Apple has been given the title of ‘Most Valuable Brand’ and has overtaken Amazon for the first time in five years.
The news comes by way of MarketWatch, which reports that the value of Apple’s brand has risen 87 percent in the past year to reach a total of $263.4 billion. According to a global report from the Brand Finance Global 500 2021 Index, Apple’s rise was attributed to the company’s initiative to expand its subscription offering, diversifying the brand. Brand Finance also states that Apple’s rumoured ventures into the electric car business have played a part in its value.
This will be the first time in five years that Amazon does not hold the top spot. In August 2020, Apple became the first company to reach a $2 trillion market cap.
“As Apple reclaims the title of the world’s most valuable brand from Amazon five years since it last held the top spot, we are witnessing it Think Different once again. From Mac to iPod, to iPhone, to iPad, to Apple Watch, to subscription services, to infinity and beyond,” said Brand Finance Chief Executive David Haigh.
Amazon’s brand grew 15 percent to $254.2 billion as stay-from-home orders pushed e-commerce purchasing up significantly. Amazon has also been expanding its array of services and products, including introducing pharmaceutical services. Additionally, Amazon’s Halo fitness launched last year.
Although Apple has overtaken Amazon, there’s another company emerging as a possible usurper. Tesla is quickly becoming a possible competitor for the title in the next few years. In 2020, Tesla became the fastest-growing brand, rising 158 percent. As the company reports record sales and is expanding into new markets, Tesla could give both Apple and Amazon a run for their money in the future.
Other notable companies within the top five positions include Google, which sits at the third spot with a 1.4 percent rise in value. Microsoft saw a 20 percent rise, reaching a brand value of $140.4 billion and securing the fourth place spot. Samsung sits at the fifth spot with Walmart at sixth, and Facebook at seventh.