Home Business NewsBusinessAutomotive News Uber remains the world’s most valuable mobility brands at $29.7 billion

Uber remains the world’s most valuable mobility brands at $29.7 billion

by Thea Coates Finance Reporter
22nd Feb 24 7:55 am

Uber remains the world’s most valuable mobility brand, with a 28% increase in brand value to USD 29.7 billion, according to the latest report by Brand Finance, the world’s leading brand valuation consultancy.

Despite moderate revenue growth forecasts, Uber has achieved profitability for the first time, demonstrating the substantial value of its brand amidst a strategic shift towards profitability.

Uber’s brand strength also witnesses an improvement from 70.64 to 74.13.

Alex Haigh, Managing Director, Brand Finance, Asia Pacific said, “Uber’s agility in navigating market changes and leveraging brand strength for financial growth are indicative of an effective and modern approach to brand and business management.

“Uber’s brand value of nearly $30 billion is more than double the second-ranked brand, Enterprise, valued at $12.8 billion.

“The strategic adjustments in Uber’s business model, coupled with an acute understanding of consumer behaviour, have contributed to Uber’s increasing brand value, as evidenced by the company’s very comfortable position at the top of the 2024 ranking.”

Enterprise (brand value up 66% to USD12.8 billion) and Hertz (brand value up 27% to USD4.7 billion) maintain their positions as the second and third most valuable brands in the sector. Enterprise’s brand strength experienced a slight decrease, attributed to a fall in consumer familiarity and ESG-related performance.

In comparison, Hertz’s brand strength saw a marginal increase. Despite challenges with the Hertz app and a recent strategic shift towards conventional vehicles, Hertz performed well in recommendation metrics, reflecting positive consumer sentiment.

Bolt has seen the largest brand value increase in the sector, more than tripling last year’s value of USD138 million to USD457 million in 2024. This growth is underpinned by a modest increase in brand strength, from 63.58 to 64.2 and significant revenue growth.

Localiza has established itself as the strongest brand in its sector, with dramatic 90% growth in brand value to USD2.3 billion. Localiza’s strong foothold in key Brazilian markets, supported by robust financial performance, are also reflected in the company’s surging brand strength, with its Brand Strength Index (BSI) jumping from 66.41 to 78.47 year on year.

Brand Finance research reveals that customers not only prefer Localiza over competitors but are willing to pay a premium for its services, evidence of the brand’s market position and customer satisfaction.

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