Michelin has become the world’s most valuable tire brand following 30% brand value growth that generated $7.9 billion over the last year, according to the latest Brand Finance report.
It overtook Bridgestone (down 6% to $7.0 billion), which slipped from first to second place in the annual Brand Finance Tyres 10 ranking.
Brand Finance also said Michelin also has the strongest brand with a Brand Strength Index (BSI) score of 86.9 out of 100. According to the business valuation consulting company, sustainability and technology initiatives have strengthened the Michelin brand, including a concept for a 3-D-printed tire that can be adapted to road conditions and never needs replacing.
Alex Haigh, Director of Brand Finance, commented:
“A strong brand is about more than marketing,” said Alex Haigh, director of brand finance. “Michelin has started direct sales of tires to customers through retail outlets and the internet, a move that helps build a direct relationship with consumers, and allows the company to collect valuable data. It is also widening its sub-brand portfolio, allowing it to sell price-competitive tires and premium ones without cannibalizing market share.”
Below are the 2018 rankings for the most valuable tire brands.
To read the full report, click here.