The Financial Express
As many as eight Indian automotive companies have been named among the top 100 most-valuable auto brands in the world, according to a report released by global valuation consultancy, Brand Finance. Among the top 10 strongest global tyre brands, Indian manufacturer MRF is ranked second after French company Michelin, while Apollo Tyres finds a place at six.
Within the 100 most-valuable auto brands globally, Mahindra & Mahindra has climbed up 12 ranks to reach number 30, also making it the top Indian brand in the list. The other Indian names to have featured in the top 100 most valuable brands are Maruti Suzuki (40), Bajaj Auto (48), Hero MotoCorp (52), Tata Motors (61), TVS Motor Co (76), Ashok Leyland (78) and Royal Enfield (79). Mahindra is also the sole Indian brand in the top 20 list of fast growing automobile brands.
In addition to measuring overall brand value, Brand Finance also evaluates the strength of brands that are based on factors like marketing investment, loyalty, staff satisfaction and corporate reputation. Indian multinational motorcycle brand, Royal Enfield has shown tremendous gains in brand strength and has been ranked fourth in the list of strongest automobile brands, trailing behind formidable global giants like Ferrari, Lamborghini and Porsche who have the first three ranks respectively.
Other Indian names among the top 10 strongest brands are Tata Motors (no 8), which recorded its best sales in a calendar year in 2022, and Maruti Suzuki (9). Toyota, Rolls Royce, Bentley and McLaren are some of the others that made the top 10 strongest brands.
Among the tyre brands, MRF has been ranked the strongest in Asia and is at number 13 among the world’s most-valuable tyre brands, while Apollo Tyres is at 15.
Ajimon Francis, managing director at Brand Finance India talks about the factors that have propelled the success of Indian brands in the last year. “We are seeing a trend where Indian brands in the auto and tyres categories are really gearing up in terms of innovation and marketing to stand on a par with leading international brands. Mahindra has seen gains over the last year because of product innovation, while Tata Motors has seen a jump because of its work in the electric vehicles (EV) space. Royal Enfield underwent a product portfolio refresh, which has created a huge affinity among consumers. It has done well on all the brand strength parameters, which is why it is at rank four,” says Francis, pointing out that Brand Finance evaluates over 25 different parameters for each brand to determine their strength rankings.
As per industry reports, India this year became the world’s third-largest auto market after China and the US.
Elon Musk’s electric vehicle brand, Tesla has been named the most-valuable automotive brand globally in the Brand Finance ranking, recording a 44% surge in its brand value to reach $66.2 billion in 2022. Tesla’s brand value has grown by over five times its pre-pandemic value, enabling it to overtake Mercedes-Benz and last year’s leader Toyota, which are ranked two and three respectively.
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