20132012Change %Change
(million euros)
(million euros) 
EMEA and Americas211.3635.1267.9764.8-21.1%-17.0%(56.5)(129.7)
of which EMEA195.8567.4253.8690.7-22.9%-17.8%(58.0)(123.3)
(of which Italy)38.9124.668.2193.3-43.0%-35.5%(29.3)(68.7)
of which America15.567.714.174.110.4%-8.7%1.5(6.4)
Asia Pacific 2W101.4193.4112.6211.1-10.0%-8.4%(11.2)(17.7)
TOTAL351.6852.6406.1 993.3 -13.4%-14.2%(54.5)(140.6)
Spare parts and Accessories116.1128.7-9.8%(12.6)
TOTAL 351.6 852.6 406.1 993.3 -13.4%-14.2%(54.5)(140.6)

Graph: Revenues of Two-wheeler vehicles (figures in millions of euros)

Graph: Revenues of Two-wheeler vehicles

Two-wheeler vehicles can mainly be grouped into two product segments: scooters and motorcycles, in addition to the related spare parts and accessories business, the sale of engines to third parties, involvement in leading two-wheeler sports championships and the provision of technical services. 

The world two-wheeler market comprises two macro areas, which clearly differ in terms of characteristics and scale of demand: economically advanced countries (Europe, United States, Japan) and emerging nations (Asia Pacific, China, India, Latin America).
In the first macro area, which is a minority segment in terms of volumes, the Piaggio Group has a historical presence, with scooters meeting the need for mobility in urban areas and motorcycles for recreational purposes.
In the second macro area, which in terms of sales, accounts for most of the world market and is the Group's target for expanding operations, two-wheeler vehicles are the primary mode of transport.

Comments on main results and significant events of the sector 

During 2013, the Piaggio Group sold a total of 351,600 units in the two-wheeler segment worldwide, accounting for a net turnover equal to approximately €852.6 million (- 14.2%), including spare parts and accessories (€116.1 million, - 9.8%).

As explained in previous paragraphs, the Piaggio Group's performance in 2013 was highly penalised by the drop in demand on the European market (-12%). This downturn concerned both the scooter (-17%) and motorcycle segments (-4%).

Results in the Asian area were down compared to 2012, with sales and turnover falling by 10.0% and 8.4% respectively. The downturn in sales in the Asia Pacific area was affected by a weakening in demand and by dealers reducing stock while waiting for the upcoming launch of new key products.

The number of Vespas sold in India reached 38,900. As regards India, data for 2012 were not entirely comparable as the Vespa first went on sale in India in May 2012.

Market positioning

The Piaggio Group maintained its leadership position on the European two-wheeler market in 2013, with a 17.6% market share thanks to consolidation in the scooter segment (26.1% share in 2013).

With production at its own site in Vinh Phuc, the Group also consolidated its position in the premium end of the market in Vietnam, with successful sales of its Vespa and Liberty models, and laid the foundations for future growth in other Asian countries, by forging business relations with local importers.

Piaggio retained its strong position on the North American scooter market, where it has consolidated its leadership with a market share of just under 22%, and where the Group is committed to increasing its profile in the motorcycle segment, through the Aprilia and Moto Guzzi brands.  

Brands and products

The Piaggio Group operates on the two-wheeler market with a portfolio of 7 brands - Piaggio, Vespa, Gilera, Aprilia, Scarabeo, Moto Guzzi and Derbi - that have enabled it to establish and consolidate a leadership position in Europe.
The brands offer a complementary product assortment, so that the Group can supply the market with a fully comprehensive range to target the needs of different customer groups. 

Engines for Piaggio, Vespa, Gilera, Derbi, Scarabeo and Moto Guzzi brands are designed and manufactured by the company. For Aprilia, the Group manufactures engines for the scooter segment, the V-twin 750cc and V-quad 1000cc and 1200cc.

In 2013, the Piaggio Group was absolute market leader, thanks to the introduction of vehicles with a style and content placing them at the top of their segments.

With a wide range of models covering all main scooter segments, Piaggio is one of Europe's and the world's leading brands. The huge success of Piaggio has been built up around the ease of use, design and outstanding functionality of its products.
In spring 2013, Piaggio restyled its high wheel scooters, the Liberty and the Beverly, the most popular models of its range.

The Piaggio Liberty now features a new, three-valve engine for considerably lower fuel consumption and running costs; plus changes made to the frame provide even greater safety, comfort, an even better performance and more space.

The 125cc version of the Piaggio Beverly, one of the few high wheel scooters with an excellent seat compartment capacity, has been restyled.   

Vespa is the leading brand of the Piaggio Group. Distributed worldwide, it is synonymous with style and sophistication and a true ambassador of the best in Italian design.

2013 was an extremely important year for the Vespa brand, in terms of sales, with a new all-time record achieved, and in terms of the range being expanded and restyled, with the launch of new models.

Despite the negative trend of recent years, the Vespa ended 2013 with 188,600 units sold, up 14% compared to 2012 (165,450 units).
In 2013, the Vespa 946 and Vespa Primavera paved the way for the range's restyling and expansion.
The Vespa 946, launched worldwide, is setting new standards in terms of design, the use of exclusive materials and on-board technology and has taken the Vespa brand into a dimension that is far beyond that of any other scooter brand.
The Vespa Primavera, a cutting-edge vehicle honed from the latest construction technology was unveiled at the EICMA 2013 show. The restyled model has a totally new steel body and LEDs for some parts of the lights, giving it a technological edge, plus an instrument panel with LCD screen.
The 11’’ wheels and front disc brakes make the vehicle even safer without compromising handling, and with its compact weight the Vespa Primavera is perfect for easily getting about big cities in style, from Rome to New York and Ha-Noi.
The Vespa Primavera is also available in the GTS version.
The Vespa has also consolidated its presence on strategic markets of South East Asia.

The Gilera brand features models in both the scooter and motorcycle segments. The brand came into being in 1909 and was acquired by the Piaggio Group in 1969. Gilera is known for its successes in racing, winning six world championship manufacturer's titles and eight world championship rider's titles. Gilera is a brand designed for a young, vibrant market and dynamic motorcyclists.

The Derbi brand features a range of 50cc to 300cc scooters and a range of 50cc and 125cc motorcycles. Its target customers, aged 14-17 years, have made it one of the biggest manufacturers in the 50cc segment. The brand has made a name for itself winning 21 world titles, gaining a leadership position in Spain and Europe on the 50cc and 125cc motorcycle market.

Aprilia includes a 50cc to 850cc scooter range, and a 50cc to 1200cc motorcycle range. The brand is known for its sporting style worldwide, winning many important competitions, the excellent performance of its products, and a cutting-edge innovation and design.

The Aprilia Caponord 1200, the new Aprilia road enduro bike, unveiled at the EICMA 2012 show and put on the market in early 2013, features ADD - a state-of-the-art semiactive suspension system that can automatically adjust calibration to the type of route conditions, road surface and driving style. The multi-map Ride by Wire accelerator, three-level adjustable traction control and two-channel ABS (both opt-out) embody a suite of electronic controls unique worldwide, as they have been developed by Aprilia from its experience in racing. The 90° V twin cylinder engineer is capable of delivering a maximum power of 128 horsepower at 8,500 rpm and above all a maximum torque of 11.8 kgm at 6,500 rpm.
Important new technical features were also added to the Aprilia V4 range in 2013.
Both the RSV4 and Tuono V4 now feature Bosch's cutting-edge multi-map system, which represents the state-of-the-art in anti-locking systems for two-wheelers. With its extremely compact size and weight (1.5 kg overall, between the control unit and brake pipes), the system lets the rider select 3 different riding levels: from level 1, for an outstanding track performance, to level 3, for the utmost safety on wet roads. The system also has an anti-tilting mechanism which is disabled for level 1, enabled for level 2, with an exclusive gradual intervention mode, and is always enabled for level 3. New Brembo single block front radial brake clamps for an outstanding braking performance and handling, complete the system.
Not only the ABS has been upgraded. Upgrades on both the RSV4 and Tuono V4 engines involved internal friction, casing ventilation and a new exhaust silencer, which was designed internally. These improvements have provided an additional 4 horsepower (184 horsepower for the RSV4 and 170 horsepower for the Tuono V4). APRC electronic controls have been developed further, to allow the rider to get the most from the vehicle's performance, without compromising on safety. The petrol tank has also been redesigned and now has a larger capacity (18.5 litres compared to the previous 17 litres) and a new shape, for easier rider movements when bending and braking.
The Tuono V4 also has a new rider's seat and suspension, to increase comfort when riding on roads. 

The Scarabeo brand features a wide range of scooters from 50cc to 500cc, and is the Group's premium brand, along with the Vespa. The Scarabeo brand was launched by Aprilia in 1993, and is the first brand to have introduced high-wheeled scooters in Europe. 

Moto Guzzi
In the first few months of 2013, the new Moto Guzzi California Custom joined the California 1400 range, along with the Touring, from which it differs in terms of style.
During 2013, the Moto Guzzi Norge GT8V and V7 Special were also restyled.

The distribution network

In the EMEA area (Europe, the Middle East, Africa) the Piaggio Group operates directly in main European countries and through importers on other markets. In December 2013, the Group's sales network comprised more than 1,630 dealers. More than 3,450 agreements to market the Group's brands are managed by the network, of which 37% only sell the Group's brand(s), and no products of other competitors. The percentage of sole agents went up in 2013 (+1%).
At present, the Piaggio Group is active in 86 countries in the EMEA area and in 2013 it further consolidated its sales activities.
In 2013, measures concerning the Group's distribution structure took into account market changes in the area, and focussed on achieving a greater qualitative/quantitative balance. Contractual sales and after-sales standards in agency agreements regulating network relationships were also revised in 2013. These standards are driven by improving end customer experience during product purchasing and customer and after-sales service.

Guidelines on the distribution structure cover 5 main points:

  1. continual improvement of the end customer service and monitoring of the European and American markets;
  2. consolidation of retail channel activities through a gradual increase in the importance of the primary network;
  3. loyalty programmes for end customers, featuring dedicated services;
  4. an improvement in the service level for dealers, based on appropriate support tools;
  5. evaluation of alternative distribution channels.



In the Americas, the Piaggio Group is directly present in the United States and Canada, while in Latin America it operates through a network of importers. At the end of 2013, the Group had over 333 partners in the Americas, of which 261 in the United States, 45 in Canada and a network of 27 importers in Central and South America.
In 2013, measures continued to strengthen the sales network in order to further support the Group's objectives for growth. Distribution-related actions in the United States aimed to consolidate the sales network by identifying new partners that can fully support the commercial penetration of the Group's brands. The process to expand the sales network aims for a greater impact of the motorcycle segment - a market which is particularly attractive in terms of volumes and growth trends - and to consolidate results in the scooter segment. In Canada, distribution logics are based on the logics used for the American market.
In Latin America, the Piaggio Group continued the commercial optimisation of its distribution network, with new commercial agreements signed with local importers, in Costa Rica, Guatemala, Venezuela, Suriname, Colombia and Bolivia, among others. 

Pacific Asia
In the Asia Pacific Area, the Piaggio Group has a direct commercial presence in Vietnam, Indonesia, and - for the Aprilia brand only - in Japan. On other markets in this area, it operates through importers.
In line with the Group's strategic objectives, which plan to expand operations in the region, the distribution network is being built up.

In Vietnam, the Group increased its importers from 4 in 2008 (when a different business model was adopted) to more than 50 dealers in 2013, with approximately 90 sales outlets. The Group has aimed and is aiming to develop its network in quantitative terms, by stepping up its presence in smaller areas of the country, and in qualitative terms, with a particular focus on corporate identity.

In Indonesia the Group manages nearly 30 sales outlets with prospects for the network's growth in 2014, while in Japan, it directly manages the Aprilia network and operates through importers and dealers for other brands.
In total, the distribution network in the Asian area (PAP) increased from 212 outlets in 2012 to 242 in 2013.
The Group is also present in Malaysia, Taiwan, Thailand, Korea, Hong Kong, Singapore, the Philippines, China, Australia and New Zealand through importers.

In India, Piaggio Vehicles Private Limited had 83 dealers as of 31 December 2013, with plans to further increase its sales outlets in 2014. At present, the network covers main areas throughout the country.


Investments mainly targeted the following areas:

  • development of new products and restyling of existing products;
  • improvements in and modernisation of current production capacity;
  • implementation of new IT tools.


As regards investments for Piaggio Group products in particular, significant resources were dedicated to some brands and/or products which are key to the Group's development. In particular, main investments in the three geographic segments targeted:

  • new Vespa 946 and Vespa Primavera models;
  • the new Piaggio MP3;
  • the new Scarabeo Small.

Industrial investments were also made, targeting safety, quality and the productivity of production processes.