Apple has reclaimed its crown as the world’s most valuable brand in an astounding leap of brand value, according to the latest findings from Brand Finance’s Global 500 2024 report.

David Haigh, Chairman and CEO of Brand Finance, lauds Apple’s strategic diversification. “Apple has significantly grown its brand value by reducing reliance on iPhone sales and expanding into wearables and services like Apple TV subscriptions,” he explains. Haigh’s remarks underscore the tech giant’s ability to maintain a premium pricing strategy, with more than half of consumers acknowledging Apple’s products as expensive but worth their value.

This year’s report also highlights the surging importance of Artificial Intelligence (AI) in brand valuation. NVIDIA, a leading chip supplier for AI technologies, has seen its brand value soar by 163% to USD44.5 billion, marking it the world’s fastest-growing brand. NVIDIA’s innovation and increasing public recognition have significantly contributed to this rise.

Contrastingly, Tesla faced a downturn, slipping to 18th place from the Top 10, with a 12% decrease in brand value. The electric vehicle giant, valued at USD58.3 billion, has encountered challenges in the Chinese EV market and reputational risks linked to CEO Elon Musk. Despite these setbacks, Tesla’s brand remains five times higher than BYD, the world’s largest EV maker by production volume. This disparity underscores the intrinsic power of brand equity in maintaining market value and supporting company growth.

Apple’s triumph in the Brand Finance Global 500 2024 report is not just a narrative of financial success; it’s a story of strategic foresight, adaptability, and the undying allure of a brand that has consistently captivated consumer imagination. As Apple continues to innovate and diversify, its journey offers invaluable lessons for businesses worldwide in brand resilience and growth.

For an in-depth view of the shifting landscapes of global brand valuations, the total Brand Finance Global 500 2024 report can be accessed here.