- Apple achieves remarkable 74% growth in brand value
- AI booms with NVIDIA the world's fastest growing brand
- Deutsche Telekom enters the global top 10
- Tesla drops out of the top 10, falling to 18th
LONDON, Jan. 16, 2024 /PRNewswire/ -- 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.
Every year, leading brand valuation consultancy Brand Finance puts 5,000 of the biggest brands to the test. 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 sales have 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 a share of 71%.
David Haigh, Chairman and CEO of Brand Finance commented:
"Apple has grown its brand value through strategic diversification and premiumisation. 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".
NVIDIA (brand value up 163% to USD44.5 billion) become the world's fastest-growing brand.
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.
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, it also leads as the most valuable European brand.
Tesla (brand value down 12% to USD58.3 billion) has dropped out of the top 10, falling to 18th and BYD (brand value up 20% to USD12.1 billion) has now overtaken Tesla to become the world's largest EV maker.
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.
View the full Brand Finance Global 500 2024 report here
You can find full details of Brand Finance's methodology here along with frequently asked questions.
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