (€/A$)

2017 1.3036 1.4743
2018 1.3397 1.5806
2019 1.4387 1.6108
2020 1.4521 1.6555
2021 1.3323 1.5753

Industry Profiles
Appendix
Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross‐
checked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in‐house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in‐house databases of news, analyst commentary, company profiles
and macroeconomic & demographic information, which enable our researchers to build an accurate market overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of each
definition are carefully reviewed at the start of the research process to ensure they match the requirements of both the
market and our clients
Extensive secondary research activities ensure we are always fully up‐to‐date with the latest industry events and trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
‐ National/Governmental statistics
‐ International data (official international sources)
‐ National and International trade associations
‐ Broker and analyst reports
‐ Company Annual Reports
‐ Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data to
be combined with related macroeconomic and demographic drivers to create market models and forecasts, which can
then be refined according to specific competitive, regulatory and demand‐related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up‐to‐date

Industry Profiles
9.2. Industry associations
9.2.1. Asian Motorcycle Union
Block E‐7‐4, Megan Avenue 1 189 Jalan Tun Razak 50400 Kuala Lumpur, MYS
Tel.: 60 603 2164 9411
Fax: 60 603 2161 8412
www.fim‐asia.com
9.3. Related MarketLine research
9.3.1. Industry Profile
Global Motorcycles
Motorcycles in JPN
Motorcycles in Singapore
Motorcycles in China

Industry Profiles
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MarketLine Industry Profile

Reference Code: 0125-0403

Publication Date: August 2022

Primary NAICS: 336991

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1

1.1. Market value

1.2. Market value forecast

1.3. Market volume

1.4. Market volume forecast

1.5. Category segmentation

1.6. Geography segmentation

1.7. Market share

1.8. Market rivalry

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 2

1.9. Competitive Landscape

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 3

1.1. Market value ................................................................................................................................................2

1.2. Market value forecast ..................................................................................................................................2

1.3. Market volume.............................................................................................................................................2

1.4. Market volume forecast...............................................................................................................................2

1.5. Category segmentation................................................................................................................................2

1.6. Geography segmentation.............................................................................................................................2

1.7. Market share................................................................................................................................................2

1.8. Market rivalry...............................................................................................................................................2

1.9. Competitive Landscape ................................................................................................................................3

2.1. Market definition .........................................................................................................................................9

2.2. Market analysis ............................................................................................................................................9

3.1. Market value ..............................................................................................................................................11

3.2. Market volume...........................................................................................................................................12

4.1. Category segmentation..............................................................................................................................13

4.2. Geography segmentation...........................................................................................................................15

5.1. Market value forecast ................................................................................................................................16

5.2. Market volume forecast.............................................................................................................................17

6. Five Forces Analysis 18

6.1. Summary ....................................................................................................................................................18

6.2. Buyer power...............................................................................................................................................20

6.3. Supplier power ...........................................................................................................................................21

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 4

6.4. New entrants .............................................................................................................................................23

6.5. Threat of substitutes ..................................................................................................................................25

6.6. Degree of rivalry.........................................................................................................................................26

7.1. Market share..............................................................................................................................................28

7.2. Who are the leading players? ....................................................................................................................28

7.3. What strategies do leading players follow? ...............................................................................................29

7.4. What are the competitive advantages of leading players?........................................................................30

7.6. What are the future strategies of leading players? ...................................................................................31

8.1. Honda Motor Co., Ltd.................................................................................................................................32

8.2. Yamaha Motor Co Ltd ................................................................................................................................38

8.3. Kawasaki Heavy Industries, Ltd. .................................................................................................................44

8.4. Suzuki Motor Corporation..........................................................................................................................50

9.1. Country data ..............................................................................................................................................55

9.2. Industry associations..................................................................................................................................58

9.3. Related MarketLine research .....................................................................................................................58

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 5

Table 2: Australia motorcycles market volume: thousand units, 2016–21 12

Table 3: Australia motorcycles market category segmentation: % share, by volume, 2016–2021 13

Table 4: Australia motorcycles market category segmentation: thousand units, 2016-2021 13

Table 5: Australia motorcycles market geography segmentation: $ million, 2021 15

Table 6: Australia motorcycles market value forecast: $ million, 2021–26 16