Boating segment declines in the face of economic tensions
Sales in Yamaha's marine products sector fell by 1.8% to 537.7 billion yen (approx. 3.4 billion euros), while operating profit dropped by 15.7% to 87.8 billion yen (approx. 560 million euros). This trend was mainly due to a drop in demand for outboard motors and personal watercraft in the United States, Yamaha's main market, where high interest rates and rising prices curbed purchases.
While the new models attracted some interest, overall outboard motor sales volumes declined. At the same time, sales of personal watercraft were affected by economic uncertainties, prompting buyers to postpone their purchases.
A more fluid but still uncertain market
Despite these difficulties, Yamaha noted an improvement in its supply chains, with constraints linked to spare parts shortages significantly reduced compared with the previous year. This led to an increase in unit sales of personal watercraft, although not enough to offset the overall decline in the segment.
Acquisition of Torqeedo and expansion strategy towards electric vehicles
Adapting to new market trends, Yamaha has strengthened its presence in electric propulsion by acquiring Torqeedo GmbH, the German manufacturer of electric motors for boats. This acquisition, finalized in April 2024, reflects the Group's desire to diversify its offering and move towards a more environmentally-friendly dynamic. However, the integration of Torqeedo was accompanied by structural changes, including the resignation of its CEO, Fabian Bez, in January 2025.
What's the outlook for 2025?
Yamaha anticipates a gradual recovery in demand for its outboard engines in 2025, while remaining cautious in the face of an uncertain economic environment. The company points to persistent geopolitical risks, the economic slowdown in China, inflation in raw material prices and fluctuations in the financial markets, all of which could affect its performance. To meet these challenges, Yamaha plans to intensify its cost-control measures and adapt its offering to new consumer expectations.
Despite these uncertainties, the company remains a major player in the marine sector, and is pursuing its strategy of innovation to maintain its competitiveness, notably through the development of more sustainable, high-performance solutions for pleasure boating.
