The COVID-19 pandemic over the past two years brought industries to a standstill in 2020 as lockdowns were initiated in many countries. Then, as things seemed to get better in 2021, a global shortage of microprocessors (as well as other parts) slowed production, especially of motor vehicles.
Nevertheless, in spite of having tough challenges to overcome and growing waiting lists of customers, the leading automotive brands still saw their brand values rise in 2021. In the Best Global Brands 2022 listing released by US brand consultancy Interbrand, the top 10 brand leaders in the auto sector remained largely unchanged, with increased values last year.
Sixth overall, Toyota again topped the list for the auto industry with its brand value rising 10% to US$59.757 billion after an 8% drop in the previous year’s list. Mercedes-Benz also maintained its position in second place and leader of the luxury brands. It was the only other auto company among the overall top 10 brands.
Third placed Tesla, which only began appearing on the Interbrand list from 2020, recorded the highest increase of 32%, raising its brand value to US$48.002 billion.
Hyundai Motor’s brand value rose 14% to $17.314 billion in 2022, placing it overall 35th for the second straight year but dropping one position in ranking among auto brands. This is Hyundai’s eighth consecutive year among the top 40 brands. Since entering the ranks of the top 100 companies in terms of brand value in 2005, the carmaker has remained in the top 100 for 16 consecutive years.
Overall, Apple held on to the No.1 position for its 10th consecutive year, while Microsoft moved up into second place, overtaking Amazon. For the first time the average brand value of Best Global Brand crossed US$3 trillion, a 16% rise from 2021 and the fastest rate of growth ever recorded. Technology brands continue to dominate the rankings, making up the top 5 brands in the table.
Interbrand has been researching and analysing the world’s most valuable brands since 1999. The top 100 are assessed on financial performance of each brand’s products or services, role of the brand in the purchase decision process, and strength of the brand with regard to securing future corporate earnings.
To be included in Best Global Brands, a brand must be global, and at least 30% of revenue must come from outside the brand’s home region. The brand must also have a significant presence in Asia, Europe, and North America.
