This marks the first time in history that Huawei has entered top 10 of the list.
In the recently published Brand Finance Global 500 2020 report, Huawei is the third Chinese company on the list with a brand value of US$ 65.084 billion, up 4.5 per cent year-on-year.
“Clearly the next big opportunity for the telecoms industry, the 5G space is inviting fierce competition, with Huawei expanding into markets traditionally covered by Western providers. Despite sparking controversy, the Chinese giant is making clear headway, and with a brand value of US$65.1 billion, now counts among the world’s top 10 most valuable brands for the first time,” noted Brand Finance in the report.
With 205 companies accounting for 45.4 per cent of the top 500, US is the most represented economy in the ranking with a combined brand value of US$ 320.4 billion. China follows closely with 70 companies, equivalent to 18.9 per cent, and a combined brand value of US$ 133.4 billion.
The technology sector continues to draw the most attention as the most valuable sector. Of the 500 most valuable brands, 46 of them (14%) originated from the tech sector. Together, they have a combined brand value of US$ 986.5 billion. Huawei is the sole Chinese tech brand among the top 10 most valuable brands.
Additionally, the report remarked that Huawei’s brand value growth can be attributed to its commitment to innovation to continually improve product competitiveness and consumer experience.
Looking at the future, Huawei remains committed to the all-scenario strategy. Richard Yu, CEO of Huawei Consumer Business Group, said: “The all-scenario strategy will remain the primary focus of Huawei for the next five to 10 years. We are steadfast in our commitment to creating an integrated ecosystem, in which tablets, PCs, VR devices, wearables, smart displays, smart speakers, cars, and IoT devices are all connected to smartphones to deliver a truly seamless user experience.”