América Móvil, S.A.B. de C.V. (AMX): 5 Analyse des forces [Jan-2025 Mis à jour]

Dans le monde dynamique des télécommunications, América Móvil se dresse à un carrefour critique, naviguant dans un paysage complexe de perturbations technologiques, de concurrence féroce et de dynamique du marché en évolution. En disséquant le cadre des cinq forces de Michael Porter, nous dévoilons les défis stratégiques et les opportunités qui façonnent le positionnement concurrentiel d'AMX en 2024 - de la danse complexe avec les fournisseurs et les clients aux pressions croissantes des remplaçants technologiques et des nouveaux entrants potentiels. Cette analyse fournit un aperçu de rasoir sur les fondements stratégiques qui détermineront la résilience et la croissance d'América Móvil dans l'écosystème des télécommunications latino-américaines en transformant rapidement.

América Móvil, S.A.B. de C.V. (AMX) - Five Forces de Porter: le pouvoir de négociation des fournisseurs

Paysage des fabricants d'équipements de télécommunications

En 2024, le marché mondial des équipements de télécommunications est dominé par trois fabricants principaux:

Dépendance des infrastructures réseau

Les investissements à l'infrastructure du réseau d'América Móvil démontrent une dépendance importante des fournisseurs:

• Dépenses en capital en 2023: 4,2 milliards de dollars
• Pourcentage du budget alloué à l'infrastructure réseau: 65%
• Durée du contrat moyen avec les fournisseurs d'équipement: 5-7 ans

Exigences d'investissement technologique

Relations d'approvisionnement stratégiques

Métriques clés du partenariat technologique:

• Nombre de fournisseurs d'équipement primaires: 3
• Pourcentage de contrats à long terme exclusifs: 40%
• Fréquence de négociation annuelle: Biannuelle

América Móvil, S.A.B. de C.V. (AMX) - Les cinq forces de Porter: le pouvoir de négociation des clients

Base de clients diversifiés dans plusieurs pays d'Amérique latine

América Móvil opère dans 18 pays en Amérique latine, avec une clientèle de 289,1 millions d'abonnés mobiles au troisième trimestre 2023.

Sensibilité élevée aux prix à la consommation sur le marché des télécommunications

Coût du plan de données mobiles mensuel moyen en Amérique latine: 10,50 $. Part de marché mobile prépayé: 73% sur les marchés opérationnels d'AMX.

• Élasticité-prix de la demande: 1,2 dans le secteur des télécommunications
• Revenus mobiles mensuels moyens par utilisateur (ARPU): 6,80 $
• Intensité de la concurrence des prix: élevé

Demande croissante de services groupés et de plans mobiles flexibles

Taux de pénétration du service à triple jeu: 42% sur les principaux marchés d'AMX. Abonders des services groupés: 17,4 millions au troisième trimestre 2023.

Faible coût de commutation pour les services mobiles et Internet

Taux de portabilité du numéro mobile moyen: 15,3% par an. Taux de désabonnement du client: 2,8% par trimestre.

• Nombre d'opérateurs mobiles par marché: 4-6
• Coût moyen de résiliation du contrat: 15 $ à 25 $
• Il est temps de changer de fournisseur de mobiles: 24-48 heures

América Móvil, S.A.B. de C.V. (AMX) - Five Forces de Porter: rivalité compétitive

Paysage concurrentiel du marché

América Móvil fait face à une concurrence intense dans le secteur des télécommunications en Amérique latine avec des concurrents clés, notamment:

Analyse des parts de marché

América Móvil maintient position du marché dominant dans les télécommunications latino-américaines avec une rupture spécifique de parts de marché:

• Mexique: 65,4% de part de marché mobile
• Brésil: 24,6% de part de marché mobile
• Colombie: 38,9% de part de marché mobile
• Argentine: 32,7% de part de marché mobile

Investissement en infrastructure

Investissement d'infrastructure de télécommunications pour 2023-2024:

Métriques de la stratégie de tarification

Mesures de prix compétitives pour les services mobiles:

• Plan mobile mensuel moyen: 12,50 $
• Prix ​​du package de données: 0,03 $ par Go
• Part de marché prépayé: 71,3%

América Móvil, S.A.B. de C.V. (AMX) - Five Forces de Porter: menace de substituts

Popularité croissante des plateformes de communication excessives

WhatsApp a déclaré 2 milliards d'utilisateurs actifs mensuels dans le monde en 2023. Skype comptait 300 millions d'utilisateurs actifs mensuels. Telegram a atteint 800 millions d'utilisateurs enregistrés en 2023.

Adoption croissante de services de communication sur Internet

Zoom a rapporté un chiffre d'affaires de 1,1 milliard de dollars au quatrième trimestre 2023. Les équipes de Microsoft comptaient 320 millions d'utilisateurs rémunérés en 2023.

• Le marché VoIP prévoyait de atteindre 145,76 milliards de dollars d'ici 2024
• Le marché mondial de la téléphonie Internet augmente à 9,8% CAGR

Émergence de solutions de connectivité alternatives

La taille mondiale du marché Wi-Fi a atteint 10,5 milliards de dollars en 2023. StarLink comptait 2 millions d'abonnés en 2023.

Impact potentiel des technologies émergentes

La base mondiale des abonnés 5G a atteint 1,4 milliard en 2023. Le marché d'accès sans fil fixe qui devrait atteindre 21,4 milliards de dollars d'ici 2026.

• Les réseaux 5G couvrent 45% de la population mondiale
• L'accès sans fil fixe augmente à 13,5%

América Móvil, S.A.B. de C.V. (AMX) - Five Forces de Porter: menace des nouveaux entrants

Exigences de capital élevé pour les infrastructures de télécommunications

L'investissement des infrastructures des télécommunications d'América Móvil en 2023 a totalisé 4,86 ​​milliards de dollars. Les coûts de déploiement des infrastructures réseau se situent entre 500 et 2,1 milliards de dollars par pays.

Barrières réglementaires sur les marchés des télécommunications

América Móvil opère dans 18 pays avec des environnements réglementaires complexes. Les coûts d'acquisition de licences de télécommunications varient de 50 millions de dollars à 350 millions de dollars par pays.

Couverture de réseau établie et économies d'échelle

La part de marché d'América Móvil en Amérique latine: 58,3% en 2023. La couverture du réseau atteint 92,4% sur les marchés primaires.

Expertise technologique complexe nécessaire pour l'entrée du marché

Les barrières technologiques comprennent:

• Coûts de mise en œuvre du réseau 5G: 500 à 750 millions de dollars
• Licence avancée du spectre: 150 $ - 300 millions de dollars
• Infrastructure de cybersécurité: 75 $ à 200 millions de dollars

Solide reconnaissance de la marque et fidélité à la clientèle

América Móvil Base de clientèle: 285,4 millions d'abonnés en 2023. Les mesures de fidélisation de la marque indiquent un taux de rétention de la clientèle de 73,6%.

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.