Apple clinches the top spot as the world’s most valuable brand. Seventeen Canadian brands, with a combined brand value of US $155.6 billion, feature in the Brand Finance Global 500 2024 ranking, recording an 11 percent year-on-year uplift in total brand value. 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.
TD retains its position as the most valuable Canadian brand and is the 100th most valuable brand in the world, with a brand value of USD 19.0 billion. Despite having gone from 93 to 100 in Global 500 ranking this year, TD exhibits robust performance in Brand Finance’s latest consumer research, especially around consideration and familiarity.
TD stands out as the most recognized banking brand in the country, enjoying familiarity from 72 percent of respondents. Thirty-one percent of individuals claimed to be currently using TD’s services, making it the most preferred banking brand in Canada. This steady market presence speaks to TD’s enduring appeal in the industry.
RBC (brand value up 11 percent to USD 16.4 billion) and Canada Life (brand value up 7 percent to USD 11.6 billion) round off the top 3 Canadian brands, sitting in 119th and 178th positions, respectively.
Brookfield is Canada’s fastest-growing brand this year, recording an impressive 29 percent brand value increase to USD 11.5 billion, simultaneously jumping 44 spots in the ranking to 183rd.
Apple has achieved exceptional brand value growth this year, increasing by USD 219 billion (74 percent) to USD 517 billion, reclaiming its title as the world’s most valuable brand by a huge margin.
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. It has maintained its position as the dominant player in the premium smartphone market, with 71 percent value share.
David Haigh, Chairman and CEO of Brand Finance, commented:
“Apple has grown its brand value through strategic diversification and premiumization, 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 percent of respondents recognized 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 percent to USD 44.5 billion) become the world’s fastest-growing brand. Microsoft (brand value up 78 percent to USD 340.4 billion) has also seen an impressive brand value increase, jumping up two spots to second 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.
Tesla (brand value down 12 percent to USD 58.3 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 percent to USD 12.1 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.
Brand Finance launched the Global 500 at Davos on the 17th of January 2024 in partnership with Infosys, the fastest-growing IT Services brand over the last five years.
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