Value Creation Story

Management Vision and Value Creation Story

Enhance Corporate Value and Realize Our Vision by Creating Social Value

Yamaha is strengthening all of its capital by creating Yamaha value and social value through its business activities. In this way, Yamaha aims to realize its management vision by pursuing a value creation cycle that improves both brand and corporate value.

Value Creation Process

We will continue applying our value creation cycle and creating social value while
building our corporate value as we seek to fulfill our management vision of being an
“indispensable, brilliantly individual company.”

INPUTSYamaha's Capital


Supply products to 161 countries and region
Operate music schools for children and adults in 44 countries
(More than 5 million graduates)


Credit Ratings


Various technologies that serve as sources of competitiveness
(Acoustic technologies, Digital technologies, Sensibility evaluation technologies, Analysis and simulation technologies, Manufacturing technologies)
Design capability to express the Yamaha design philosophy (five conceptual key words)
A global intellectual property strategy (6,000* patents, 1,280* design rights) *Global totals


Diverse global staff of 29,000 employees
(Of the Group's 56 consolidated subsidiaries, 42 are foreign corporations, of which 23 are manufacturing and production companies, with principal bases of operation in China, Indonesia, Malaysia, and India)


Yamaha Philosophy
Brand Promise “Make Waves”

“Best Japan Brands 2020” 32nd (Interbrand Japan, Inc.)
“Japan Branding Awards 2020” Winners (Interbrand Japan, Inc.)

Culture, Society, and Environment

  • Culture: Contribute to the global music scene by supplying a diverse range of approximately 800 musical instrument models (over 3 years)
  • Society: Provide musical instrument education to a cumulative total of 710,000 students through school music lessons (fiscal 2021)
  • Environment: GHG emissions (Scope 1 + 2) of 150,000 t-CO2 (fiscal 2020); certified timber of 48% of purchases in fiscal 2021; 425 certified Yamaha Eco-Products models (fiscal 2021)

BUSINESS ACTIVITIESBusinesses and Value Chain

Yamaha Philosophy

The Yamaha Philosophy expresses the core framework of the Yamaha Group's management and consists of four elements: the Corporate Philosophy, Customer Experience, Yamaha Quality (criteria for quality), and Yamaha Way (mindset and manners).
We utilize the Yamaha Philosophy as a foundation to draw from, try to think from the customer's viewpoint, and consistently provide high-quality products and services that exceed the expectations of our customers, and to create excitement and cultural inspiration together with people around the world.

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Brand Promise

A brand promise expresses clearly and simply the value Yamaha offers its customers.
The expression “Make Waves” captures the moment when customers feel enthusiastic excitement. Yamaha wants to be a company that inspires its customers' passion and helps them make a step forward to express their individuality, emotion, and creativity.

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Corporate Governance

The Yamaha Group has issued the Yamaha Philosophy and our Promises to Stakeholders, which outline our commitment to ensuring strong profitability while upholding our social responsibilities as a company, and thereby to achieving sustainable growth and improving corporate value over the medium- to long-term.

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Global Business Management Foundation

The Yamaha Group comprises 56 consolidated subsidiaries, of which 42 overseas corporations and 23 are manufacturing and production companies with principal bases of operation in China, Indonesia, Malaysia, and India.
(As of March 31, 2021)

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Musical Instruments Business

Pianos, Digital musical instruments, Wind, string, and percussion instruments, Guitars, Music schools

In the musical instruments business, which represents our core business, we possess numerous core technologies related to sound and music that have been cultivated over our long history. In addition to developing acoustic instruments such as pianos, wind, string, and percussion instruments, and digital musical instruments that leverage electronic technologies, we are also rolling out other products such as hybrid instruments that meld both acoustic and digital technologies. In recent years, we have been utilizing AI, kansei (sensibility) engineering, and simulation technologies to expand into the digital network environment and other new domains. Through our diverse product lineups and global sales and service structures, which include the music school and software content businesses, we have secured a position as the world's leading comprehensive musical instruments manufacturer.

Audio Equipment Business

PA equipment, AV products, Network devices, Voice communication equipment, Music production equipment and software

Yamaha's second largest business segment, the audio equipment business centers on developing business related to sound and music. We offer PA equipment for commercial and facility use and AV products for consumers. We also provide ICT equipment, such as network devices and voice communication equipment. We position the audio equipment business as a growth domain where we can leverage our dual strengths in diverse sound technologies and our network and ICT technologies.

Industrial Machinery and Components Business / Others

Electronic devices (such as semi-conductors), Factory automation (FA) equipment, Automobile interior wood components

The industrial machinery and components business covers a broad range of fields, including electronic devices, which started with the development of LSI for digital musical instruments; FA equipment, which originated in our musical instruments manufacturing facilities; and automobile interior wood components for luxury automobiles, which started from the integration of our lumber processing and coating technologies. In electronic devices, we are shifting toward component modules related to sound, an area in which the Company excels. We are also transitioning toward the total in-vehicle solutions domain. For the future, we are moving into the fulfillment phase for growing the industrial machinery and components business into our third business pillar alongside the musical instruments and audio equipment businesses.

  • Musical Instruments Business

  • Audio Equipment Business

  • Industrial Machinery and Components Business / Others

Research and Development

Combining technologies and sensibilities to create new value


We have inherited the craftsmanship capabilities and sensibilities toward sound creation that Yamaha has cultivated over its long history, which spans generations. With these capabilities and sensibilities as our foundation, we possess a deep understanding of and vast insight related to sensibilities for determining a good sound and a good sound environment. These serve as our unique strengths and enable us to differentiate ourselves from our competitors. We have established sensibility evaluation technologies as a means to effectively utilize our insight on sensibilities. Leveraging these technologies, we are striving to meld our various other technologies, such as our acoustic, digital, and electronic technologies, which in turn will enable us to offer unique products and services that cannot be imitated by competitors. Our foundation of organizational knowledge pertaining to sensibilities toward sound, which have been cultivated over our long history, and sensibility evaluation technologies serve as a major source of our competitiveness in the global market.

* Technology that quantitatively and qualitatively evaluates and analyzes the tacit relationships between human sensitivities and physical properties of products

Various Technologies That Serve as a Source of Competitiveness
  • Acoustic technologies
    Technologies that support acoustic musical instruments Craftsmanship capabilities, materials analysis, materials processing, mechatronics, etc.
  • Digital technologies
    Electronic technologies, best represented by our digital signal processing technologies Sound sources, signal processing, networks, sensing, IoT, AI, etc.
  • Sensibility evaluation technologies
    Evaluation technologies pertaining to human recognition and sensibilities toward sound
  • Analysis and simulation technologies
    Analysis and simulation technologies related to sound, audio, music, etc.
  • Manufacturing technologies
    Technologies pertaining to production processes, such as manufacturing methods and RPA


Craftsmanship and technologies

Craftsmanship and technologies

During our long history of producing musical instruments, we have refined the craftsmanship skills in the finishing touches that enable us to continue making ever-better musical instruments. Craftsmanship involves creating products through the vision and handiwork of people, and our craftsmanship is a significant element in differentiating ourselves from other companies. We also develop technologies incorporating implicit knowledge through proprietary research in techniques to analyze the qualitative and quantitative relationship of human sensibilities and an instrument's physical characteristics. Linking this to our craftsmanship adds another layer of differentiation for our products. Our detailed scientific research of the production processes and the application of cutting-edge techniques has also given us a foundation of industry-leading manufacturing technologies. Our ability to maintain and integrate refined craftsmanship and advanced technologies at a consistently high level sets our production processes apart from other companies and is a primary source of our competitiveness.

* Technology that quantitatively and qualitatively evaluates and analyzes the tacit relationships between human sensitivities and physical properties of products

Global production structure

From early on in our history, we have established overseas production bases. Currently, we have key production bases in Japan, China, Indonesia, Malaysia, and India. Our global production structure optimized for each business domain is another factor that contributes to our overwhelmingly high level of competitiveness.

Sales and Marketing

Global sales and marketing activities that are deeply rooted in local communities


We have a worldwide network of sales and marketing offices in over 30 countries and regions. In key markets, we have direct sales networks of local subsidiaries. In emerging markets, we approach customers through our authorized distributors. Our sales networks catering to local characteristics span a wide range of outlets, including specialty stores, chain stores, mass retailers, and e-commerce. The ability to ascertain local music cultures and customer needs through these sales networks and promote sales and marketing strategies in accordance with local characteristics represents one of our major strengths.

OUTPUTSProducts and Services

Musical Instruments Business

  • Revenue: ¥239.0 billion
  • Core operating profit: ¥32.4 billion

(Fiscal 2021, IFRS)


We offer the distinctive Yamaha pianos melding acoustic and digital technologies and designed to be inviting to customers ranging from top-level professional pianists to beginners.

Distinctive product line-up fusing a wide range of technologies
TransAcoustic™ piano introductory video
Digital musical instruments

Our product lineup spans from digital pianos and portable keyboards, for which we boast world-leading market share, to synthesizers, stage pianos, Electone™ electronic organs, and hybrid products that meld acoustic and digital technologies.

Distinctive product line-up fusing a wide range of technologies
Clavinova™ digital piano introductory video
Stage keyboards introductory video
Wind, string, and percussion instruments

We provide a wide range of products, from over 15 different kinds of wind instruments, such as trumpets and saxophones and string instruments such as violins, to acoustic and digital drums and timpani.

Distinctive product line-up fusing a wide range of technologies
Digital saxophone introductory video

We offer a broad lineup of acoustic guitars, electric basses, amplifiers, and peripheral equipment.

Distinctive product line-up fusing a wide range of technologies
TransAcoustic™ guitar introductory video
Music schools

Yamaha music schools for children and adults in 44 countries have produced over 5 million graduates.

Yamaha music school introductory video

Audio Equipment Business

  • Revenue: ¥103.8 billion
  • Core operating profit: ¥7.1 billion

(Fiscal 2021, IFRS)

PA Equipment

We provide a wide variety of professional audio equipment used in prominent halls, concert halls and commercial facilities around the world, as well as production equipment and software that enable expressive music production.

Distinctive product line-up fusing a wide range of technologies
PA equipment introductory video
AV products

We offer a wide variety of experiences to enjoy music, from earphones and headphones to desktop audio, sound bars, and HiFi audio products.

Distinctive product line-up fusing a wide range of technologies
Sound bar introductory video
ICT Equipment

We provide conference phones that enable comfortable remote communication, and network devices that are often used in small and medium-sized corporate offices and stores.

Distinctive product line-up fusing a wide range of technologies
Speaker phone introductory video

Industrial Machinery and Components Business / Others

  • Revenue: ¥29.8 billion
  • Core operating profit: ¥1.2 billion

(Fiscal 2021, IFRS)

Electronic devices (such as semi-conductors), Factory automation (FA) equipment, Automobile interior wood components

OUTCOMESCorporate Value Improvement

Yamaha Value Creation

Social Value Creation

Contributing to emotionally enriched lifestyles and a more comfortable society through sound and music

Achieving the management targets adopted under the Make Waves 1.0 medium-term management plan (2019–2022)

Corporate value (market capitalization): ¥1 trillion +

Financial targets (IFRS standards)

Core operating profit ratio: 13.8%

Return on equity (ROE): 11.5%
Earnings per share (EPS): ¥270

Non-financial targets

Corporate brand value: +30%
Music popularization for learning musical instruments in emerging markets (cumulative total): 1 million people
Certified timber: 50% of total wood used

Investment and shareholder returns

Total return ratio: 50%