Value Creation Story

[Main visual] Value Creation Story

Yamaha enhances corporate value and fulfills its mission by creating social value.

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

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. 4,900* patents, Approx. 1,600* design rights, Approx. 10,700* Trademarks)·*Global totals


Diverse global staff of 29,000 employees

(Of the Group's 58 consolidated subsidiaries, 44 are foreign corporations, of which 24 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 2023” 28th

(Interbrand Japan, Inc.)

Japan Branding Awards 2020” Winners

(Interbrand Japan, Inc.)

Environment, Society and Culture


Promote energy conservation with measures including the installation of electric power monitoring systems (fiscal 2023)
Increased new adoption of certified timber (fiscal 2023)


Installed the Listening Care function that protects ear health to all new headphones and earphones (fiscal 2023)


Providing instrumental music education opportunities to a cumulative total of 2.02 million children in seven countries (Cumulative total for the fiscal year ended March 31, 2023)

BUSINESS ACTIVITIESBusinesses and Value Chain

Our Businesses

Our Value Chain

Musical Instruments Business

Audio Equipment Business

Industrial Machinery and Components Business / Others

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.

[Image] Combining technologies and sensibilities to create new value

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.


OUTPUTSProducts and Services

Musical Instruments Business
Revenue: ¥302.7 billion 
Core operating profit: ¥36.2 billion

(Fiscal 2023)


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.

[Image] Pianos
Share of the global
piano market
33 %

((Fiscal 2023, monetary value basis, based on surveys by Yamaha))

Distinctive product line-up fusing a wide range of technologies

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.

[Image] Digital musical instruments
Share of the global
digital piano market
47 %
Share of the global
portable keyboard market
45 %

((Fiscal 2023, monetary value basis, based on surveys by Yamaha))

Distinctive product line-up fusing a wide range of technologies

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.

[Image] Wind, string, and percussion instruments

Distinctive product line-up fusing a wide range of technologies


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

[Image] Guitars

Distinctive product line-up fusing a wide range of technologies

Music schools

Yamaha music schools for children and adults in over 40 countries and regions have produced over 5 million graduates.

[Image] Music schools
Audio Equipment Business
Revenue: ¥107.6 billion
Core operating profit: ¥3.5 billion

(Fiscal 2023)

Consumer Products

In addition to conventional audio equipment such as AV receivers, soundbars, earphones and headphones, we offer equipment for production, streaming, and gaming, proposing a various ways to enjoy music to match diversified music lifestyle.

Distinctive product line-up fusing a wide range of technologies

B2B Products

We provide a wide variety of professional audio equipment used in prominent halls, concert halls and commercial facilities around the world, as well as conferencing systems for comfortable remote communication, and network equipment that is widely introduced at small-to-midsized companies and retail shops.

Distinctive product line-up fusing a wide range of technologies

Industrial Machinery and Components Business / Others
Revenue: ¥41.1 billion
Core operating profit: ¥6.2 billion

(Fiscal 2023)

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)

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

Financial targets

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

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%