MarketLineIC FranceMotorcycles 141119

MarketLine Industry Profile
Motorcycles in France
October 2019
Reference Code: 0164-0403
Publication Date: October 2019
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Industry Profiles
1. Executive Summary
1.1. Market value

The French motorcycles market grew by 6.2% in 2018 to reach a value of $1,827.4 million.
1.2. Market value forecast

In 2023, the French motorcycles market is forecast to have a value of $2,162.5 million, an increase of 18.3% since
2018.
1.3. Market volume

The French motorcycles market shrank by 7.3% in 2018 to reach a volume of 250.4 thousand units.
1.4. Market volume forecast

In 2023, the French motorcycles market is forecast to have a volume of 296.5 thousand units, an increase of 18.4%
since 2018.
1.5. Category segmentation

Motorcycles is the largest segment of the motorcycles market in France, accounting for 70.9% of the market's total
volume.
1.6. Geography segmentation

France accounts for 16.9% of the European motorcycles market value.
1.7. Market share

Yamaha is the leading player in the French motorcycles market, generating a 11.8% share of the market's volume.
1.8. Market rivalry

Industry Profiles
The presence of large, multinational companies with strong brands intensifies the rivalry level in this market.
Diversification through product lines and geographical presence helps to alleviate rivalry to an extent.
1.9. Competitive Landscape

The French motorcycles market experienced moderate growth between 2015 and 2018. In 2018, the market
experienced moderate growth in response to the law change regarding riding through stationary traffic. By making
this legal, motorcycles and mopeds now offer a convenient option to get around particularly congested areas.
Motorcycle sales are highly correlated with the climate or weather of the specific country. Meaning that countries like
India or Philippines tend to have higher motorcycle sales than Norway, the UK or Germany.

Industry Profiles
TABLE OF CONTENTS
1. Executive Summary 2
1.1. Market value ................................................................................................................................. 2
1.2. Market value forecast ...................................................................................................................2
1.3. Market volume .............................................................................................................................. 2
1.4. Market volume forecast ................................................................................................................2
1.5. Category segmentation ................................................................................................................2
1.6. Geography segmentation .............................................................................................................2
1.7. Market share ................................................................................................................................ 2
1.8. Market rivalry ................................................................................................................................ 2
1.9. Competitive Landscape ................................................................................................................3
2. Market Overview 9
2.1. Market definition ........................................................................................................................... 9
2.2. Market analysis ............................................................................................................................ 9
3. Market Data 11
3.1. Market value ............................................................................................................................... 11
3.2. Market volume ............................................................................................................................ 12
4. Market Segmentation 13
4.1. Category segmentation ..............................................................................................................13
4.2. Geography segmentation ...........................................................................................................14
5. Market Outlook 15
5.1. Market value forecast .................................................................................................................15
5.2. Market volume forecast ..............................................................................................................16
6. Five Forces Analysis 17
6.1. Summary .................................................................................................................................... 17
6.2. Buyer power ............................................................................................................................... 18
6.3. Supplier power ........................................................................................................................... 19

Industry Profiles
6.4. New entrants .............................................................................................................................. 21
6.5. Threat of substitutes ...................................................................................................................23
6.6. Degree of rivalry ......................................................................................................................... 24
7. Competitive Landscape 25
7.1. Market share .............................................................................................................................. 25
7.2. Who are the leading players?.....................................................................................................25
7.3. What strategies do the leading players follow? ..........................................................................26
7.4. What is the rational for the recent M&A activity?........................................................................27
8. Company Profiles 28
8.1. Yamaha Motor Co Ltd ................................................................................................................28
8.2. Honda Motor Co., Ltd. ................................................................................................................34
8.3. Piaggio & C. S.p.A......................................................................................................................41
8.4. Bayerische Motoren Werke AG ..................................................................................................46
9. Macroeconomic Indicators 51
9.1. Country data ............................................................................................................................... 51
Appendix 53
Methodology............................................................................................................................................ 53
9.2. Industry associations ..................................................................................................................53
9.3. Related MarketLine research .....................................................................................................54
About MarketLine .................................................................................................................................... 55

Industry Profiles
LIST OF TABLES
Table 1: France motorcycles market value: $ million, 2014–18 11
Table 2: France motorcycles market volume: thousand units, 2014–18 12
Table 3: France motorcycles market category segmentation: thousand units, 2018 13
Table 4: France motorcycles market geography segmentation: $ million, 2018 14
Table 5: France motorcycles market value forecast: $ million, 2018–23 15
Table 6: France motorcycles market volume forecast: thousand units, 2018–23 16
Table 7: France motorcycles market share: % share, by volume, 2018 25
Table 8: Yamaha Motor Co Ltd: key facts 28
Table 9: Yamaha Motor Co Ltd: Annual Financial Ratios 29
Table 10: Yamaha Motor Co Ltd: Key Employees 30
Table 11: Yamaha Motor Co Ltd: Key Employees Continued 31
Table 14: Honda Motor Co., Ltd.: key facts 34
Table 15: Honda Motor Co., Ltd.: Annual Financial Ratios 36
Table 16: Honda Motor Co., Ltd.: Key Employees 37
Table 17: Honda Motor Co., Ltd.: Key Employees Continued 38
Table 20: Piaggio & C. S.p.A.: key facts 41
Table 21: Piaggio & C. S.p.A.: Annual Financial Ratios 43
Table 22: Piaggio & C. S.p.A.: Key Employees 44
Table 23: Piaggio & C. S.p.A.: Key Employees Continued 45
Table 24: Bayerische Motoren Werke AG: key facts 46
Table 25: Bayerische Motoren Werke AG: Annual Financial Ratios 48
Table 26: Bayerische Motoren Werke AG: Key Employees 49
Table 27: Bayerische Motoren Werke AG: Key Employees Continued 50

Industry Profiles
Table 28: France size of population (million), 2014–18 51
Table 29: France gdp (constant 2005 prices, $ billion), 2014–18 51
Table 30: France gdp (current prices, $ billion), 2014–18 51
Table 31: France inflation, 2014–18 51
Table 32: France consumer price index (absolute), 2014–18 52
Table 33: France exchange rate, 2014–18 52

Industry Profiles
LIST OF FIGURES
Figure 1: France motorcycles market value: $ million, 2014–18 11
Figure 2: France motorcycles market volume: thousand units, 2014–18 12
Figure 3: France motorcycles market category segmentation: % share, by volume, 2018 13
Figure 4: France motorcycles market geography segmentation: % share, by value, 2018 14
Figure 5: France motorcycles market value forecast: $ million, 2018–23 15
Figure 6: France motorcycles market volume forecast: thousand units, 2018–23 16
Figure 7: Forces driving competition in the motorcycles market in France, 2018 17
Figure 8: Drivers of buyer power in the motorcycles market in France, 2018 18
Figure 9: Drivers of supplier power in the motorcycles market in France, 2018 19
Figure 10: Factors influencing the likelihood of new entrants in the motorcycles market in France, 2018 21
Figure 11: Factors influencing the threat of substitutes in the motorcycles market in France, 2018 23
Figure 12: Drivers of degree of rivalry in the motorcycles market in France, 2018 24
Figure 13: France motorcycles market share: % share, by volume, 2018 25

Industry Profiles
2. Market Overview
2.1. Market definition

The motorcycles market consists of all classes of on- and off-road motorcycles including scooters and mopeds.
Mopeds are powered two-wheeler vehicles with engine capacity of less than 50 c.c., generally also equipped for non-
motorised propulsion and with restricted maximum speed. For the purposes of this profile, all powered two-wheelers
other than mopeds are classed as 'motorcycles'. (The term 'scooter' refers to a two-wheeler of any capacity that has
its engine as part of the rear suspension, and/or has a step-through chassis, thus depending on its engine capacity a
scooter may fall into either moped or motorcycle category).
Volumes reflect the number of new motorcycles sold each year.
The market value is assessed at manufacturers' list price.
All currency conversions are carried out at constant average annual 2018 exchange rates.
For the purposes of this report, the global market consists of North America, South America, Europe, Asia-Pacific,
Middle East, South Africa and Nigeria.
North America consists of Canada, Mexico, and the United States.
South America comprises Argentina, Brazil, Chile, Colombia, and Peru.
Europe comprises Austria, Belgium, the Czech Republic, Denmark, Finland, France, Germany, Greece, Ireland, Italy,
Netherlands, Norway, Poland, Portugal, Russia, Spain, Sweden, Switzerland, Turkey, and the United Kingdom.
Scandinavia comprises Denmark, Finland, Norway, and Sweden.
Asia-Pacific comprises Australia, China, Hong Kong, India, Indonesia, Kazakhstan, Japan, Malaysia, New Zealand,
Pakistan, Philippines, Singapore, South Korea, Taiwan, Thailand, and Vietnam.
Middle East comprises Egypt, Israel, Saudi Arabia, and United Arab Emirates.
2.2. Market analysis

The French motorcycles market has experienced moderate growth overall during the historic period, which is likely to
continue in the forecast period.
In 2018 the market experienced healthy growth, in response to the law change regarding riding through stationary
traffic. By making this legal, buying a motorcycle or moped now offers a convenient option to get around particularly
congested areas.
The French motorcycles market had total revenues of $1,827.4m in 2018, representing a compound annual growth
rate (CAGR) of 3.6% between 2014 and 2018. In comparison, the German and UK markets grew with CAGRs of 3% and
3.1% respectively, over the same period, to reach respective values of $2,081.1m and $778.3m in 2018.
The quality of living of a country is highly correlated with the use of motorcycles. People who do not possess enough
economic power to support the purchase of cars or other automobiles choose motorcycles. In most cases cars are
considered a luxury product in developing countries, rendering motorcycles a cheaper alternative with lower up-keep
costs. On the other hand, in countries like Germany, Italy or the UK where the quality of living is high, consumers tend
to prefer cars, as owning a car is considered an indicator of social status.
Market consumption volumes declined with a compound annual rate of change (CARC) of -0.1% between 2014 and
2018, to reach a total of 250.4 thousand units in 2018. The market's volume is expected to rise to 296.5 thousand
units by the end of 2023, representing a CAGR of 3.4% for the 2018-2023 period.

Industry Profiles
Motorcycle sales are highly correlated with the climate of the specific country, and warm countries tend to have
higher motorcycle sales.
Motorcycles had the highest volume in the French motorcycles market in 2018, with a total of 177.5 thousand units,
equivalent to 70.9% of the market's overall volume. In comparison, Mopeds had a volume of 72.9 thousand units in
2018, equating to 29.1% of the market total.
Motorcycles were the most successful segment in the motorcycle market, due to their higher quality and performance
and despite their higher cost. Mopeds are suited best for just one driver, without any additional weight such as
luggage or even people. Motorcycles do not have those kinds of limitations, rendering them a better choice for
consumers.
The performance of the market is forecast to follow a similar pattern with an anticipated CAGR of 3.4% for the five-
year period 2018-2023, which is expected to drive the market to a value of $2,162.5m by the end of 2023.
Comparatively, the German and UK markets will grow with CAGRs of 2.7% and 3.3% respectively, over the same
period, to reach respective values of $2,378.2m and $915.7m in 2023.
As the quality of living and the GDP of the country will continue to increase, demand for motorcycles will start to
decelerate but not significantly, due to motorcycles giving the feeling of freedom and other “psychological boosts” to
consumers. In addition, there will always be wealthier consumers who will drive the demand for luxury more
expensive motorcycles, keeping growth for the motorcycle market to at least moderate.

Industry Profiles
3. Market Data
3.1. Market value

The French motorcycles market grew by 6.2% in 2018 to reach a value of $1,827.4 million.
The compound annual growth rate of the market in the period 2014–18 was 3.6%.
Table 1: France motorcycles market value: $ million, 2014–18
Year $ million € million % Growth

2014 1,588.8 1,346.6
2015 1,596.8 1,353.4 0.5%
2016 1,688.6 1,431.2 5.7%
2017 1,720.0 1,457.8 1.9%
2018 1,827.4 1,548.8 6.2%
CAGR: 2014–18 3.6%
SOURCE: MARKETLINE MARKETLINE
Figure 1: France motorcycles market value: $ million, 2014–18

Industry Profiles
3.2. Market volume

The French motorcycles market shrank by 7.3% in 2018 to reach a volume of 250.4 thousand units.
The compound annual rate of change of the market in the period 2014–18 was -0.1%.
Table 2: France motorcycles market volume: thousand units, 2014–18
Year thousand units % Growth

2014 251.5
2015 242.9 (3.4%)
2016 253.1 4.2%
2017 270.1 6.7%
2018 250.4 (7.3%)
CAGR: 2014–18 (0.1%)
Figure 2: France motorcycles market volume: thousand units, 2014–18

Industry Profiles
4. Market Segmentation
4.1. Category segmentation

Motorcycles is the largest segment of the motorcycles market in France, accounting for 70.9% of the market's total
volume.
The Mopeds segment accounts for the remaining 29.1% of the market.
Table 3: France motorcycles market category segmentation: thousand units, 2018
Category 2018 %
Motorcycles 177.5 70.9%
Mopeds 72.9 29.1%
Total 250.4 100%
Figure 3: France motorcycles market category segmentation: % share, by volume, 2018

Industry Profiles
4.2. Geography segmentation

France accounts for 16.9% of the European motorcycles market value.
Germany accounts for a further 19.3% of the European market.
Table 4: France motorcycles market geography segmentation: $ million, 2018
Geography 2018 %
Germany 2,081.1 19.3
France 1,827.4 16.9
Italy 1,751.5 16.2
Spain 1,652.5 15.3
United Kingdom 778.3 7.2
Rest Of Europe 2,716.6 25.1
Total 10,807.4 100%
Figure 4: France motorcycles market geography segmentation: % share, by value, 2018

Industry Profiles
5. Market Outlook
5.1. Market value forecast

In 2023, the French motorcycles market is forecast to have a value of $2,162.5 million, an increase of 18.3% since
2018.
The compound annual growth rate of the market in the period 2018–23 is predicted to be 3.4%.
Table 5: France motorcycles market value forecast: $ million, 2018–23
Year $ million € million % Growth

2018 1,827.4 1,548.8 6.2%
2019 1,911.6 1,620.1 4.6%
2020 1,960.3 1,661.4 2.5%
2021 2,010.5 1,704.0 2.6%
2022 2,085.1 1,767.2 3.7%
2023 2,162.5 1,832.8 3.7%
CAGR: 2018–23 3.4%
Figure 5: France motorcycles market value forecast: $ million, 2018–23

Industry Profiles
5.2. Market volume forecast

In 2023, the French motorcycles market is forecast to have a volume of 296.5 thousand units, an increase of 18.4%
since 2018.
The compound annual growth rate of the market in the period 2018–23 is predicted to be 3.4%.
Table 6: France motorcycles market volume forecast: thousand units, 2018–23
Year thousand units % Growth

2018 250.4 (7.3%)
2019 261.1 4.3%
2020 265.7 1.7%
2021 278.2 4.7%
2022 288.2 3.6%
2023 296.5 2.9%
CAGR: 2018–23 3.4%
Figure 6: France motorcycles market volume forecast: thousand units, 2018–23

Industry Profiles
6. Five Forces Analysis

The motorcycles market will be analyzed taking motorcycle manufacturers as players. The key buyers will be taken as
motorcycle dealers, and manufacturers of raw materials and components as the key suppliers.
6.1. Summary
Figure 7: Forces driving competition in the motorcycles market in France, 2018
The presence of large, multinational companies with strong brands intensifies the rivalry level in this market.
Diversification through product lines and geographical presence helps to alleviate rivalry to an extent.
The buyers in the motorcycle market are motorcycle dealerships. These are generally divided into two types:
motorcycle dealers and manufacturer franchised dealerships. Motorcycle dealerships have more buyer power in
comparison to the manufacturer franchiser dealerships, as these have the freedom to sell brands depending on their
revenue and size.
Key inputs for a motorcycle manufacturer include aluminum and steel sheets, bars, castings, and forgings, as well as
finished components such as fuel injection systems, seats, batteries, and tires. It is more cost-effective to source these
items from specialist manufacturers than to produce them in-house. Large suppliers will increase supplier power and
such suppliers benefit not only from supplying a diverse range of manufacturers, but also their size results in large
economies of scale and enables these businesses to charge cheaper prices in comparison to small manufacturers.
Setting up a production facility involves large capital outlay, thus constituting a significant entry barrier and resulting
in high fixed costs. Most motorcycle products are so technologically sophisticated that barriers to entry are often
merciless for potential newcomers. Additionally, leading motorcycle brands enjoy an exceptionally high level of brand
recognition, which is reflected in their high sales volumes and market dominance.
Substitutes to the motorcycle market consist of other types of vehicles or means of transport. The threat of
substitution with respect to the motorcycles market is dependent upon the necessity of motorcycle use to the end
user.

Industry Profiles
6.2. Buyer power

Figure 8: Drivers of buyer power in the motorcycles market in France, 2018
The buyers in the motorcycle market are motorcycle dealerships. These are generally divided into two types:
motorcycle dealers and manufacturer franchised dealerships. Motorcycle dealerships have more buyer power in
comparison to the manufacturer franchiser dealerships, as these have the freedom to sell brands depending on their
revenue and size.
These dealerships have the possibility of selling accessories and second hand motorcycles which increases buyer
power. However, this is strongly dictated by customer preference, as customer loyalty is paramount, which lessens
buyer power slightly. Brand power, for example, is a significant factor in customer preference. Leading manufacturers
in France are Honda, Yamaha, Honda and Piaggio which have strong established brands which lowers buyer power.
These top four players dominate the market, making up 31.2% of market volume; and this concentrated market
decreases buyer power somewhat.
On the other hand, manufacturer franchised dealerships are restricted in the brands which these can buy which
lessens buyer power somewhat. These dealerships also would need to invest in changing the branding within the
dealership which would again lessen buyer power.
While forwards integration is possible, through manufacturer franchised dealerships, backwards integration is highly
unlikely in this market due to the difficult nature.
This lowers buyer power and overall buyer power is assessed as moderate.

Industry Profiles
6.3. Supplier power

Figure 9: Drivers of supplier power in the motorcycles market in France, 2018
Key inputs for a motorcycle manufacturer include aluminum and steel sheets, bars, castings, and forgings, as well as
finished components such as fuel injection systems, seats, batteries, and tires. It is more cost-effective to source these
items from specialist manufacturers than to produce them in-house. Large suppliers will increase supplier power,
especially in the steel industry which is dominated by ArcelorMittal and Gruppo Riva. These suppliers benefit not only
from supplying a diverse range of manufacturers, but also their size results in large economies of scale and enables
these businesses to charge cheaper prices in comparison to small manufacturers. Among providers, there are large
multinationals with a strong presence within global markets which boosts their power, like Bosch which has created a
new department - Two-Wheeler and Power Sports. Within a year the department's workforce tripled in size.
However, suppliers can adopt a variety of measures in order to secure themselves for potential price fluctuations. The
most common counter measure for commodity prices are the option or future contracts. By using option or future
contracts suppliers can secure the amount of commodities they want to buy in the future by securing in the process
their price as well. The options or futures prices are not affected by commodity price fluctuations, meaning that
suppliers will be able to avoid any potential losses. They will have to only buy the option or future contract which can
be provided by an investment bank and then wait until the end of the contract. The supplier could always sell that
option or future contract back to the investment bank or to other companies or investors who are willing to buy,
making suppliers able to make some profit by their loss.
Switching costs between suppliers and market players are relatively low, decreasing supplier power. Market players
tend to enter into short-term contracts with their suppliers, mostly based on the sales. Meaning that market players
tend to order from suppliers as many pieces of motorcycles as they sell and change their motorcycle orders
accordingly with the demand. Thus it is more secure for market players to enter short-term contracts with suppliers.
Providers of technology and services for the motorcycles market merge their activities in the areas of driving safety
systems of motorcycles, propulsion systems and sets of indicators creating new, more efficient designs and meeting
individual requirements of motorcycle manufacturers around the world. Suppliers also have to keep pace with
developing safety laws; countries around the world are mandating ABS be fitted to new motorcycles.
Suppliers' key activities in the motorcycle market are not only limited to safety, but are also focused on driving
pleasure, lower fuel consumption and network connection. In addition, applications for smartphones allow users to
enable vehicle immobilizer or read memory faults.

Industry Profiles
To ensure timely delivery of materials, market players often sign contracts with their providers, thus strengthening
their power. The high importance of the raw materials to the manufacturers of motorcycles can enhance supplier
power.
Typical suppliers are also likely to sell to a wide variety of manufacturing components, with the motorcycles market
only constituting a minor part of their revenues, which strengthens the supplier's position. However, with minimal
differentiation of raw materials there is little to distinguish between suppliers. Manufacturers also have low switching
costs thus lowering supplier power further.
Overall, supplier power within this market is moderate.

Industry Profiles
6.4. New entrants

Figure 10: Factors influencing the likelihood of new entrants in the motorcycles market in France, 2018
Moderate growth in the French motorcycle market will strengthen the chance of new entrants. In 2016, the law
changed so it was legal for a motorcycle to be ridden between stationary lanes of traffic – this will make it more
appealing for consumers to buy a motorcycle and therefore strengthen the market.
Brand name recognition poses a great barrier for companies looking to enter the market. End users tend to choose
motorcycles based on the brand, as they have associated their experiences and the performance of the motorcycle
with it. In addition, companies such as Suzuki and Yamaha which have been in the market for more than ten years
have filled the market with their products, making consumers see at least one of their motorcycles every day, making
them think that it must be a good brand if everyone has it. On the other hand, motorcycle brands like BMW or Ducati
tend to be a luxury product due to their high prices and good quality, making it extremely difficult for companies to
compete with them as consumers tend to prefer them.
Setting up a production facility involves large capital outlay, thus constituting a significant entry barrier and resulting
in high fixed costs. Most motorcycle products are so technologically sophisticated that barriers to entry are often
merciless for potential newcomers. Additionally, leading motorcycle brands such as Honda or Yamaha enjoy an
exceptionally high level of brand recognition, which is reflected in their high sales volumes and market dominance.
Shifting consumers from their favorite brand is tough: customers often remain loyal to a certain brand because it
provides features they value. New entrants must overcome that by offering something new.
The French tightening of emission standards is ramping up costs further as motorcycle re-designs are required. Such a
trend can trigger the demand for newer, more economical engines, involving higher costs of R&D spending. The EU
has some of the strongest emissions guidelines; currently, emissions of NOX, HC, carbon monoxide (CO), regulating
particulate matters and vehicles that do not meet the standards are not saleable. European directive called Regulation
(EU) No 168/2013 lays out the requirements for new bike approval; not just number plate dimensions and how far
apart the indicators should be, but the definition of types of bike, what the importers' and manufacturers'
responsibilities are etc. It also contains a requirement for anti-lock brakes. Access to a network of dealerships forms a
significant obstacle; major players already have their own and creating persuading dealers to switch manufacturers is
unlikely given the costs involved. However, the consumer can easily switch, making the market easier for new
entrants.
Due to the existing strength of premium motorcycle brands, it is difficult for new entrants to introduce their products
into the market. However, in poorer regions of the country, sales are sensitive to price and it is possible for
manufacturers to enter markets through the sale of budget vehicles.

Industry Profiles
Overall, the threat of new entrants with respect to the French motorcycles market is moderate.

Industry Profiles
6.5. Threat of substitutes

Figure 11: Factors influencing the threat of substitutes in the motorcycles market in France, 2018
Substitutes to the motorcycle market consist of other types of vehicles or means of transport. The threat of
substitution with respect to the motorcycles market is dependent upon the necessity of motorcycle use to the end
user. In France, for example, motorcycles are largely used for leisure as opposed to being a car substitute.
In addition, substitutes are highly correlated with the quality of living and the weather of a country. Meaning that
consumers in developing countries such as Indonesia or South Africa tend to prefer motorcycles due to their being
cheaper and having lower up keeping costs. On the other hand, in countries such as the UK or Scandinavian countries,
consumers tend to prefer cars or other means of transport due to the cold and rainy weather.
In France, the main substitute threat is cars followed by public transport. While cars are generally more expensive,
they can fit more passengers or belongings and are seen as safer alternatives to motorcycles.
Airlines offer a significant substitute for longer distance journeys, especially in large countries like France. There are
around 478 airports. With the dominance of low cost, domestic flights this can be a relatively cheap substitute for the
motorcycle market if the consumer wants to travel long distances.
Another alternative threatening motorcycle manufacturers is used motorcycles. These may be sold privately, or by
dealers that also offer new motorcycles, and will almost always be cheaper than a new vehicle of similar specification.
The threat of substitutions is considered moderate.

Industry Profiles
6.6. Degree of rivalry

Figure 12: Drivers of degree of rivalry in the motorcycles market in France, 2018
The French motorcycles market is fairly concentrated with the top four players – namely Honda, Yamaha, Honda and
Piaggio - holding 31.2% of the market by volume. The presence of such large multinational companies, with
exceptionally high assets, boosts the degree of rivalry and so the greater number of players within the market does.
Additionally, fixed cost and exit barriers are of significant meaning within this market and leaving it requires
substantial divestment of highly specific assets. These factors enhance rivalry.
Existing market players tend to be big in size and competing with each other for the market leader position. The fact
that there is more than one clear leader in the market increases rivalry. Rivalry in the market is highly influenced by
brand name.
Most of the players try to diversify their business models through geographical expansion or have interests in a variety
of industries manufacturing a range of goods including automobiles, watercraft, and industrial and farming machinery.
Yamaha for example, in addition to its geographical spread, diversifies its revenue streams by serving a number of end
markets, including motorcycles, marine products, power products, and surface mounters. Such diversification reduces
the dependence upon the motorcycle market and eases rivalry therein.
The French motorcycle market has experienced moderate, fluctuating growth over the last five years. This has
lessened rivalry somewhat between players.
Overall, rivalry within the French motorcycles market is assessed as moderate.

Industry Profiles
7. Competitive Landscape
The French motorcycles market experienced moderate growth between 2015 and 2018. In 2018, the market
experienced moderate growth in response to the law change regarding riding through stationary traffic. By making
this legal, motorcycles and mopeds now offer a convenient option to get around particularly congested areas.
Motorcycle sales are highly correlated with the climate or weather of the specific country. Meaning that countries like
India or Philippines tend to have higher motorcycle sales than Norway, the UK or Germany.
7.1. Market share
Table 7: France motorcycles market share: % share, by volume, 2018
Company % Share
Yamaha 11.8%
Honda 11.2%
Piaggio 7.6%
Bmw 6.6%
Other 62.8%
Total 100%
Figure 13: France motorcycles market share: % share, by volume, 2018
7.2. Who are the leading players?

Industry Profiles
Yamaha Motor Co Ltd is the largest motorcycles producing company in France with a market share of 11.8%. It is
based in Iwata, Japan, and manufactures and markets motorcycles, all-terrain vehicles, snowmobiles, recreational
vehicles, outboard engines, personal watercraft, boats, industrial robots, automobile components, and industrial-use
un-manned helicopters. Yamaha Motor also manufactures and sells power products such as snow throwers,
generators and multipurpose engines, from portable types to those intended for industrial use. It operates through
development, production and sales networks across the world.
Honda Motors Co Ltd is the second largest motorcycles producing company in France with a market share of 11.2%. It
is based in Tokyo and designs, manufactures, and markets automobiles, motorcycles, power products, and aviation
products. Honda produces passenger cars, light trucks, mini vehicles, general purpose engines, outboard marine
engines, lawn mowers, riding mowers, water pumps, brush cutters, tillers, walking assist devices, snow blowers,
robotic mowers, generators, and portable battery inverter power sources. Honda also provides retail lending and
leasing services to customers and wholesale financing to dealers. It operates in North America, Europe, Asia, and
other regions.
Piaggio & C. S.p.A. is the third largest motorcycles producing company in France with a market share of 7.6%. The
company is based in Pontedera, Italy, and manufactures and distributes scooters, motorcycles, three- and four-
wheeler vehicles and spare parts. Piaggio markets its vehicles under the brands Vespa, Piaggio, Gilera, Aprilia, Ape,
Porter, Quargo, Moto Guzzi, Derbi and Scarabeo. It distributes vehicles through its company-owned sales outlet
network and importers. Piaggio has manufacturing facilities in India, Italy and Vietnam.
Bayerische Motoren Werke AG (BMW) is the fourth largest motorcycles producing company in France with a market
share of 6.6%. It is based in Bayern, Germany, and develops, manufactures and sells automobiles and motorcycles,
spare parts and accessories, and engines. BMW also offers deposit business, retail customer and dealer financing,
insurance, fleet business and car leasing services. The company provides products and services related to the
machinery and metal-working industry. It markets offerings under the BMW, MINI, Rolls-Royce, Alphabet, Alphera,
ReachNow and Motorrad brands. The company serves customers in Europe, the Americas, Asia and other regions and
has production and assembly facilities, and sales networks across the world.
7.3. What strategies do the leading players follow?

Yamaha focuses on R&D to provide innovative solutions that build on its optimal control technologies for power
sources, vehicle bodies, boats and airframes. The company also seeks to create products that incorporate logic and
emotion through core technologies for high performance, light weight, fuel efficiency and compactness, with an
emphasis on original styling, shapes, materials and appeal to captivate customers. Yamaha Motor conducts R&D in
cooperation with affiliated companies in Japan and six other countries. Its Innovation Center integrates design
development and technologies. Yamaha was able to enhance its products, including motorcycles, marine engines,
ROVs, electrically power-assisted bicycles, electric wheelchairs, and robotics, by fusing three core technical
competencies: powertrain technologies developed through main motorcycle business; chassis and hull technologies;
and electronic control technologies. Its core competencies are combined with manufacturing technology, which
enables the company to develop new businesses. Its new product MOTOROiD is equipped with AMCES, an electronic
control system for motorcycle chassis that uses proprietary Yamaha technologies to achieve stability.
Honda has a reputation for manufacturing high-quality products ranging from cars to motorcycles to lawn mowers to
generators through its exceptional R&D initiatives. It has a broad product portfolio, which includes passenger cars,
minivans, sports cars, minicars, SUVs and wagons. The company also manufactures cars and light trucks under the
Acura brand. This upscale division is concentrated in North America but has a small presence in China, Russia, and the
Middle East. Acura gives Honda’s bottom line a boost but the brand is a minor one and just a single strand of a highly
profitable overall business. Honda has a similar image among customers in the US as Volkswagen has in Germany, the
UK and certain other European markets: one notch up from most other mass makers. Honda tends not to indulge
quite so extravagantly in discounting as do many of its rivals, so Honda cars’ resale values tend to be superior to
segment equivalents. In the US, the Civic and Accord ranges for decades either led or were in the top two to three
models in their classes. This also applies to the CR-V, which in late 2014 overtook the Civic to become the brand's
number two bestseller in the US and the market's number one SUV. The CR-V's status as American Honda's number
one model continued in 2015, but the Civic then became the bestselling Honda of 2016 and 2017. That was due to a

Industry Profiles
model changeover for the CR-V during the fourth quarter of 2016 and aggressive competition from Nissan North
America and its rival Rogue model. The trend returned in 2018 with the CR-V once more the brand's bestseller in the
US.
BMW focuses on innovating technologies in the autonomous driving, battery research, electric mobility, software
development, connectivity, vehicle designs, electrification and premium mobility services. With the help of Mini-E
trials BMW launched the BMW i-brand plug-in and extended range EVs (the i3 from late 2013 and the i8 supercar
since mid-2014). BMW also has the industrial strength and know-how to engage in emerging technologies, such as the
wider use of carbon-fiber reinforced plastic for body panels. The group has a strategy of using lightweight materials
for its plug-in cars to lower vehicle weight and extend the vehicle’s range. BMW is the only manufacturer that focuses
on the premium segment with all its brands and has a solid market position in the premium segment of the global
motorcycles sector. With BMW, MINI and Rolls-Royce, BMW owns three of the best-known premium brands in the
automotive industry. In addition, the company has been able to maintain traditional executive/sports/premium brand
strengths while also moving in the direction of a more environmentally friendly image via technical improvements in
areas such as powertrains that reduce CO2 emissions and improve efficiency. BMW develops vehicle architectures
that can be shared across brands and further enhance production flexibility. Examples include UKL1 and UKL2 for its
third-generation Mini and its multiple body styles, as well as the 2 Series Active Tourer, the first front-wheel drive
BMW, and the X1 and X2 crossovers. The 35up (3 Series, 5 Series and upwards) platform, also known as CLAR, is an
architecture for rear- and all-wheel drive models. The 7 Series was the first vehicle for 35up. All future models will use
either a rear- and all-wheel drive platform or FAAR, a fresh platform for front-wheel drive and all-wheel drive models.
The additional factory announced by BMW in July 2018 will be able to manufacture vehicles with combustion engines
and electrified powertrains on the one line. This plant is to be erected near Debrecen, Hungary's second largest city.
7.4. What is the rational for the recent M&A activity?

BMW Group, Northvolt AB, and Umicore NV have formed a partnership to work on the development of a sustainable
value chain for battery cells for electrified vehicles in Europe. The partnership is seeking to press ahead with the
sustainable industrialization of battery cells in Europe and the associated acquisition of skills, from cell chemistry and
development through to production and ultimately recycling. The chief objective is to make battery cells sustainable
by establishing a closed-life cycle loop. This starts with a recyclable cell design and continues with a manufacturing
process that mostly uses renewable energy. The next step is a long period of primary use as a drive battery, possibly
followed by another phase of secondary use as a stationary energy storage device. At the end of its life cycle, the cell
is recycled and the raw materials reused, thereby completing the loop.
BMW, Ford Motor Co, an automaker company, and Volkswagen AG, a manufacturer of automobiles and commercial
vehicles, have formed a joint venture, IONITY GmbH, a provider of high-power-charging (HPC) networks for electric
vehicles. BMW, Daimler, Ford Motor and Volkswagen have equal shares in IONITY. The JV is led by chief executive
officer Michael Hajesch and chief operating officer Marcus Groll. IONITY will implement and operate about 400 fast-
charging stations across European thoroughfares until 2020. With a capacity of up to 350 kW per charging point, the
network will use the European charging standard Combined Charging System to significantly reduce charging times
compared to existing systems, enabling BMW, Daimler, Ford Motor and Volkswagen to provide a HPC network for
electric vehicles

Industry Profiles
8. Company Profiles
8.1. Yamaha Motor Co Ltd
8.1.1. Company Overview
Yamaha Motor Co Ltd (Yamaha Motor) is an automobile company. It manufactures and markets motorcycles, marine
products, power products, robots, and other components. The company’s product portfolio includes motorcycles, all-
terrain vehicles, snowmobiles, recreational vehicles, outboard engines, personal watercraft, boats, industrial robots,
automobile components, and industrial use un-manned helicopters. Yamaha Motor also manufactures and sells
power products such as snow throwers, generators and multipurpose engines from portable types to those intended
for industrial use. The company serves automobile, water sports, consumers, businesses, and other industrial markets.
It operates through development, production and sales networks across the world. Yamaha Motor is headquartered in
Shizuoka, Iwata, Japan.
The company reported revenues of (Yen) JPY1,673,137 million for the fiscal year ended December 2018 (FY2018), an
increase of 0.2% over FY2017. In FY2018, the company’s operating margin was 8.4%, compared to an operating
margin of 8.8% in FY2017. In FY2018, the company recorded a net margin of 5.6%, compared to a net margin of 6.1%
in FY2017.The company reported revenues of JPY429,349.0 million for the first quarter ended March 2019, an
increase of 4.4% over the previous quarter.
8.1.2. Key Facts
Table 8: Yamaha Motor Co Ltd: key facts
Head office: 2500 Shingai, Iwata, Shizuoka, Japan

Number of Employees: 53977
Website: global.yamaha-motor.comjp
Financial year-end: December
Ticker: 7272
Stock exchange: Tokyo Stock Exchange
SOURCE: COMPANY WEBSITE MARKETLINE
8.1.3. Business Description
Yamaha Motor Co Ltd (Yamaha Motor) manufactures and markets motorcycles, marine products, power products and
surface mounters. The company serves automobile, water sports, consumers, businesses, and other industrial
markets.
Yamaha Motor operates through five reportable segments: Motorcycles; Marine Products; Power Products; Industrial
Machinery and Robots; and Other Products.
Yamaha Motor had around 140 subsidiaries and affiliates at the end of FY2017. The company operates global
development, production and sales networks, and its products are sold in more than 180 countries and regions.

Industry Profiles
Table 9: Yamaha Motor Co Ltd: Annual Financial Ratios
Key Ratios 2014 2015 2016 2017 2018

Growth Ratios
Sales Growth % 7.85 7.23 -7.87 11.13 0.18
Operating Income Growth % 68.58 47.51 -17.37 37.56 -4.62
EBITDA Growth % 68.58 47.51 -17.37 37.56 -4.62
Net Income Growth % 55.37 -12.31 5.21 60.88 -8.11
EPS Growth % 43.94 -10.36 5.54 60.51 -9.70
Working Capital Growth % 41.47 -2.44 23.26 10.16 -23.72
Equity Ratios
EPS (Earnings per Share) JPY 196.04 171.87 180.83 290.93 267.35
Dividend per Share JPY 40.00 44.00 60.00 88.00 90.00
Dividend Cover Absolute 4.90 3.91 3.01 3.31 2.97
Book Value per Share JPY 1316.68 1405.38 1529.53 1783.33 1882.64
Profitability Ratios
Gross Margin % 24.51 26.76 26.79 27.46 27.20
Operating Margin % 5.78 7.95 7.13 8.83 8.40
Net Profit Margin % 4.50 3.68 4.20 6.08 5.58
Profit Markup % 32.47 36.54 36.60 37.86 37.37
PBT Margin (Profit Before Tax) % 6.43 7.52 6.64 9.12 8.18
Return on Equity % 14.89 12.23 11.82 16.31 14.20
Return on Capital Employed % 11.36 16.96 12.70 16.13 16.73
Return on Assets % 5.57 4.59 4.81 7.43 6.58
Return on Working Capital % 33.00 49.90 33.46 41.78 52.23
Operating Costs (% of Sales) % 94.22 92.05 92.87 91.17 91.60
Administration Costs (% of Sales) % 18.77 18.77 19.57 18.49 18.79
Liquidity Ratios
Current Ratio Absolute 1.50 1.48 1.67 1.70 1.46
Quick Ratio Absolute 0.91 0.91 1.05 1.09 0.90
Cash Ratio Absolute 0.26 0.20 0.29 0.31 0.24
Leverage Ratios
Debt to Equity Ratio Absolute 0.60 0.39 0.44 0.35 0.29
Net Debt to Equity Absolute 0.58 0.62 0.43 0.32 0.33
Debt to Capital Ratio Absolute 0.38 0.28 0.31 0.26 0.23
Efficiency Ratios
Asset Turnover Absolute 1.24 1.25 1.15 1.22 1.18
Fixed Asset Turnover Absolute 4.72 4.76 4.35 4.78 4.89
Inventory Turnover Absolute 3.91 3.82 3.64 4.03 3.83
Current Asset Turnover Absolute 2.02 2.04 1.88 2.02 1.96
Capital Employed Turnover Absolute 1.97 2.13 1.78 1.83 1.99
Working Capital Turnover Absolute 5.71 6.28 4.69 4.73 6.22
SOURCE: COMPANY FILINGS MARKETLINE

Industry Profiles
Table 10: Yamaha Motor Co Ltd: Key Employees
Name Job Title Board

Akihiro Nagaya Chief General Manager - Design Center Senior Management
Atsushi Niimi Director Non Executive Board
Chief Operating Officer PT. Yamaha
Dyonisius Beti Senior Management
Indonesia Motor Manufacturing
Eric de Seynes President Yamaha Motor Europe N.V. Senior Management
Genichi Tamatsuka Director Non Executive Board
Chief General Manager in charge of
Heiji Maruyama Senior Management
Automotive Business
Chief General Manager in charge of NLV
Business Development
Deputy Chief General - Manager Powertrain
Unit
Hidefumi Kawai Director Sales and Marketing Senior Management
Chief General Manager - Advanced
Hiroaki Fujita Senior Management
Technology Center
Chief General Manager - Solution Business
Hiroaki Fujita Senior Management
Operations
Senior General Manager - New Venture
Hiroaki Fujita Business Development Section, Advanced Senior Management
Technology Center
Chief General Manager - Marine Business
Hirofumi Usui Senior Management
Operations
Executive General Manager of Marine
Hirofumi Usui Senior Management
Business Unit, Marine Business Operations
Hirokazu Yoshimitsu Managing Director Vietnam operations Senior Management
Executive General Manager - Robotics
Hiroyuki Ota Senior Management
Business Unit, Solution Business Operations
General Manager Quality Assurance Division,
Hiroyuki Ota Robotics Business Unit, Solution Business Senior Management
Operations
Senior General Manager - Surface Mount
Hiroyuki Ota Technology Section, Robotics Business Unit, Senior Management
Solution Business Operations
Hiroyuki Yanagi Chairman Executive Board
Itaru Otani President Yamaha Motor da Amazonia Ltda. Senior Management
Itaru Otani President Yamaha Motor do Brasil Ltda. Senior Management
Chief General Manager - Human Resources &
Junzo Saitoh Senior Management
General Affairs Center
Chief General Manager - MC Business
Katsuaki Watanabe Executive Board
Operations
Katsuaki Watanabe Director Executive Board
Katsuaki Watanabe Executive Vice President Executive Board
Chief General Manager - Manufacturing
Katsuhito Yamaji Executive Board
Center
Katsuhito Yamaji Director Executive Board
Kazuhiro Kuwata President Yamaha Motor Corporation, U.S.A. Senior Management
Kazuhiro Kuwata Senior Executive Officer Senior Management
Chairman Yamaha Motor Electronics Suzhou
Kei Ochiai Executive Board
Co., Ltd

Industry Profiles
Table 11: Yamaha Motor Co Ltd: Key Employees Continued

Chief General Manager - Technology Center
Makoto Shimamoto Executive Board
and Platform Model Unit
Makoto Shimamoto Director Executive Board
Masahiro Inoue Chief General Manager - Procurement Center Senior Management
President PT. Yamaha Indonesia Motor
Minoru Morimoto Senior Management
Manufacturing
General Director, Yamaha Motor Electronics
Minoru Sasaki Senior Management
Vietnam Co., Ltd
Managing Director Yamaha Motor India Pvt.
Motofumi Shitara Senior Management
Ltd.
Managing Director Yamaha Motor India Sales
Motofumi Shitara Senior Management
Pvt. Ltd.
Deputy Chief General Manager - Corporate
Ryouichi Sumioka Senior Management
Planning & Finance Center
Ryouichi Sumioka Senior Executive Officer Senior Management
Chief General Manager - Manufacturing
Satohiko Matsuyama Senior Management
Center
Deputy Chief General Manager -
Satoshi Hirose Senior Management
Manufacturing Center
Senior General Manager - Engine
Satoshi Hirose Senior Management
Manufacturing Section, Manufacturing Center
Takehiro Kamigama Director Non Executive Board
Deputy Chief General Manager - Corporate
Takeo Noda Senior Management
Planning & Finance Center
Chief General Manager - Motorcycle Business
Takuya Kinoshita Senior Management
Operations
General Manager New Value Business
Takuya Kinoshita Development Division, Motorcycle Business Senior Management
Operations
Takuya Nakata Director Non Executive Board
Chief General Manager - Corporate Planning
Tatsumi Okawa Executive Board
& Finance Center
Tatsumi Okawa Director Executive Board
Executive General Manager - Boat Business
Toshiaki Ibata Senior Management
Unit, Marine Business Operations
Executive General Manager - Marine Engine
Toshihiro Nozue Senior Management
Business Unit, Marine Business Operations
Chief General Manager - Vehicle & Solution
Toshizumi Kato Executive Board
Business Operations
Toshizumi Kato Director Executive Board
Toyoshi Nishida Chief General Manager - PF Model Unit Senior Management
Senior General Manager - PF Model
Toyoshi Nishida Senior Management
Development Section, PF Model Unit
Yasuo Tanaka Chief General Manager - CS Center Senior Management
Yoichiro Kojima Chairman - Yamaha Motor Europe NV Senior Management
Yoichiro Kojima Senior Executive Officer Senior Management
Yoshihiro Hidaka Chief Executive Officer Executive Board
Yoshihiro Hidaka Director Executive Board

Industry Profiles

Yoshitaka Noda Chief General Manager - Powertrain Unit Senior Management

Industry Profiles

Industry Profiles
8.2. Honda Motor Co., Ltd.
Honda Motor Co., Ltd. (Honda or 'the company') is a manufacturer of automobiles and motorcycles in the world.
Apart from motorcycles and automobiles, Honda also makes power products including tillers, generators, snow
throwers, outboard engines, and lawnmowers, and aircraft and jet engines. Honda also ventures into robotics and
advanced technologies in the spirit of utilizing technology to help people with a prime focus on environment and
sustainability. In addition, the company invests in motorcycle and motorsports events like MotoGP, Formula 1 and
EWC. Honda has operations spread across different geographies, including, Asia and Oceania, Americas, Europe, Africa
and the Middle East. The company is headquartered in Tokyo, Japan.
The company reported revenues of (Yen) JPY15,888,617 million for the fiscal year ended March 2019 (FY2019), an
in FY2018.The company reported revenues of JPY3,996,253 million for the first quarter ended June 2019, a decrease
of 1.3% over the previous quarter.
8.2.2. Key Facts
Table 14: Honda Motor Co., Ltd.: key facts
Head office: No. 1-1 Minami-Aoyama 2-chome, Minato-ku, Tokyo, Japan

Website: world.honda.com
Financial year-end: March
Ticker: 7267
Stock exchange: Tokyo Stock Exchange
Honda Motor Co., Ltd. (Honda or ‘the company’) is primarily involved in the development, production, and sales of a
variety of automobiles, motorcycles, and power products. The company also provides a range of financial services to
its customers and dealers. Honda operates through a global network subsidiaries and affiliates operating over the
world. It primarily operates in North and South America, Asia, the Middle East and Europe. The company operates
through four business segments: Automobile Business, Financial Services Business, Motorcycle Business, and Power
Products and Other Business. The company's Automobiles Business offers light trucks, passenger and mini vehicles.
Honda's automobiles use gasoline engines of four, three or six-cylinder, gasoline-electric hybrid systems, diesel
engines and gasoline-electric plug-in hybrid systems. Honda also offers alternative fuel-powered vehicles such as
ethanol, natural gas, and fuel cell vehicles. Automobiles are produced by the company at two sites in Japan, which
include the Suzuka and the Saitama factory. Honda's major manufacturing facilities are located in Japan, the US,
Canada, Mexico, the UK, Turkey, Italy, France, China, India, Indonesia, Malaysia, Thailand, Vietnam, Argentina, and
Brazil. At the end of March 2019, the company sold 3,748,000 consolidated units of automobiles, including 643,000
units in Japan; 1,954,000 units in North America; 734,000 units in Asia (excluding Japan); 169,000 units in Europe, and
248,000 units in other regions. In FY2019, the Automobiles segment reported revenue of JPY11,072,117 million, which
accounted for 69.7% of the company’s total revenue. Under the Financial Services Business, Honda offer a variety of
financial services to its customers and dealers through finance subsidiaries in countries, including Japan, the US,
Canada, the UK, Germany, Brazil, and Thailand. The services of these subsidiaries include retail lending, leasing to
customers and other financial services, such as wholesale financing to dealers. In FY2019, the segment reported

Industry Profiles
revenue of JPY2,365,355.0 million, which accounted for 14.9% of the company’s revenue. Under the Motorcycle
Business, the company produces a wide range of motorcycles, ranging from the 50 cubic capacity (cc) classes to the
1,800cc class in cylinder displacement. Honda's motorcycles use internal combustion engines developed by Honda
that are four-cycle, air or water-cooled, and single, four or six-cylinder. Honda's motorcycle line consists of sports,
including moto-cross and trial racing, business and commuter models. Honda also offers multi utility vehicles (MUVs),
side-by-sides (SxS), and all-terrain vehicles (ATVs). Honda's motorcycles are produced at the Kumamoto factory in
Japan. The company's motorcycles are also produced by subsidiaries in countries around the world, including
Vietnam, Thailand, India, Argentina and Brazil. At the end of March 2019, Honda sold 13,215,000units of motorcycles
worldwide., including 301,000 units in North America; 207,000 units in Japan; 11,201,000 units in Asia (excluding
Japan); 249,000 units in Europe, and the remaining 1,257,000 units in Other Regions. In FY2019, the segment reported
revenue of JPY2,100,155.0 million, which accounted for 13.2% of the company’s total revenue. Under its Power
Products and Others Businesses, Honda manufactures a variety of power products, including portable generators,
tillers, general-purpose engines, outboard marine engines, grass cutters, water pumps, power carriers, snow
throwers, power sprayers, pressure washers, lawn mowers, and lawn tractors (riding lawn mowers). The segment also
offers compact home-use co-generation units. The company has renamed its Power Products business to Life Creation
Business from April 1, 2019. In FY2019, Honda sold 6,301,000units of power products, including 3,049,000 units in
North America; 336,000 units in Japan; 984,000 units in Europe, 1,559,000 units in Asia (excluding Japan); and 373,000
units in Other Regions. In FY2019, the segment reported revenue of JPY350,990 million, which accounted for 2.2% of
the company’s total revenue.
Geographically, the company has classified its business operations into five regions, including North America (The US,
Canada, and Mexico), Asia (Thailand, India, China, Indonesia, and Vietnam), Japan, Europe (The UK, Germany, Turkey,
Belgium, and Italy), and Other Regions (Brazil and Australia). In FY2019, the North America region reported revenue of
JPY8,526,733 million, which accounted for 53.7% of the company’s total revenue, followed by Asia with JPY3,557,338
million (22.4%), Japan with JPY2,394,584 million (15.1%), Europe with JPY652,335 million (4.1%), and Other Regions
with JPY757,627 million (4.8%).

Industry Profiles
Table 15: Honda Motor Co., Ltd.: Annual Financial Ratios
Key Ratios 2015 2016 2017 2018 2019

Growth Ratios
Sales Growth % 6.57 9.55 -4.12 9.73 3.43
Operating Income Growth % -18.60 -24.94 67.01 -0.85 -12.86
EBITDA Growth % -18.60 -24.94 67.01 -0.85 -12.86
Net Income Growth % -18.45 -32.37 78.96 71.81 -42.39
EPS Growth % -18.45 -32.37 78.96 72.69 -41.44
Working Capital Growth % 24.80 -22.49 46.07 15.49 4.99
Equity Ratios
EPS (Earnings per Share) JPY 282.66 191.16 342.10 590.79 345.99
Dividend per Share JPY 88.00 88.00 92.00 100.00 111.00
Book Value per Share JPY 3944.23 3751.59 4047.81 4461.36 4698.74
Gross Margin % 22.49 22.39 22.38 21.88 20.82
Profit Markup % 29.01 28.84 28.84 28.00 26.29
Return on Equity % 7.17 5.10 8.45 13.35 7.38
Return on Assets % 2.96 1.88 3.32 5.53 3.07
Return on Working Capital % 67.39 65.27 74.62 64.06 53.17
Liquidity Ratios
Leverage Ratios
Efficiency Ratios
Working Capital Turnover Absolute 13.39 18.93 12.43 11.81 11.63

Industry Profiles
Table 16: Honda Motor Co., Ltd.: Key Employees

Chief Officer- Human Resources and
Asako Suzuki Senior Management
Corporate Governance Operations
Asako Suzuki Operating Officer Senior Management
Hideko Kunii Director Non Executive Board
Hideo Takaura Director Non Executive Board
Hiroyuki Kachi Chief Officer- Production Operations Senior Management
Hiroyuki Kachi Executive - Corporate Project Senior Management
Hiroyuki Kachi Operating Officer Senior Management
Chief Officer, Regional Operations (Latin
Issao Mizoguchi Senior Management
America)
Issao Mizoguchi Director Honda Automoveis do Brazil Ltda Senior Management
Director Honda South America Ltda, Honda
Issao Mizoguchi Automoveis do Brazil Ltda, and Moto Honda Senior Management
da Amazonia Ltda
Issao Mizoguchi Director Moto Honda da Amazonia Ltda Senior Management
Issao Mizoguchi Operating Officer Senior Management
Issao Mizoguchi President Honda Automoveis do Brazil Ltda Senior Management
President Honda South America Ltda, Honda
Issao Mizoguchi Automoveis do Brazil Ltda, and Moto Honda Senior Management
da Amazonia Ltda
Issao Mizoguchi President Moto Honda da Amazonia Ltda Senior Management
Vice President Government and Industry
Jennifer Thomas Senior Management
Relations Honda North America, Inc
Chief Officer, Brand and Communication
Katsuhide Moriyama Senior Management
Operations
Katsuhide Moriyama Operating Officer Senior Management
Katsuhisa Okuda Chief Officer, Power Product Operations Senior Management
Katsuhisa Okuda Operating Officer Senior Management
Chief Officer, Regional Operations, Europe
Katsushi Inoue Senior Management
Region
Katsushi Inoue Director Honda Motor Europe Ltd. Senior Management
Katsushi Inoue President Honda Motor Europe Ltd. Senior Management
Kazuhiro Odaka Executive-Government and Industry Relations Senior Management
Kazuhiro Odaka Operating Officer Senior Management
Keiji Ohtsu Chief Quality Officer Senior Management
Keiji Ohtsu Operating Officer Senior Management
Kimiyoshi Teratani Chief Officer, Regional Operations (Japan) Senior Management
Kimiyoshi Teratani Operating Officer Senior Management
Kohei Takeuchi Chief Financial Officer Executive Board

Industry Profiles
Table 17: Honda Motor Co., Ltd.: Key Employees Continued

Kohei Takeuchi Chief Officer- Driving Safety Promotion Center Executive Board
Kohei Takeuchi Compliance Officer Executive Board
Kohei Takeuchi Director Executive Board
Kohei Takeuchi Senior Managing Director Executive Board
Masafumi Suzuki Director Non Executive Board
Masahiro Yoshida Director Non Executive Board
Chief Executive Officer Asian Honda Motor
Masayuki Igarashi Senior Management
Co., Ltd
Chief Officer- Regional Operations (Asia &
Masayuki Igarashi Senior Management
Oceania)
Masayuki Igarashi Director Asian Honda Motor Co., Ltd. Senior Management
Masayuki Igarashi Operating Officer Senior Management
Masayuki Igarashi President Asian Honda Motor Co., Ltd. Senior Management
Mayumi Tamura Director Non Executive Board
Michimasa Fujino Director Honda Aircraft Company , LLC Senior Management
Michimasa Fujino Managing Officer Senior Management
Michimasa Fujino President Honda Aircraft Company , LLC Senior Management
Mitsugu Matsukawa Director Honda of America Mfg., Inc., Senior Management
Mitsugu Matsukawa Managing Officer Senior Management
Mitsugu Matsukawa President Honda of America Mfg, Inc Senior Management
Motoki Ozaki Director Non Executive Board
Noriaki Abe Chief Motorcycle Operations Senior Management
Noriaki Abe Operating Officer Senior Management
Noriya Kaihara Chief Officer- Purchasing Operations Senior Management
Noriya Kaihara Managing Officer Senior Management
Seiji Kuraishi Chief Officer-Automobile Operations Executive Board
Seiji Kuraishi Chief Operating Officer Executive Board
Seiji Kuraishi Corporate Brand Officer Executive Board
Director Strategy, Business Operations and
Seiji Kuraishi Executive Board
Regional Operations
Seiji Kuraishi Executive Vice President Executive Board
Chief Executive Officer American Honda
Shinji Aoyama Senior Management
Motor Co., Inc
Chief Executive Officer Honda North America,
Shinji Aoyama Senior Management
Inc

Industry Profiles

Shinji Aoyama Director American Honda Motor Co., Inc Senior Management
Shinji Aoyama Director Honda North America, Inc Senior Management
Shinji Aoyama Managing Officer Senior Management
Shinji Aoyama President American Honda Motor Co., Inc Senior Management
Shinji Aoyama President Honda North America, Inc, Senior Management
General Manager Saitama Factory,
Soichi Yamamoto Senior Management
Production Operations
Soichi Yamamoto Operating Officer Senior Management
Soichiro Takizawa Director Honda North America, Inc Senior Management
Senior Executive Vice President Honda North
Soichiro Takizawa Senior Management
America, Inc
Takahiro Hachigo Chief Executive Officer Executive Board
Takahiro Hachigo Director Executive Board
Takahiro Hachigo President Executive Board
Takanobu Ito Advisor Executive Board
Takanobu Ito Director Executive Board
Takashi Sekiguchi Executive-Corporate Planning Senior Management
Takashi Sekiguchi Managing Officer Senior Management
Tomomi Kosaka Director Honda Engineering Co., Ltd Senior Management
Tomomi Kosaka Operating Officer Senior Management
Tomomi Kosaka President Honda Engineering Co., Ltd Senior Management
Toshiaki Hiwatari Director Non Executive Board
Toshiaki Mikoshiba Chairman Executive Board
Toshiaki Mikoshiba Director Government and Investor Relations Executive Board
Toshihiro Mibe Director Honda RandD Co., Ltd. Senior Management
Executive-Intellectual Property and
Toshihiro Mibe Senior Management
Standardization
Toshihiro Mibe Managing Officer Senior Management
Toshihiro Mibe President Honda RandD Co., Ltd Senior Management
Toshiyuki Shimabara Director Honda North America, Inc. Senior Management
Toshiyuki Shimabara Director Honda of America Mfg., Inc. Senior Management
Executive Vice President Honda North
Toshiyuki Shimabara Senior Management
America, Inc.
Toshiyuki Shimabara Operating Officer Senior Management

Industry Profiles

Toshiyuki Shimabara President Honda of America Mfg., Inc. Senior Management
Yasuhide Mizuno Chief Officer, Regional Operations (China) Senior Management
Yasuhide Mizuno Managing Officer Senior Management
President Honda Motor (China) Investment
Yasuhide Mizuno Senior Management
Co., Ltd.
President Honda Motor (China) Technology
Yasuhide Mizuno Senior Management
Co., Ltd
Yoshi Yamane Director-Production Senior Management
Yoshi Yamane Risk Management Officer Senior Management
Yoshi Yamane Senior Managing Director Senior Management
Yoshiyuki Matsumoto Director Honda RandD Co., Ltd Senior Management
Yoshiyuki Matsumoto Head Research and Development Senior Management
Yoshiyuki Matsumoto President Honda RandD Co., Ltd Senior Management
Yoshiyuki Matsumoto Senior Managing Director Senior Management
Yusuke Hori Chief Officer- Customer First Operations Senior Management
Yusuke Hori Chief Officer- IT Operations Senior Management
Yusuke Hori Operating Officer Senior Management

Industry Profiles
8.3. Piaggio & C. S.p.A.
Piaggio & C. S.p.A. (Piaggio), a subsidiary of IMMSI S.p.A, is engaged in manufacturing two wheeler and commercial
vehicles. It manufactures and distributes scooters, motorcycles three- and four-wheelers vehicles along with their
spare parts. Piaggio markets its vehicles under the brands of Vespa, Piaggio, Gilera, Aprilia, Ape, Porter, Quargo, Moto
Guzzi, Derbi and Scarabeo. It distributes vehicles through company owned sales outlets network and importers.
Piaggio has manufacturing facilities in India, Italy and Vietnam. The company’s operations are spread across Europe,
Asia and North America. Piaggio is headquartered in Pontedera, Italy..
The company reported revenues of (Euro) EUR1,389.6 million for the fiscal year ended December 2018 (FY2018), an
in FY2017.The company reported revenues of EUR346.2 million for the first quarter ended March 2019, a decrease of
47.5% over the previous quarter.
8.3.2. Key Facts
Table 20: Piaggio & C. S.p.A.: key facts

Website: www.piaggiogroup.com
Ticker: PIA
Stock exchange: Italian SE (Mercato Continuo Italia)
Piaggio & C. S.p.A. (Piaggio) is a European manufacturer of two-wheel motor vehicles. The comapny offers a range of
products that include scooters, mopeds and motorcycles from 50 to 1,400 cc marketed under the Vespa, Piaggio,
Gilera, Aprilia, Moto Guzzi, Derbi and Scarabeo brands. It also operates in the three- and four-wheel light transport
sector with its Ape, Porter and Quargo ranges of commercial vehicles.
Piaggio manufactures and distributes two-wheeler and commercial vehicles. Piaggio's two-wheeler portfolio consists
of scooters and motorcycles. In FY2018, the company sold 46 million vehicles and generated 68.9% of the total
revenue from two-wheeler.
The company’s commercial vehicles include three- and four-wheelers vehicles along with their spare parts and
accessories. In FY2018, the company generated 31.1% of the total revenue from commercial vehicles.
The company categorizes its business operations into three geographical segments: EMEA and
Americas, India, Asia Pacific.
In FY2018, the EMEA and Americas segment reported revenue of EUR797.4 million, which accounted for 57.4% of the
company’s total revenue.
In FY2018, the India segment reported revenue of EUR410.8 million, which accounted for 29.6% of the company’s
total revenue.
In FY2018, the Asia Pacific segment reported revenue of EUR181.4 million, which accounted for 13.0% of the
company’s total revenue.

Industry Profiles
Piaggio has production plants in Pontedera (Pisa), which manufactures Piaggio, Vespa and Gilera branded two-
wheelers, light transport vehicles for the European market and engines for scooters and motorcycles; Noale (Venice)
and Scorze (Venice), which manufactures Aprilia, Scarabeo and Derbi two-wheelers, and Piaggio Wi-Bikes; in Mandello
del Lario (Lecco), Italy, which manufactures Moto Guzzi vehicles and engines; in Baramati, Maharashtra, India,
manufactures three- and four-wheeler light transport vehicles for the Indian market and exports, the Vespa for the
Indian market and engines for the Group’s commercial vehicles; in Vinh Phuc, Vietnam, manufactures scooters and
engines for the local market and Asian market.
The company also operates in China with a joint venture (Zongshen Piaggio Foshan Motorcycles, based in Foshan in
the province of Guangdong) in which it holds a 45% stake.
Piaggio's subsidiaries include Piaggio Vietnam Co. Ltd, Piaggio Fast Forward Inc, Piaggio Vehicles Private Limited,
Piaggio Espana S.L.U., Piaggio Group Japan, Nacional Motor SA, Piaggio China Co, Piaggio Group Canada Inc and
Piaggio Limited.

Industry Profiles
Table 21: Piaggio & C. S.p.A.: Annual Financial Ratios
Key Ratios 2014 2015 2016 2017 2018

Growth Ratios
Sales Growth % 0.06 6.76 1.38 2.23 3.51
Operating Income Growth % 5.56 -14.22 7.40 18.76 28.27
EBITDA Growth % 6.67 4.03 4.72 11.06 5.64
Net Income Growth % -26.09 18.25 42.34 80.52
EPS Growth % -34.11 16.88 34.89 105.07
Working Capital Growth % -37.50 28.53 -8.44 45.72 -45.88
Equity Ratios
EPS (Earnings per Share) EUR 0.04 0.03 0.04 0.05 0.10
Dividend per Share EUR 0.07 0.05 0.06 0.06 0.09
Book Value per Share EUR 1.14 1.12 1.10 1.08 1.10
Gross Margin % 44.91 44.16 43.63 44.19 43.08
Profit Markup % 81.52 79.09 77.41 79.19 75.70
Return on Equity % 3.90 2.93 3.56 5.19 9.20
Return on Assets % 1.07 0.76 0.88 1.27 2.33
Return on Working Capital % -78.07 -52.10 -61.12 -49.81
Liquidity Ratios
Leverage Ratios
Efficiency Ratios

Industry Profiles
Table 22: Piaggio & C. S.p.A.: Key Employees

Alessandra Simonotto Head, Administration and Credit Management Senior Management
Alessandro Zazzeri Executive Vice President EMEA Production Senior Management
Andrea Formica Independent Director Non Executive Board
Antonino Parisi Chairman, Supervisory Board Non Executive Board
Executive Vice President, Two Wheeler
Antonio Cappellini Senior Management
Product Development
Executive Vice President, Manufacturing
Carlo Coppola Senior Management
Technology and EMEA Plants
Executive Vice President Business Unit
Daniele Pinna Senior Management
Aftersales
Executive Vice President, Marketing and
Davide Zanolini Senior Management
Communication
Chief Executive Officer and Managing Director
Diego Graffi Senior Management
- Piaggio Vehicles Private Limited
Diego Rancati Head, Corporate Press Office Senior Management
Federica Savasi Director Non Executive Board
Executive Vice President, Human Resources
Giancarlo Milianti Senior Management
and Organization
Gianluca Fiume Domestic Europe, Emerging Markets and Senior Management
Importers
Giovanni Barbara Member, Supervisory Board Non Executive Board
Giuseppe Tesauro Lead Independent Director Non Executive Board
Graziano Gianmichele Visentin Independent Director Non Executive Board
Leo Francesco Mercanti Senior Management
Product Marketing
Maria Chiara Carrozza Independent Director Non Executive Board
Chairman and Chief Executive Officer, Piaggio
Mario Di Maria Senior Management
Group Americas
Executive Vice President, Three and Four
Massimo Rodolfo Repetto Senior Management
Wheeler Product Development
Matteo Colaninno Deputy Chairman Non Executive Board
Executive Vice President, Two Wheeler Italy
Maurizio Carletti Senior Management
Market
Maurizio Strozzi Chief Audit Executive Senior Management
Michele Colaninno Director Non Executive Board
Patrizia Albano Director Non Executive Board
Raffaele Lupotto Head, Investor Relations Senior Management
Ravinder Chopra Chairman, Piaggio Vehicles Private Ltd Senior Management
Executive Vice President Development and
Riccardo Tosi Senior Management
Product Marketing Division
Roberto Colaninno Chairman and Chief Executive Officer Executive Board
Simone Montanari Chief Financial Officer Senior Management

Industry Profiles
Table 23: Piaggio & C. S.p.A.: Key Employees Continued

Ulisse Spada General Counsel Non Executive Board
Ulisse Spada Member - Supervisory Board Non Executive Board
Executive Vice President, Three and Four
Vincenzo Scardigno Senior Management
Wheeler EMEA and Emerging Markets

Industry Profiles
8.4. Bayerische Motoren Werke AG
Bayerische Motoren Werke AG (BMW or “the company”) is an automotive company that develops, manufactures,
assembles, and sells automobiles and motorcycles. It sells spare parts and accessories manufactured in-house, by
foreign subsidiaries and by external suppliers. The company also offers insurance, automobile leasing, fleet
management, retail and dealership financing, and customer deposit services. The company markets its products under
BMW, MINI, Rolls-Royce, Alphera, Alphabet and Motorrad brand names. BMW sells its products by independent
authorised dealerships, BMW Group branches and subsidiaries, and independent importers in certain markets. It
operates in Europe, the Americas, Middle East and Africa, and Asia. The company is headquartered in Munich,
Bavaria, Germany.
The company reported revenues of (Euro) EUR97,480 million for the fiscal year ended December 2018 (FY2018), a
decrease of 0.8% over FY2017. In FY2018, the company’s operating margin was 9.4%, compared to an operating
in FY2017.The company reported revenues of EUR25,715.0 million for the second quarter ended June 2019, an
increase of 14.5% over the previous quarter.
8.4.2. Key Facts
Table 24: Bayerische Motoren Werke AG: key facts
Head office: Petuelring 130Munich , Bayern, Germany

Telephone: 49893820
Website: www.bmwgroup.com
Ticker: BMW
Stock exchange: XETRA
Bayerische Motoren Werke AG (BMW or “the company”) is the parent company of the BMW Group, which is involved
in the development, manufacture, and sale of engines and all vehicles equipped with those engines, including
automobiles and motorcycles. The company also provides financial services. BMW’s sales network comprises around
3,400 BMW, 1,580 MINI, and 140 Rolls-Royce dealerships worldwide. It sells vehicles under three premium brands:
BMW, MINI, and Rolls-Royce. During FY2018, the company operated 30 production and assembly facilities in 14
countries and had a global sales network in more than 140 countries. BMW operates globally with major presence in
China, the US, and Germany.
The company operates through four reportable business segments: Automotive, Financial Services, Motorcycles, and
Other Entities.
The Automotive segment develops, manufactures, assembles, and sells cars and off-road vehicles. It also sells
automotive spare parts and accessories. In Germany, BMW and MINI brand products are sold through company
owned outlets and independent, authorised dealers. The company sells passenger cars outside Germany through
subsidiaries and independent importers. Rolls-Royce brand vehicles are sold in the US, China, and Russia via subsidiary
companies and elsewhere by independent, authorized dealers. In FY2018, the company's worldwide automobile
production was 2,505,741 units, and its global sales were 2,463,526 units. The global production included 2,123,947

Industry Profiles
units of the BMW brand, 378,486 units of the MINI brand, and 3,308 units of the Rolls-Royce brand. In addition, the
company's global sales included 2,088,283 units of the BMW brand, 371,881 units of the MINI brand, and 3,362 units
of the Rolls-Royce brand vehicles. In FY2018, the Automotive segment reported revenues of EUR68,947 million, which
accounted for 70.3% of the company's total revenue.
The Financial Services segment focuses primarily on car leasing, fleet business, multi-brand business, retail customer
and dealer financing, customer deposit business and insurance activities. The segment offers its services in more than
50 countries around the world. The segment operates its international multi-brand fleet business under the brand
name Alphabet and provides fleet financing products and comprehensive management services for corporate car
fleets. It managed a portfolio of 679,895 fleet contracts in FY2018. The segment also offers financing of the BMW
brands as well as vehicles of other manufacturers under the brand name Alphera. The Financial Services segment also
supports the dealer organization by providing financing for inventories, real estate and equipment. During FY2018, the
company had 5,380,785 credit financing and lease contracts with dealers and retail customers. In FY2018, the
Financial Services segment reported revenues of EUR26,355 million, which accounted for 27% of the company's total
revenue.
The Motorcycles segment develops, manufactures, assembles, and sells BMW brand motorcycles,spare parts and
accessories. In FY2018, the company sold 164,153 units of BMW brand motorcycles. In total, 185,682 BMW brand
motorcycles were manufactured during FY2018. In FY2018, the Motorcycles segment reported revenues of E2,176
million, which accounted for 2.2% of the company's total revenue.
The company’s Other Entities segment consists of holding and group financing companies. This segment also includes
operating companies, BMW Services Ltd., BMW (UK) Investments, and Bavaria Lloyd Reiseburo which are not
allocated to the other segments. In FY2018, the Other Entities segment reported revenues of EUR2 million.
Geographically, the company classifies its operations into seven segments, namely China, the US, Germany, Rest of
Europe, Rest of Asia, Rest of the Americas, and Other regions. In FY2018, China accounted for 19.5% of the company's
total revenues, followed by the US (16.5%); Germany (13.9%); Rest of Europe ( 32.2%); Rest of Asia (11.4%); Rest of
the Americas (3.7%); and Other regions (2.8%).

Industry Profiles
Table 25: Bayerische Motoren Werke AG: Annual Financial Ratios
Key Ratios 2014 2015 2016 2017 2018

Growth Ratios
Sales Growth % 5.71 14.64 2.16 4.37 -0.82
Operating Income Growth % 14.29 5.21 -2.16 5.47 -7.86
EBITDA Growth % 14.29 5.21 -2.16 5.47 -7.86
Net Income Growth % 9.33 9.85 7.76 25.15 -17.14
EPS Growth % 9.07 8.89 8.08 25.29 -16.89
Working Capital Growth % -312.76 68.31 -70.08 -257.96 624.42
Equity Ratios
EPS (Earnings per Share) EUR 8.83 9.70 10.45 13.07 10.87
Dividend per Share EUR 2.90 3.20 3.50 4.00 3.50
Book Value per Share EUR 56.70 64.75 71.69 81.62 87.07
Gross Margin % 21.15 19.67 19.88 20.30 19.04
Profit Markup % 26.82 24.49 24.82 25.47 23.51
Return on Equity % 15.58 14.98 14.57 16.00 12.42
Return on Assets % 3.96 3.90 3.81 4.47 3.52
Return on Working Capital % 557.06 70.85
Liquidity Ratios
Leverage Ratios
Efficiency Ratios
Working Capital Turnover Absolute 55.31 7.57

Industry Profiles
Table 26: Bayerische Motoren Werke AG: Key Employees

Head Corporate Communications Strategy,
Alexander Bilgeri Senior Management
Messaging, Communication Channels
Andreas Guecker Vice President Integration Product Projects Senior Management
Bernd Koerber Head Mini brand Senior Management
Head Internal Corporate Communications and
Birgit Hiller Senior Management
Communications Production Network
Brigitte Rodig Director Non Executive Board
Christiane Benner Director Non Executive Board
Dominique Mohabeer Director Non Executive Board
Franz Markus Haniel Director Non Executive Board
Glenn Schmidt Head Market Communications Senior Management
Hamid Haqparwar Managing Director Middle East Senior Management
Heinrich Hiesinger Director Non Executive Board
Hildegard Wortmann Head Asis Pacific Region Senior Management
Horst Lischka Director Non Executive Board
Ilka Horstmeier Head Human Resources Senior Management
Ingo Wirth Head BMW Motorrad Communications Senior Management
Ingo Wirth Head MINI Senior Management
Jochen Goller Head China Senior Management
Jurgen Wechsler Director Non Executive Board
Karl-Ludwig Kley Deputy Chairman Supervisory Board Executive Board
Klaus Frohlich Director Development Senior Management
Manfred Erlacher Managing Director Senior Management
Manfred Schoch Deputy Chairman Supervisory Board Executive Board
Head Archives, Collection and Classic Brand
Markus Appelhans Senior Management
Management, BMW Group Classic
Markus Duesmann Director Purchasing and Supplier Network Senior Management
Director Human Resource and Industrial
Milagros Caina Carreiro-Andree Senior Management
Relations
Milan Nedeljkovic Chief Production Senior Management
Vice President Purchaser and Supplier
Murat Askel Senior Management
Network Americas
Nicolas Peter Director Finance Senior Management
Norbert Reithofer Chairman Supervisory Board Executive Board
Oliver Zipse Chief Executive Officer Senior Management

Industry Profiles
Table 27: Bayerische Motoren Werke AG: Key Employees Continued

Paul de Courtois Managing Director BMW Group Asia Senior Management
Director MINI, BMW Motorrad, Rolls Royce,
Peter Schwarzenbauer Senior Management
Aftersales BMW Group
Director Sales and Brand BMW, Director
Pieter Nota Senior Management
Aftersales BMW Group
Ralf Hattler Director Non Executive Board
Reinhard Huttl Director Non Executive Board
Renate Kocher Director Non Executive Board
Robert W. Lane Director Non Executive Board
Rudratej Singh Chief Executive Officer India Senior Management
Rudratej Singh President India Senior Management
Sherry McCraw Vice President Assembly Senior Management
Siegfried Mueller Vice President Quality Management Senior Management
Simone Menne Director Non Executive Board
Stefan Diregger Vice President Finance and Compliance Senior Management
Stefan Quandt Deputy Chairman Supervisory Board Executive Board
Stefan Schmid Deputy Chairman Supervisory Board Executive Board
Susanne Klatten Director Non Executive Board
Sven Schuwirth Head Product Management and Marketing Senior Management
Ulrich Knieps Head BMW Group Classic Senior Management
Werner Zierer Director Non Executive Board
Willibald Low Director Non Executive Board

Industry Profiles
9. Macroeconomic Indicators
9.1. Country data
Table 28: France size of population (million), 2014–18
Year Population (million) % Growth

2014 65.8 0.4%
2015 66.3 0.8%
2016 66.6 0.5%
2017 66.9 0.4%
2018 67.2 0.4%
Table 29: France gdp (constant 2005 prices, $ billion), 2014–18
Year Constant 2005 Prices, $ billion % Growth

2014 2,367.2 0.4%
2015 2,390.1 1.0%
2016 2,430.5 1.7%
2017 2,472.1 1.7%
2018 2,516.9 1.8%
Table 30: France gdp (current prices, $ billion), 2014–18
Year Current Prices, $ billion % Growth

2014 2,902.2 3.4%
2015 2,959.5 2.0%
2016 3,039.7 2.7%
2017 3,126.6 2.9%
2018 3,222.4 3.1%
Table 31: France inflation, 2014–18

Industry Profiles
Year Inflation Rate (%)

2014 0.7%
2015 0.7%
2016 1.0%
2017 1.2%
2018 1.3%
Table 32: France consumer price index (absolute), 2014–18
Year Consumer Price Index (2005 = 100)

2014 115.5
2015 116.3
2016 117.5
2017 118.8
2018 120.3
Table 33: France exchange rate, 2014–18
Year Exchange rate ($/€)

2014 0.7535
2015 0.9013
2016 0.9040
2017 0.8855
2018 0.8475

Industry Profiles
Appendix
Methodology
MarketLine Industry Profiles draw on extensive primary and secondary research, all aggregated, analyzed, cross-
checked and presented in a consistent and accessible style.
Review of in-house databases – Created using 250,000+ industry interviews and consumer surveys and supported by
analysis from industry experts using highly complex modeling & forecasting tools, MarketLine’s in-house databases
provide the foundation for all related industry profiles
Preparatory research – We also maintain extensive in-house databases of news, analyst commentary, company
profiles and macroeconomic & demographic information, which enable our researchers to build an accurate market
overview
Definitions – Market definitions are standardized to allow comparison from country to country. The parameters of
each definition are carefully reviewed at the start of the research process to ensure they match the requirements of
both the market and our clients
Extensive secondary research activities ensure we are always fully up-to-date with the latest industry events and
trends
MarketLine aggregates and analyzes a number of secondary information sources, including:
- National/Governmental statistics
- International data (official international sources)
- National and International trade associations
- Broker and analyst reports
- Company Annual Reports
- Business information libraries and databases
Modeling & forecasting tools – MarketLine has developed powerful tools that allow quantitative and qualitative data
to be combined with related macroeconomic and demographic drivers to create market models and forecasts, which
can then be refined according to specific competitive, regulatory and demand-related factors
Continuous quality control ensures that our processes and profiles remain focused, accurate and up-to-date
9.2. Industry associations
9.2.1. Chambre Syndicale Nationale du Motocycle
79 Rue Jean J. Rousseau, F-92158 Suresnes Cedex, FRA

Tel.: 33 1 4625 0235
Fax: 33 1 4099 0620
www.csnm.asso.fr
9.2.2. Motorcycle Industry in Europe

Industry Profiles
Avenue de la Joyeuse Entrée, 1, B1040 Brussels, BEL

Tel.: 32 2 230 9732
Fax: 32 2 230 1683
www.acembike.org
9.2.3. Federation of European Motorcyclists' Associations (FEMA)
Rue des Champs 62, 1040 Brussels, Belgium

Tel.: 32 2 736 9047
Fax: 32 2 736 9401
www.fema-online.eu
9.3. Related MarketLine research
9.3.1. Industry Profile
Global Motorcycles
Motorcycles in Germany
Motorcycles in the UK
Motorcycles in Europe

Industry Profiles
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MarketLine Industry Profile

Reference Code: 0164-0403

Publication Date: October 2019

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 1

1.1. Market value

1.2. Market value forecast

1.3. Market volume

1.4. Market volume forecast

1.5. Category segmentation

1.6. Geography segmentation

1.7. Market share

1.8. Market rivalry

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 2

1.9. Competitive Landscape

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 3

1.1. Market value ................................................................................................................................. 2

1.2. Market value forecast ...................................................................................................................2

1.3. Market volume .............................................................................................................................. 2

1.4. Market volume forecast ................................................................................................................2

1.5. Category segmentation ................................................................................................................2

1.6. Geography segmentation .............................................................................................................2

1.7. Market share ................................................................................................................................ 2

1.8. Market rivalry ................................................................................................................................ 2

1.9. Competitive Landscape ................................................................................................................3

2.1. Market definition ........................................................................................................................... 9

2.2. Market analysis ............................................................................................................................ 9

3.1. Market value ............................................................................................................................... 11

3.2. Market volume ............................................................................................................................ 12

4.1. Category segmentation ..............................................................................................................13

4.2. Geography segmentation ...........................................................................................................14

5.1. Market value forecast .................................................................................................................15

5.2. Market volume forecast ..............................................................................................................16

6. Five Forces Analysis 17

6.1. Summary .................................................................................................................................... 17

6.2. Buyer power ............................................................................................................................... 18

6.3. Supplier power ........................................................................................................................... 19

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 4

6.4. New entrants .............................................................................................................................. 21

6.5. Threat of substitutes ...................................................................................................................23

6.6. Degree of rivalry ......................................................................................................................... 24

7.1. Market share .............................................................................................................................. 25

7.2. Who are the leading players?.....................................................................................................25

7.3. What strategies do the leading players follow? ..........................................................................26

7.4. What is the rational for the recent M&A activity?........................................................................27

8.1. Yamaha Motor Co Ltd ................................................................................................................28

8.2. Honda Motor Co., Ltd. ................................................................................................................34

8.3. Piaggio & C. S.p.A......................................................................................................................41

8.4. Bayerische Motoren Werke AG ..................................................................................................46

9.1. Country data ............................................................................................................................... 51

9.2. Industry associations ..................................................................................................................53

9.3. Related MarketLine research .....................................................................................................54

About MarketLine .................................................................................................................................... 55

© MARKETLINE THIS PROFILE IS A LICENSED PRODUCT AND IS NOT TO BE PHOTOCOPIED Page | 5

Table 2: France motorcycles market volume: thousand units, 2014–18 12

Table 3: France motorcycles market category segmentation: thousand units, 2018 13

Table 4: France motorcycles market geography segmentation: $ million, 2018 14

Table 5: France motorcycles market value forecast: $ million, 2018–23 15

Table 6: France motorcycles market volume forecast: thousand units, 2018–23 16

Table 7: France motorcycles market share: % share, by volume, 2018 25

Table 8: Yamaha Motor Co Ltd: key facts 28

Table 9: Yamaha Motor Co Ltd: Annual Financial Ratios 29

Table 10: Yamaha Motor Co Ltd: Key Employees 30

Table 11: Yamaha Motor Co Ltd: Key Employees Continued 31