Apple clinches top spot as world’s most valuable brand, outshining Amazon, Google, and Microsoft
- Apple achieves remarkable 74% growth in brand value, reclaiming its title as the world’s most valuable brand by huge margin
- Artificial Intelligence sector booms with NVIDIA brand value surging 163%, becoming the world’s fastest growing brand
- Europe’s most valuable brand, Deutsche Telekom, secures the world’s top telecom position and a spot in the global top 10
- Tesla drops out of top 10, falling to 18th
- Consumer cutbacks challenge high street brands
Apple has achieved exceptional brand value growth this year, increasing by USD219billion (74%) to USD517 billion, reclaiming its title as the world’s most valuable brand by a huge margin.
Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries. The world’s top 500 most valuable and strongest global brands are included in the annual Brand Finance Global 500 2024 ranking.
Apple has achieved a remarkable brand value increase, even as iPhone volume share has largely plateaued, as its strategy of finding new markets, expanding its ecosystem, and encouraging upgrades to higher-value iPhones has been highly effective. Apple has maintained its position as the dominant player in the premium smartphone market, with 71% value share.
David Haigh, Chairman and CEO of Brand Finance commented:
“Apple has grown its brand value through strategic diversification and premiumisation, moving away from heavy reliance on iPhone sales towards ventures into wearables and services such as Apple TV subscriptions. According to our research, more than 50% of respondents recognised Apple as expensive, but worth the price, reinforcing the brand’s ability to demand a price premium”.
Brand Finance research found significant gain amongst brands that have heavily invested in AI, seeing NVIDIA (brand value up 163% to USD44.5 billion) become the world’s fastest-growing brand. Microsoft (brand value up 78% to USD340.4 billion) has also seen an impressive brand value increase, jumping up two spots to 2nd place.
A key supplier of chips in the AI space, NVIDIA is perceived as highly innovative while familiarity, consideration, and recommendation levels all increased year-on-year, according to Brand Finance research. The brand’s overall performance firmly positions NVIDIA as a front-runner in the AI chip market, demonstrating a successful balance between innovation and market adaptation.
Deutsche Telekom (brand value up 17% to USD73.3 billion) has claimed the title as the world’s most valuable telecoms brand, surpassing Verizon (brand value up 6% to USD71.8 billion). Ranked 9th globally, Deutsche Telekom also leads as the most valuable European brand.
Deutsche Telekom’s customer momentum, driven by network strength, has boosted group service revenues, while successful fibre deployment in Europe, alongside 5G leadership in the US, have enhanced connectivity perceptions. Brand Finance research highlights Deutsche Telekom’s leadership in customer satisfaction metrics, driving a Brand Strength Index increase to 83/100. This consistent global brand delivery is reinforced by the introduction of Deutsche Telekom’s unified global claim, “connecting your world,” completing its Global Brand Strategy with heightened international focus and customer perspective.
Tesla (brand value down 12% to USD58.3 billion) has dropped out of the top 10, falling to 18th place in the ranking. Tesla has been harmed by its large exposure to the Chinese EV market, and BYD (brand value up 20% to USD12.1 billion) has now overtaken Tesla to become the world’s largest EV maker. While Tesla’s brand strength remains high overall, rated AAA-, Brand Finance research shows a significant fall in reputation. Tesla’s close association with Elon Musk, a controversial leadership figure, creates added reputational risk for the brand.
That said, despite BYD’s greater production volume, Tesla’s brand value is five times that of BYD. This highlights the enduring significance of brands as corporate assets, allowing Tesla to command a price premium, support its company value, and potentially fuel renewed growth.
High street brands experienced a downturn trend as consumers continued to cut back on indulgence in recreational sectors. As inflation and cost of living rates have remained high, consumers are spending less on discretionary purchases. Brand Finance’s research found consumer-facing sectors overall brand values declined, including cosmetics and personal care (down 9%), food (down 15%), restaurants (down 3%), retail (down 4%), and spirits (down 6%).
Brand Finance is launching the Global 500 at Davos on the 17th of January 2024 in partnership with Infosys, the fastest growing IT Services brand over the last 5 years.