The US-based e-commerce giant Amazon reclaimed the title of the most valuable brand, according to a new report.
According to the report released by Brand Finance, a leading valuation and strategy consultancy group, Amazon regained the title despite a 15% drop in its brand value to $299.3 billion.
Amazon was the most valuable brand in the 2020 report with a value of $220.8 billion but lost ground to Apple in 2021 and 2022.
In the 2023 report, Apple was in second place with a value of $297.5 billion, down by 16.2% on a yearly basis.
In third place is Google with $281.4 billion, followed by Microsoft ($191.6 billion) and Walmart ($113.8 billion).
Among the top 10 firms included Samsung, ICBC, Verizon, Tesla and TikTok.
Among the top 10 companies, seven are from the US, two are from China and one is from South Korea.
David Haigh, the chairman and CEO of Brand Finance, said: “Technology brands across the world have lost significant value in response to shifting demand patterns.
“Inflation has affected brands across many sectors, but as consumer habits partially revert to pre-pandemic patterns, demand for the services of tech brands has been hit particularly hard.”
The US dominated the list of 500 most valuable brands with 201 brands ($3.98 trillion), followed by China with 79 brands ($1.43 trillion), Germany with 24 ($479.6 billion), Japan with 32 ($425.5 billion), and France with 31 ($331.2 billion).