Yamaha 2011 Annual Report Download - page 53

51
Annual Report 2011
Percentage of Sales by Region Market Trends and Fiscal 2011 Performance Sales by Region (Billions of yen)
Japan
44.9%
Demand for musical instruments in Japan has been sluggish. Due to the economic
slowdown, on the whole, consumers continued to show both a reluctance to buy and
a preference for lower-priced products.
Piano sales in Japan decreased overall, despite brisk sales of offshore manufactured
upright pianos launched in the second half and signs of a pick up in grand piano
orders. Sales of affordably priced digital pianos were strong, but sales of models in the
middle- to high-end price range were slow. Wind instrument sales declined because of
stiff competition for products in the volume price range, despite continued solid sales
of high-end products.
North America
15.3%
The United States economy gradually recovered on the back of consumer spending,
and musical instrument sales exceeded those of fiscal 2010 in nearly every product
category. With guitars and drums accounting for one-third of U.S. musical instrument
sales, the U.S. market is viewed as a hobby- and entertainment-oriented market.
Although musical instrument sales were sluggish in Canada due to economic slow-
down, sales of pianos, portable keyboards, electronic drums, and wind instruments
were strong in the United States, where the market has almost recovered. Unit sales of
digital pianos also increased. With capital spending on a recovery trend, professional
audio equipment sales surpassed those of fiscal 2010.
Europe
17.9%
In Europe, the degree of economic recovery varies by country and region. In Central
and Northern Europe, economic recovery is clearly evident, but in Southern Europe,
recovery has been difficult as financial problems have kept consumer spending down.
Piano demand recovered from last year’s slump, with growth in double digits, while
digital musical instruments revenue was higher on steady sales of high-end portable
keyboards.
China
6.1%
The size of China’s musical instruments market is estimated at over ¥90 billion, with
acoustic pianos accounting for 40% of that total.
Sales of pianos, digital pianos and portable keyboards increased, while pianos main-
tained double-digit growth. Higher production capacity at the Hangzhou Factory and
the successful sales network expansion were behind this growth. Professional audio
equipment sales were also steady.
Other Regions
15.8%
While we face an uphill battle in mature markets such as Taiwan and Australia, we face
steady growth in Latin America, Russia, India and other countries.
Behind strong sales growth centered on portable keyboards, digital musical instruments
as a whole grew in double digits. Sales of pianos, professional audio equipment, wind
instruments and guitars were also steady. Wind instrument sales increased dramatically
over those of the previous fiscal year thanks to higher demand from youth orchestras
in Latin America.
Management’s Discussion and Analysis
0
150
121.8
100
50
07/3 08/3 09/3 10/3 11/3
�
�
41.6
07/3 08/3 09/3 10/3 11/3
� Yamaha musical instruments
�
0
80
60
40
20
48.5
07/3 08/3 09/3 10/3 11/3
� Yamaha musical instruments
�
0
80
60
40
20
16.4
07/3 08/3 09/3 10/3 11/3
� Yamaha musical instruments
�
0
40
30
20
10
42.8
07/3 08/3 09/3 10/3 11/3
� Yamaha musical instruments
�
0
60
45
30
15
� Yamaha musical instruments hardware products
� Music schools, etc.
Review by Region