América Móvil, S.A.B. de C.V. (AMX): 5 forças Análise [Jan-2025 Atualizada]

No mundo dinâmico das telecomunicações, a América Móvil está em uma encruzilhada crítica, navegando em uma complexa paisagem de interrupção tecnológica, concorrência feroz e dinâmica de mercado em evolução. Ao dissecar a estrutura das cinco forças de Michael Porter, revelamos os desafios e oportunidades estratégicas que moldam o posicionamento competitivo do AMX em 2024 - desde a intrincada dança com fornecedores e clientes até as crescentes pressões de substitutos tecnológicos e possíveis novos participantes de mercado. Esta análise fornece uma visão do Sharp Razor sobre os fundamentos estratégicos que determinarão a resiliência e o crescimento de América Móvil no ecossistema de telecomunicações da América Latino-Americana.

América Móvil, S.A.B. de C.V. (AMX) - As cinco forças de Porter: poder de barganha dos fornecedores

Paisagem dos fabricantes de equipamentos de telecomunicações

A partir de 2024, o mercado global de equipamentos de telecomunicações é dominado por três fabricantes primários:

Dependências de infraestrutura de rede

Os investimentos em infraestrutura de rede da América Móvil demonstram confiança significativa no fornecedor:

• Despesas de capital em 2023: US $ 4,2 bilhões
• Porcentagem de orçamento alocado à infraestrutura de rede: 65%
• Duração média do contrato com fornecedores de equipamentos: 5-7 anos

Requisitos de investimento em tecnologia

Relacionamentos estratégicos de fornecimento

Métricas principais de parceria tecnológica:

• Número de fornecedores de equipamentos primários: 3
• Porcentagem de contratos de longo prazo exclusivos: 40%
• Frequência anual de negociação: Bianual

América Móvil, S.A.B. de C.V. (AMX) - As cinco forças de Porter: poder de barganha dos clientes

Base de clientes diversificados em vários países latino -americanos

A América Móvil opera em 18 países da América Latina, com uma base de clientes de 289,1 milhões de assinantes móveis a partir do terceiro trimestre de 2023.

Alta sensibilidade ao preço do consumidor no mercado de telecomunicações

Custo médio do plano de dados móveis mensal na América Latina: US $ 10,50. Participação de mercado móvel pré -pago: 73% nos mercados operacionais da AMX.

• Elasticidade da demanda de preços: 1,2 no setor de telecomunicações
• Receita Médica Monthal Média por Usuário (ARPU): $ 6,80
• Intensidade da concorrência de preços: alta

Crescente demanda por serviços agrupados e planos móveis flexíveis

Taxa de penetração de serviço triplo: 42% nos mercados primários da AMX. Assinantes de serviço em pacote: 17,4 milhões a partir do terceiro trimestre de 2023.

Custos de comutação baixos para serviços móveis e de Internet

Taxa média de portabilidade do número de celular: 15,3% anualmente. Taxa de rotatividade de clientes: 2,8% ao trimestre.

• Número de operadoras móveis por mercado: 4-6
• Custo médio de rescisão do contrato: US $ 15 a US $ 25
• Hora de mudar de fornecedor de dispositivos móveis: 24-48 horas

América Móvil, S.A.B. de C.V. (AMX) - As cinco forças de Porter: rivalidade competitiva

Cenário competitivo de mercado

América Móvil enfrenta intensa concorrência no setor de telecomunicações na América Latina com os principais concorrentes, incluindo:

Análise de participação de mercado

América Móvil sustenta posição de mercado dominante Em Telecomunicações Latino -Americanas, com divisão específica de participação de mercado:

• México: 65,4% de participação de mercado móvel
• Brasil: 24,6% de participação de mercado móvel
• Colômbia: 38,9% de participação de mercado móvel
• Argentina: 32,7% de participação de mercado móvel

Investimento de infraestrutura

Investimento de infraestrutura de telecomunicações para 2023-2024:

Métricas de estratégia de preços

Métricas de preços competitivos para serviços móveis:

• Plano móvel mensal médio: US $ 12,50
• Preço do pacote de dados: US $ 0,03 por GB
• Participação de mercado pré -pago: 71,3%

América Móvil, S.A.B. de C.V. (AMX) - As cinco forças de Porter: ameaça de substitutos

Crescente popularidade das plataformas de comunicação exageradas

O Whatsapp reportou 2 bilhões de usuários ativos mensais globalmente em 2023. O Skype tinha 300 milhões de usuários ativos mensais. O telegrama atingiu 800 milhões de usuários registrados em 2023.

Aumentando a adoção de serviços de comunicação baseados na Internet

O Zoom registrou receita de US $ 1,1 bilhão no quarto trimestre de 2023. As equipes da Microsoft tiveram 320 milhões de usuários pagos em 2023.

• O mercado de VoIP se projetou para atingir US $ 145,76 bilhões até 2024
• Mercado global de telefonia na Internet crescendo a 9,8% CAGR

Surgimento de soluções alternativas de conectividade

O tamanho do mercado global de Wi-Fi atingiu US $ 10,5 bilhões em 2023. O Starlink teve 2 milhões de assinantes em 2023.

Impacto potencial das tecnologias emergentes

A base de assinantes globais 5G atingiu 1,4 bilhão em 2023. O mercado de acesso sem fio fixo deve crescer para US $ 21,4 bilhões até 2026.

• As redes 5G cobrem 45% da população global
• Acesso sem fio fixo crescendo a 13,5% de taxa anual

América Móvil, S.A.B. de C.V. (AMX) - As cinco forças de Porter: ameaça de novos participantes

Altos requisitos de capital para infraestrutura de telecomunicações

O investimento em infraestrutura de telecomunicações da América Móvil em 2023 totalizou US $ 4,86 ​​bilhões. Os custos de implantação de infraestrutura de rede variam entre US $ 500 milhões e US $ 2,1 bilhões por país.

Barreiras regulatórias em mercados de telecomunicações

América Móvil opera em 18 países com ambientes regulatórios complexos. Os custos de aquisição de licença de telecomunicações variam de US $ 50 milhões a US $ 350 milhões por país.

Cobertura de rede estabelecida e economias de escala

A participação de mercado da América Móvil na América Latina: 58,3% a partir de 2023. A cobertura da rede atinge 92,4% nos mercados primários.

Experiência tecnológica complexa necessária para entrada de mercado

As barreiras tecnológicas incluem:

• Custos de implementação de rede 5G: US $ 500 a US $ 750 milhões
• Licenciamento avançado de espectro: US $ 150 a US $ 300 milhões
• Infraestrutura de segurança cibernética: US $ 75 a US $ 200 milhões

Forte reconhecimento de marca e lealdade do cliente

Base de clientes Amérrica Móvil: 285,4 milhões de assinantes em 2023. As métricas de fidelidade da marca indicam 73,6% da taxa de retenção 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.