Amazon has reclaimed its position as the world’s most valuable brand, according to Brand Finance’s Global 500 annual report.
Despite losing 15 per cent this year and falling more than US$50 billion in value, strong brand loyalty helped Amazon reclaim the number one position it previously held from 2018 until 2020.
David Haigh, Chairman and CEO of Brand Finance, said Amazon’s competitive edge comes from its ability to sell to both businesses and consumers.
“Our research has found that Amazon’s brand value comes from its strong position in both B2C and B2B sectors of the economy, as it is a key global market leader in the massive markets of both online retail and online cloud computing services,” he said.
Global emissions targets and consumer preferences shifting towards more sustainable choices saw electric vehicle (EV) manufacturers Tesla and BYD make significant gains.
Ranked number nine in the world, Tesla’s brand value was up 44 per cent to US$66.2 billion as it sold the most EVs in the world in 2022.
Budget EV manufacturer BYD is the fastest growing of all brands, rising 57 per cent to US$10.1 billion as consumers in the world’s largest market race to purchase affordable EVs.
“BYD continues the strong growth that has seen it as one of the world’s fastest-growing brands for several years now. Ranked among the leading electric vehicle manufacturers on the basis of its Chinese dominance, it is now expanding geographically – which opens up further room for growth,” said Haigh.
A distrusted goods supply chain and labour shortages put last year’s most valuable brand, Apple, in second.
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