Five of six Indian automotive companies from a list of top 100 Indian brands lost their brand value due to COVID-19 as per the latest Brand Finance India 100 2020 report.
Maruti Suzuki, India’s biggest car maker suffered a 27.1 percent drop in brand value as per the report. The brand of the Delhi-based carmaker, which is the most valued among the automotive pack, is valued at $2.8 billion down from $3.8 billion recorded in 2019. Maruti slipped eight positions in the ranking to settle at 19th from 11th
Munjal family-promoted Hero Motocorp, which is India’s biggest two-wheeler manufacturer, was the second most valued company from the automotive industry. However its brand value slipped 12.4 percent to $1.62 billion in 2020 compared to $1.85 billion recorded in 2019, according the report. The Delhi-based company also suffered a fall in ranking by five positions to 27th from 22nd.
Hinduja Group flagship Ashok Leyland which makes light and heavy trucks and buses also saw a brand erosion but to a lesser degree. Brand value of the Chennai-based company dropped 2.6 percent to $775 million during 2020 as against $796 million clocked in 2019. Ashok Leyland slipped six positions in the ranking to 39th from 33rd.
Motors-controlled Royal Enfield, the maker of niche motorcycles saw 23.4 percent drop in brand value to $551 million in 2020 compared to $719 million recorded in 2019. The Delhi-based company, which has bike brands like Classic and Thunderbird, suffered a massive 21 spot slippage in ranking to 58th from 37th.
Motherson Sumi, the only auto parts manufacturer in the top 100 list, saw 25.6 percent reduction in brand value to $332 million in 2020 as against $447 million in 2019. The company suffered the biggest drop in rankings to 86th from 63rd.
TVS Motor Company was a stand out in the valuation study as it was the only automotive company to clock a growth in its brand value. The Chennai-based two and three-wheeler maker gained 8.2 percent in brand value to $678 million in 2020 compared to $627 million in 2019. Despite this the brand suffered a drop of one position to 47th from 46th.
Find the full Brand Finance India 100 2020 Report here. Read our entire coverage on India' Most Valuable Brands 2020 here.
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