Brandz Top 100 (Most valuable Global Brands 2018) has a new entrant in the top 10 car brands category. The report elaborates, ‘ In another breakthrough,
an Indian brand, Maruti Suzuki, entered the 2018 Brandz Car Top 10. It is the first time an Indian brand appeared in the automobiles category.
Global trends establish that car manufacturers have in recent times been riding high on the back of SUVs, being the model of choice, worldwide. Current trends have also seen auto manufacturers invest in and develop car-sharing, ride-sharing businesses, and other mobility solutions. Despite affinity towards SUV’s and luxury bits, car sales though true, has been slower in most regions.
For Maruti Suzuki India, its new premium segment, Nexa has helped catapult the Indian manufacturer onto a global listing. Maruti Suzuki continues to outpace Indian car market growth basis its Nexa premium dealership network that sells affordable luxury models. The business model meets aspirations of the rising middle class, especially among young people. Under the Nexa model, Maruti Suzuki sells S Cross, Baleno, Baleno RS, Ciaz, Ciaz S, and Ignis. To tap into this potential buyer group, Maruti Suzuki has has worked on digital aspects of sales and service across the company, including its premium and mid-market models.
In terms of building equity, brands have unique propositions. Tesla despite limited distribution has built brand equity on ‘Brand Promise’ with a score of 268 in being Different—268. In comparison, Maruti Suzuki a first timer, scores 134 on being Different. However the brand scores higher for being Meaningful and Salient at 181 and 221, over Tesla’s 84 and 60, respectively. Maruti Suzuki’s brand equity reflects its optmistic brand delivery.
There are 8 Brands in the 2018 Brandz Car Top 10 list that were on the list in 2017 too. Brand valuation stands as follows –
1 – Toyota USD 29,987 bn;
2 – Mercedes-Benz USD 25,684 bn;
3 – BMW USD 25,624 bn;
4 – Ford USD 12,742 bn;
5 – Honda USD 12,695 bn;
6 – Nissan USD 11,425 bn;
7 – Audi USD 9,630 bn;
8 – Tesla USD 9,415 bn;
9 – Maruti Suzuki USD 6,375 bn; and
10 – Volkswagen USD 5,986 bn.
9 of the 10 companies on the top 10 list have improved valuation for the year except Ford with a decline of 2 percent valuation. Maruti Suzuki and Volkswagen are both listed as new. The former on account of it being there for the first time, and latter because of its omission from the list owing to the emission scandal. Interestingly buyers continue to trust Volkswagen cars and have assigned blame for it to VW Corp.