Análisis de 5 Fuerzas de América Móvil, S.A.B. de C.V. (AMX): [Actualizado en Ene-2025]

En el mundo dinámico de las telecomunicaciones, América Móvil se encuentra en una encrucijada crítica, navegando por un complejo panorama de interrupción tecnológica, competencia feroz y dinámica del mercado en evolución. Al diseccionar el marco de las cinco fuerzas de Michael Porter, presentamos los desafíos estratégicos y las oportunidades que dan forma al posicionamiento competitivo de AMX en 2024, desde el intrincado baile con proveedores y clientes hasta las crecientes presiones de sustitutos tecnológicos y posibles nuevos participantes del mercado. Este análisis proporciona una visión de afeitar la navaja de afeitar sobre los fundamentos estratégicos que determinarán la resistencia y el crecimiento de América Móvil en el ecosistema de telecomunicaciones latinoamericano que se transforma rápidamente.

América Móvil, S.A.B. de C.V. (AMX) - Las cinco fuerzas de Porter: poder de negociación de los proveedores

Telecom Equipment Fabricantes Landscape

A partir de 2024, el mercado global de equipos de telecomunicaciones está dominado por tres fabricantes principales:

Dependencias de infraestructura de red

Las inversiones de infraestructura de red de América Móvil demuestran una dependencia significativa de los proveedores:

• Gastos de capital en 2023: $ 4.2 mil millones
• Porcentaje de presupuesto asignado a infraestructura de red: 65%
• Duración promedio del contrato con proveedores de equipos: 5-7 años

Requisitos de inversión tecnológica

Relaciones estratégicas de suministro

Métricas clave de asociación tecnológica:

• Número de proveedores de equipos primarios: 3
• Porcentaje de contratos exclusivos a largo plazo: 40%
• Frecuencia de negociación anual: bianual

América Móvil, S.A.B. de C.V. (AMX) - Las cinco fuerzas de Porter: poder de negociación de los clientes

Diversa base de clientes en múltiples países latinoamericanos

América Móvil opera en 18 países de América Latina, con una base de clientes de 289.1 millones de suscriptores móviles a partir del tercer trimestre de 2023.

Alta sensibilidad al precio del consumidor en el mercado de telecomunicaciones

Costo promedio del plan de datos móviles mensuales en América Latina: $ 10.50. Cuota de mercado móvil prepago: 73% en los mercados operativos de AMX.

• Elasticidad precio de la demanda: 1.2 en el sector de las telecomunicaciones
• Ingresos móviles mensuales promedio por usuario (ARPU): $ 6.80
• Intensidad de la competencia de precios: alto

Aumento de la demanda de servicios agrupados y planes móviles flexibles

Tasa de penetración de servicio de triple juego: 42% en los mercados primarios de AMX. Suscriptores de servicio agrupados: 17.4 millones a partir del tercer trimestre de 2023.

Bajos costos de conmutación para servicios móviles e internet

Tasa promedio de portabilidad de número móvil: 15.3% anual. Tasa de rotación del cliente: 2.8% por trimestre.

• Número de operadores móviles por mercado: 4-6
• Costo promedio de terminación del contrato: $ 15- $ 25
• Hora de cambiar de proveedores móviles: 24-48 horas

América Móvil, S.A.B. de C.V. (AMX) - Las cinco fuerzas de Porter: rivalidad competitiva

Panorama competitivo del mercado

América Móvil enfrenta una intensa competencia en el sector de telecomunicaciones en América Latina con competidores clave que incluyen:

Análisis de participación de mercado

América Móvil mantiene posición de mercado dominante En telecomunicaciones latinoamericanas con desglose de participación de mercado específica:

• México: 65.4% de participación en el mercado móvil
• Brasil: 24,6% de participación en el mercado móvil
• Colombia: 38.9% de participación en el mercado móvil
• Argentina: 32.7% de participación en el mercado móvil

Inversión en infraestructura

Inversión de infraestructura de telecomunicaciones para 2023-2024:

Métricas de estrategia de precios

Métricas de precios competitivos para servicios móviles:

• Plan móvil mensual promedio: $ 12.50
• Precios de paquetes de datos: $ 0.03 por GB
• Cuota de mercado prepago: 71.3%

América Móvil, S.A.B. de C.V. (AMX) - Las cinco fuerzas de Porter: amenaza de sustitutos

Creciente popularidad de las plataformas de comunicación exageradas

WhatsApp reportó 2 mil millones de usuarios activos mensuales en todo el mundo en 2023. Skype tenía 300 millones de usuarios activos mensuales. Telegram llegó a 800 millones de usuarios registrados en 2023.

Aumento de la adopción de servicios de comunicación basados ​​en Internet

Zoom reportó ingresos de $ 1.1 mil millones en el cuarto trimestre de 2023. Los equipos de Microsoft tenían 320 millones de usuarios pagados en 2023.

• Voip Market proyectado para llegar a $ 145.76 mil millones para 2024
• Mercado global de telefonía de Internet que crece al 9.8% CAGR

Aparición de soluciones de conectividad alternativas

El tamaño del mercado mundial de Wi-Fi alcanzó los $ 10.5 mil millones en 2023. Starlink tuvo 2 millones de suscriptores en 2023.

Impacto potencial de las tecnologías emergentes

La base de suscriptores globales 5G alcanzó 1.400 millones en 2023. Se espera que el mercado de acceso inalámbrico fijo crezca a $ 21.4 mil millones para 2026.

• Las redes 5G cubren el 45% de la población global
• Acceso inalámbrico fijo que crece a una tasa anual del 13.5%

América Móvil, S.A.B. de C.V. (AMX) - Las cinco fuerzas de Porter: amenaza de nuevos participantes

Altos requisitos de capital para la infraestructura de telecomunicaciones

La inversión de infraestructura de telecomunicaciones de América Móvil en 2023 totalizó $ 4.86 mil millones. Los costos de implementación de infraestructura de red oscilan entre $ 500 millones y $ 2.1 mil millones por país.

Barreras regulatorias en los mercados de telecomunicaciones

América Móvil opera en 18 países con entornos regulatorios complejos. Los costos de adquisición de licencias de telecomunicaciones varían de $ 50 millones a $ 350 millones por país.

Cobertura de red establecida y economías de escala

La cuota de mercado de América Móvil en América Latina: 58.3% a partir de 2023. La cobertura de red alcanza el 92.4% en los mercados primarios.

Se necesita experiencia tecnológica compleja para la entrada al mercado

Las barreras tecnológicas incluyen:

• Costos de implementación de la red 5G: $ 500- $ 750 millones
• Licencias de espectro avanzado: $ 150- $ 300 millones
• Infraestructura de ciberseguridad: $ 75- $ 200 millones

Reconocimiento de marca fuerte y lealtad al cliente

Base de clientes de América Móvil: 285.4 millones de suscriptores en 2023. Las métricas de lealtad de marca indican 73.6% de tasa de retención de clientes.

América Móvil, S.A.B. de C.V. (AMX) - Porter's Five Forces: Competitive rivalry

You're looking at the competitive landscape for América Móvil, S.A.B. de C.V. (AMX) right now, and the rivalry force is definitely flashing red, especially where the money is made. The intensity in Mexico and Brazil is the main story here; these two markets alone represent the core of their revenue-generating units, making any competitive move there disproportionately impactful.

Your major rivals are well-established. In Brazil, you're battling Telefónica, which operates as Vivo, and in Mexico, AT&T remains a key challenger, alongside various other regional operators. This isn't a sleepy market; it's a constant fight for every subscriber and every peso of revenue. For instance, AT&T, América Móvil's closest competitor in Mexico, added 889,000 mobile users in Q4 2021, showing aggressive moves even a few years back.

Regulatory intervention is a constant headwind that can instantly change the competitive dynamic. We saw this clearly in Q2 2025 when your subsidiary, Telcel, was notified of a \$1.8 billion fine by the IFT for alleged anti-competitive practices in SIM card distribution. That's a massive financial hit that forces immediate strategic adjustments. The regulator imposed a fine of MXN$1,782.6 million.

To counter the pressure from rivals and regulatory costs, América Móvil is actively pivoting toward higher-margin services. This shift is showing up in the numbers. You saw mobile service revenue growth accelerate to 7.1% at constant exchange rates in Q3 2025. That's the best performance in two years, signaling a successful push for better-quality revenue streams over sheer volume in some areas.

Still, the market consolidation is happening alongside fierce price competition. The mass-market prepaid segment remains a battleground where margins get squeezed thin. While postpaid additions are strong-you added just over 3 million postpaid clients in Q3 2025-the prepaid side saw net disconnections of 31,000 subscribers in that same quarter.

Here's a quick look at the customer base dynamics in Q3 2025 that illustrate the focus areas:

• Postpaid client additions: Over 3 million total.
• Brazil postpaid additions: 1.5 million.
• Mexico postpaid additions: 98,000.
• Fixed broadband accesses gained: 526,000.
• Postpaid base year-over-year growth: 8.1%.

To give you a clearer picture of the scale in the key markets, consider the Q3 2025 financial snapshot:

The rivalry forces you to keep spending to maintain parity. For example, Telefónica invested US\$1.97 billion in its Vivo brand in Brazil in 2023 alone, just to keep pace. You have to match that capital intensity to defend market share, even as you try to extract more value from the existing base. Finance: draft the Q4 2025 capital allocation plan prioritizing postpaid/fiber ROI by next Wednesday.

América Móvil, S.A.B. de C.V. (AMX) - Porter's Five Forces: Threat of substitutes

You're looking at the substitution landscape for América Móvil, S.A.B. de C.V. (AMX), and honestly, the threat is sitting right in the moderate-to-high range. It's not an immediate crisis, but the digital alternatives are definitely gaining ground, especially in the legacy service areas. We see this pressure coming from two main directions: Over-The-Top (OTT) applications eating into traditional revenue streams and new infrastructure players, like satellite providers, chipping away at fixed broadband dominance in harder-to-reach spots.

The most direct hit comes from those messaging and calling apps. WhatsApp and Zoom, for example, have fundamentally changed how people communicate, which directly substitutes for América Móvil's traditional voice and SMS revenue. We saw this pressure clearly in the Q2 2025 results where fixed-voice services contracted by 1.6% year-over-year. Mobile prepaid also saw a dip, decreasing by 1.3% in that same quarter. While postpaid growth is strong, this erosion in legacy services shows the substitution effect is real and ongoing.

For fixed broadband in rural areas, satellite internet providers are an emerging, though still small, force. Starlink, for instance, is making serious inroads where laying fiber is tough. By the third quarter of 2025, their download speeds in the region jumped to 72.01 Mbps. While satellite services only accounted for about 1% of the Latin American broadband market revenue in 2024, generating $562 million, Starlink's global customer base hit 8 million by November 2025, with hundreds of thousands already in key América Móvil markets like Brazil and Mexico by late 2024. This segment is accelerating, so it's a threat we need to watch closely.

To counter the substitution threat in Pay TV, América Móvil is leaning hard into content bundling. It's a smart move because while the number of Pay TV units declined by 164 thousand in Q2 2025, the actual Pay TV revenue in that quarter only declined by 1.1%. Contrast that with the 10.1% year-over-year growth in Pay TV revenue reported in the fixed-line segment for Q2 2025, and you see the value-add is working to offset unit losses. Competitors are doing the same; Fitch noted that Televisa Group was expected to maintain a solid position based on an effective bundling strategy despite subscriber reductions. This suggests that including services like Netflix or Disney+ in packages helps lock in customers.

On the fixed-line side, the biggest substitute for older infrastructure is Fiber-to-the-Home (FTTH) itself, deployed by cable and utility companies. This technology is rapidly replacing older Digital Subscriber Line (DSL) services. Legacy DSL subscribers were decreasing at a nearly 15% annual rate through 2024. FTTH is the engine of regional growth, expanding at a massive 40%+ CAGR over the last decade. América Móvil is fighting back by upgrading its own network; in Mexico, for example, 83.7% of fixed broadband is already connected to fiber. Still, the overall fixed-voice segment is shrinking, as noted by the 1.6% contraction in Q2 2025.

Here's a quick look at the key substitution metrics we're tracking as of late 2025:

The core takeaway is that América Móvil is successfully migrating customers to higher-value, fiber-backed services, which helps offset the volume losses from pure substitutes like OTT messaging and legacy fixed lines. However, the threat from satellite broadband is a clear, emerging risk in rural footprints, and the Pay TV unit decline shows that pure streaming substitution is still a factor, even if revenue is temporarily propped up by bundling.

América Móvil, S.A.B. de C.V. (AMX) - Porter's Five Forces: Threat of new entrants

You're looking at the barriers to entry in the Latin American telecom space, and honestly, they are formidable for any potential competitor looking to challenge América Móvil, S.A.B. de C.V. (AMX). The threat of new entrants is low, primarily because the capital outlay required to even begin competing is staggering. For instance, América Móvil's board approved a capital expenditure (CapEx) budget of $6.7 billion for 2025, following a three-year guidance of US$22 billion for its entire operation. This level of continuous, massive investment in network modernization, 5G deployment, and fiber expansion sets a bar few can clear.

Scale is your best defense here, and América Móvil's operational efficiency, reflected in its financial performance, shows the benefit of that scale. The company posted an EBITDA margin of 40.3% in Q3 2025. That margin is a direct result of having already absorbed the massive fixed costs associated with building out a dominant footprint. New players don't just need capital; they need to match the existing infrastructure density, which is a massive hurdle.

Consider the physical network assets a new entrant would need to replicate. América Móvil operates 1,081,000 kilometers of fiber optic cabling, which passes approximately 81 million homes. On top of that, their submarine network extends over more than 189,000 kilometers, including the AMX-1 system. They are even expanding this with plans for a 197,000 km submarine cable network by 2025. You simply can't build that overnight, defintely not profitably in the near term.

Here's a quick look at the scale metrics that deter new competition:

Beyond the sheer financial weight, regulatory requirements act as significant non-financial barriers. Governments across Latin America, while pushing for digital inclusion, manage access to crucial resources like spectrum through auctions, which are costly and often favor incumbents with deep pockets. Furthermore, the regulatory landscape is complex and evolving; for example, Chile established a National Cybersecurity Agency and regulatory framework in March 2024. Any new entrant must navigate these country-specific rules, which can slow deployment and increase compliance costs substantially.

The key barriers new entrants must overcome include:

• Prohibitive cost of acquiring necessary spectrum licenses.
• Massive upfront investment in physical infrastructure.
• Navigating varied and complex national telecom regulations.
• Achieving the necessary scale to compete on price/service quality.

The existing infrastructure moat, backed by billions in annual CapEx, keeps the door firmly shut for most potential rivals.

Finance: draft 13-week cash view by Friday.