Apple displaced Google to become the top brand in the world in 2018 while Facebook, mired in data breach controversies, fell to ninth place in the top 100 brands globally, an annual report said on Thursday.
According to global brand consultancy Interbrand's "Best 100 Global Brands 2018" report, Amazon achieved a 56 per cent growth to become the third top brand globally.
According to the ranking, Apple's brand value grew 16 per cent (year-on-year) to $214.5 billion. It went on to become the first company in the US to hit the $1 trillion market cap.
"In second place, Google was up 10 per cent to $155.5 billion while Amazon is valued at $100.8 billion," campaignlive.co.uk reported, citing the report findings.
Microsoft (valued at $92.7 billion) was fourth while Coca Cola (valued at $66.3 billion) came fifth followed by Samsung on sixth spot.
Facebook's brand value has declined 6 per cent this year in the wake of the Cambridge Analytica data scandal.
"A decade after the global financial crisis, the brands that are growing fastest are those that intuitively understand their customers and make brave iconic moves that delight and deliver in new ways," Charles Trevail, Global Chief Executive of Interbrand, was quoted as saying.
Spotify and Subaru made it to the global top 100 brand list for the first time.
Elon Musk's Tesla made into the top 100 in 2017 but lost the race this time owing to several controversies around the brand and its future.
When it comes to Apple, it has proved highly adept at maximising the value from its hero product, the iPhone, exemplified by its recent launches of the iPhone XS, XS Max and XR.
"At the same time, it is tapping into the desire for useful apps and services, with sales from its services division growing by 23 per cent to $30 billion in the 2017 fiscal year," said Mike Rocha, Global Managing Director at Interbrand Economics.
The Interbrand report values a company on the basis of the financial performance of the branded products or services, the role the brand plays in purchase decisions, and the brand's competitive strength and its ability to create loyalty.