Value Creation Process

To achieve our management vision of "Becoming an Indispensable, Brilliantly Individual Company - Boost brand power to become a highly profitable enterprise" and to realize our mission of "Well-Being of People around the World," we will repeat the cycle of value creation, promote the creation of social value, and enhance our corporate value.

INPUTSYamaha's Capital


Supply products to 161 countries and region
Operate music schools for children and adults in over 40 countries and regions
(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 (Approx. 5,000* patents, Approx. 1,600* design rights, Approx. 11,300* Trademarks)·*Global totals


Diverse global staff of 29,000 employees
(Of the Group's 55 consolidated subsidiaries, 41 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 2022” 28nd (Interbrand Japan, Inc.)
“Japan Branding Awards 2020” Winners (Interbrand Japan, Inc.)

Culture, Society, and Environment

  • Culture: Providing instrumental music education opportunities to a cumulative total of 1.29 million children in seven countries (Cumulative total for the fiscal year ended March 31, 2022)
  • Society: Developed the multilanguage simultaneous interpretation guidance function for SoundUD, installed the Listening Care function that protects ear health to all new headphones and earphones (11 models) during the three years of Make Waves 1.0
  • Environment: GHG emissions (Scope 1 + 2) of 150,000 t-CO2·(fiscal 2022);
    certified timber usage rate of 52% in fiscal 2022

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-termand achieve transparent, high-quality management under our Basic Corporate Governance Policy.

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Global Business Management Foundation

The Yamaha Group comprises 55 consolidated subsidiaries, of which 41 overseas corporations and 23 are manufacturing and production companies with principal bases of operation in China, Indonesia, Malaysia, and India and expanding our business globally
(As of March 31, 2022)

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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 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 take on challenges in the digital network environment and other new domains. Through our diverse product lineups and global sales and service structures, which also 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

The audio equipment business is one of the business pillars of Yamaha, a company centered on sound and music. In this business, we offer PA equipment for commercial and facility use and AV products for consumers. In addition, we provide ICT equipment, such as network devices and voice communication equipment, and cloud services. Yamaha is exploring new markets while providing distinctive products and services that combine its digital signal processing technologies, acoustics control technologies, and network 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, such as electronic devices, which started with the development of LSIs for digital musical instruments, and automobile interior wood components for luxury automobiles, which began with the integration of our lumber processing and coating technologies. In addition, we are engaged in industrial machinery business areas like FA equipment, which we develop by applying the production technologies created for musical instrument production.
For electronic devices, we are combining Yamaha’s strengths in its core sound-related technologies and sound production expertise to shift our focus toward comprehensive solutions that expand beyond semiconductor supply. Furthermore, there has been an increase in the number of automobile manufacturers around the world employing our in-vehicle communication module products (modules for in-vehicle hands-free telephone calls geared toward emergency alert systems) and in-vehicle audio systems. In the future, we aim to expand the scale of the industrial machinery and components business as 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 and understanding. 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 insight and understanding regarding sound, which has been cultivated over our long history, and sensibility evaluation technologies serve as a major source of our competitiveness in the global market.

What Does the Combination of Technologies and Sensibilities Entail?
Determining what a good sound or a good sound environment is cannot be achieved by quantitative data analysis alone. The source of our competitiveness lies in our deep insight and understanding regarding sensibilities that we have cultivated through our long history, which started with the creation of musical instruments. Leveraging our core competence pertaining to sensibilities as our foundation, we are able to combine a wide variety of technologies, including acoustic technologies, digital technologies, data analysis technologies, cloud technologies, AI technologies, and network technologies. This in turn enables us to provide unique products and services that cannot be imitated by competitors while also creating new experience value.


Fusion of craftsmanship and technology / Global production structure

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: ¥302.7 billion
  • Core operating profit: ¥36.2 billion

(Fiscal 2023, 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 over 40 countries and regions have produced over 5 million graduates.

Yamaha music school introductory video

Audio Equipment Business

  • Revenue: ¥107.6 billion
  • Core operating profit: ¥3.5 billion

(Fiscal 2023, 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: ¥41.1 billion
  • Core operating profit: ¥6.2 billion

(Fiscal 2023, 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 2.0 medium-term management plan (2022–2025)

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a. Non-financial targets

Further strengthen the business foundations

- Yamaha Music ID registrations : 5 million IDs
- Number of new concept products introduced : 20 models
- Investment in production infrastructure : ¥35 billion

Set sustainability as a source of value

- Spread of instrumental music education in emerging countries : 2.3 million students(cumulative total)
- Sustainably sourced timber use rate : 75% (Company standard)
- Reduction of CO2 emissions by energy conservation at business sites: 5% (CO2 emissions ÷ Production volume; compared with fiscal 2018)

Enable Yamaha colleagues to be more valued, more engaged and more committed

- Positive response rate for job satisfaction in the employee engagement survey : continuous improvement
- Percentage of female manager : 19%
- Positive response rate for workplace environment in the employee engagement survey: continuous improvement

b. Financial targets

- Revenue growth : 20%
- Core operating profit ratio : 14%
- ROE : 10% or more
- ROIC : 10% or more

c. Investment and shareholder returns

[Investment] For 3 years
- Regular investment ¥40.0 billion
- Strategic investment ¥65.0 billion

[Shareholder returns] For 3 years
- Shareholder returns and dividends ¥65.0 billion
- A total return ratio of 50%