Lahore (NUT DESK)
Brand Finance has named Huawei among the top 10 most valuable brands for 2022 in its recently published Brand Finance Global 500 2022 report, jumping up 6 places from 2021 despite facing many unforeseen challenges.
The Chinese tech giant has ranked the world’s 9th most valuable brand for 2022. Its brand value improvement defies the odds amidst the heavy scrutiny it faces from the US.
Huawei managed to reclaim its place amongst the top 10 brands, despite its smartphone business suffering heavily from multiple US sanctions. Huawei however continues to provide various products to global consumers. Brand Finance attributes Huawei’s brand growth to its commitment to innovation, by heavily investing in domestic technology companies and R&D, as well as turning its focus to the electric car business while continuing to strengthen its cloud services.Huawei managed to reclaim its place among the top 10 most valuable brands in the world, following 29% growth to US$71.2 billion. Huawei’s smartphone business was hit hard by US sanctions, but it reacted positively by heavily stepping up investment in both domestic technology companies and R&D, as well as turning its focus to cloud services.
Although Huawei’s smartphone market share fell drastically, Huawei’s other businesses are facing exponential growth. Ever since Huawei got restricted by the US sanctions, the company has been branching out into other businesses, such as Smart TVs, Smartwatches and Smart Electric Cars as well. Huawei collaborated with the famous car manufacturer, Seres, to launch its premium hybrid electric smart car series, AITO, with the first model being the AITO M5.
Every year, Brand Finance puts 5,000 of the biggest brands to the test, and publish nearly 100 reports, ranking brands across all sectors and countries. The world’s top 500 most valuable and strongest brands are included in the annual Brand Finance Global 500 ranking – now in its 16th year.As a whole, the tech sector is once again revealed to be the most valuable industry, with a cumulative brand value of close to US$1.3 trillion in the Brand Finance Global 500 rankings.