Seventeen Canadian brands, with a combined brand value of USD155.6 billion, feature in the Brand Finance Global 500 2024 ranking
TD is Canada’s highest ranked brand, brand value USD19.0 billion
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
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% 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 USD19.0 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 recognised banking brand in the country, enjoying familiarity from 72% of respondents. 31% 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% to USD16.4 billion) and Canada Life (brand value up 7% to USD11.6 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% brand value increase to USD11.5 billion, simultaneously jumping 44 spots in the ranking to 183rd.
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.
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.