According to a report by leading brand valuation consultancy Brand Finance, Tesla has been the fastest growing car brand amongst worldwide automobile brands, over the course of the pandemic.
The brand’s impressive growth has continued this year, with its brand value up 44% to $46.0 billion, moving it from 6th to 3rd in the Brand Finance Automobile 100 2022 ranking.
Tesla was the only brand in the top 10 of the ranking to see significant growth this year. In this blog post, we’ll take a closer look at the report’s findings.
Tesla has seen impressive growth over the past two years, with its brand value increasing by 271% in 2022 and 44% in 2021. This growth has been driven in part by the charismatic and controversial behavior of its CEO, Elon Musk, and the brand’s focus on electric vehicles and add-on and subscription services.
Chinese brands also saw significant growth, with eight of the top 10 fastest-growing brands in the ranking coming from China.
Toyota maintained its position as the world’s most valuable and strongest automobile brand, with Volkswagen and Mercedes-Benz rounding out the top five.
Fastest-growing Auto Brands
Tesla has been the fastest growing automobile brand over the past two years, with a brand value growth of 271% according to the latest report by leading brand valuation consultancy Brand Finance.
In 2022, Tesla’s brand value increased by 44% to reach $46.0 billion, which saw it move from 6th to 3rd in the Brand Finance Automobile 100 ranking. Tesla was the only brand in the top 10 of the ranking to see significant growth this year.
Tesla’s CEO, Elon Musk, has played a major role in the brand’s growth, with his charismatic and at times controversial behavior keeping it in the public eye.
In 2021, Tesla increased its presence in China by opening a research and development center and a data center at its Gigafactory in Shanghai, as well as building a second delivery center in the city.
Looking ahead to 2022, Tesla announced that it will not be launching any new models this year due to the global chip shortage, but will instead focus on its full self-driving software and scaling up production capabilities.
Add-on and subscription services are expected to become more popular in the automotive industry in the future, and Tesla is leading this shift with its full self-driving software, which the brand estimates may eventually surpass the value of the car itself
Chinese Automobile Brands
Chinese brands accounted for eight of the top 10 fastest-growing brands in the Brand Finance Automobile 100 2022 ranking, and even though none of them made it to the top ten, these brands are ones to look out for in the future.
These Chinese car brands are growing in value, mainly thanks to the increasing popularity and adoption of electric vehicles in China.
Several Chinese brands are looking to expand their global presence, with several launching in Europe in the past few years.
Great Wall was the fastest-growing brand in the ranking this year, with a brand value increase of 109% to $2.6 billion. BYD was the second-fastest growing brand, with its brand value doubling to $6.4 billion, overtaking Haval (brand value up 55% to $6.1 billion) to become China’s most valuable car brand.
Toyota Still Leading
Toyota maintained its position as the world’s most valuable and strongest automobile brand, with a brand value of $47.9 billion and a brand strength rating of AAA+.
Volkswagen and Mercedes-Benz rounded out the top five, with brand values of $34.7 billion and $32.9 billion, respectively.
Mercedes-Benz has maintained its position in second place, but German automobile brands saw a decrease in brand values in this year’s ranking.
Ferrari maintained its title as the world’s strongest automobile brand with an elite AAA+ brand strength rating, even though in terms of brand dollar value it only placed in 17th position.
Porsche was named the most valuable brand in the luxury and premium segment and placed 6th overall in the brand value rankings.
Japan’s Denso has topped the Brand Finance Auto Components 25 2022 ranking for the fifth consecutive year, with a brand value of $4.2 billion.
Michelin has been named the world’s most valuable and strongest tyre brand for the fifth year in a row, according to the Brand Finance Tyres 15 2022 ranking, with a brand value of $7.7 billion.
SIXT was the fastest-growing brand in the Brand Finance Car Rental Services 10 2022 ranking, with a brand value increase of 115%.
For more Brand valuation rankings check out our site’s Brand section.