Brand Finance's latest Engineering Top 50 ranking highlights the resilience of the global engineering sector in a time of ongoing economic uncertainty. Almost three-quarters of the brands in this year's table have increased their brand values, as infrastructure funding and demand continue to rise across the globe. Key drivers of growth across the Engineering sector include production innovations, such as enhanced technological capabilities and use of AI, as well as an increasing focus on sustainability.
China remains the dominant market in the sector this year, despite a slight drop in overall brand value. Slower urbanization has given way to slower infrastructure growth, while large engineering projects continue across the country. A key factor underpinning the growth of Chinese Engineering brands this year is their high brand strengths, driven primarily by the high levels of trust, recognition, and familiarity they enjoy in their home market.
That said, the US has the most brands in this year’s Engineering table and has seen an overall increase in its brand value. As increased funding and demand continue to boost construction confidence, US engineering brands continue to lead the way with their focus on rapid innovation, technology, and environmental stewardship.
CSCEC retains title as the world's most valuable engineering brand, despite losing brand value, valued at US$30 billion
The world’s largest engineering contractor, CSCEC, (brand value down 6% to USD30 billion) is also the world’s most valuable Engineering brand for the fifth year running. CSCEC’s slight decline in brand value is due to weaker financial forecasts and lower predicted revenue growth. These predictions stem from broader challenges affecting the global Engineering sector in an uncertain economic climate, including decreased government infrastructure investment, supply chain disruptions, and decreased consumer confidence in homebuying.
That said, CSCEC’s position at the top of the ranking can be attributed to a 4.6-point rise in its brand strength index score to 81/100, and a corresponding AAA- rating. This increase in brand strength is driven by new research metrics from Brand Finance’s Global Brand Equity Monitor, in which CSCEC has performed well, notably in the attributes ‘Brand I Admire’ and ‘Positive Contribution’ within the Reputation category. CSCEC's brand strength has been further bolstered by improved familiarity and ESG scores, as it continues to advance the development of a green, modern city with a focus on sustainable development.
Notable achievements contributing to the brand’s sustained strength include its involvement in the 19th Asian Games, for which it helped to construct high-quality venues and facilities. These constructions adhered to concepts of new development, environmental protection, and low carbon efficiency, as well as incorporating aspects of regional culture into the designs. In addition to boosting perceptions of the brand’s expertise in sustainable design, the project has further strengthened the domestic and international influence of the "Built by China" brand.
Richard Haigh, Managing Director at Brand Finance, commented,
"CSCEC's continued dominance as the world's most valuable engineering brand underscores its robust presence, trusted reputation, and familiarity both in China and internationally. However, this year's results also highlight the dominance of major markets like the US, with American engineering brands making signficant strides in innovation and environmental leadership. As sustainability in particular continues to become an increasing imperative, Chinese giants like CSCEC must double down on innovation while also meeting local demands for sustainability, to retain their strong reputations."
D.R. Horton is the fastest-growing engineering brand, with brand value up 47% to US$7.8 billion
American engineering brand D.R. Horton (brand value up 47% to USD7.8 billion) has raised its position in the ranking from 25th to 14th place, driven primarily by strong financial performance. Amidst economic uncertainties in its local market, the company’s strategic focus on affordable entry-level homes has been a key driver of growth. With anticipated decreases in mortgage rates for 2024 expected to boost consumer confidence and, as such, housing demand, analysts foresee sustained revenue growth for the brand.
D.R. Horton has cultivated a strong brand reputation in the U.S. by focusing on reasonably priced, entry-level homes, strategic positioning that has bolstered brand value as homebuyers grapple with rising house costs. The brand has also seen a slight uptick in its brand strength index score, driven by positive performance in Brand Finance’s research metrics, ‘Brand I Admire’ and ‘Positive Contribution.’ These results affirm D.R. Horton’s widely positive perception in its domestic market.
D.R. Horton has also improved its position in the ESG metric of Brand Finance's research, with slightly higher scores across the community, environment, and governance categories, an indication that the brand is perceived as becoming more engaged with ESG initiatives. According to the company, all homes closed in 2023 featured LED lighting, tankless water heaters, energy efficient windows, and programmable thermostats. From a branding perspective, these features are good for the environment and reduce homeowner costs, factors aligned with D.R. Horton’s corporate mission to provide homes that are both sustainable and affordable.
John Deere reigns supreme as the strongest engineering brand, maintaining its AAA rating
John Deere (brand value up 4.5% to USD11.3 billion) has maintained its position as the global Engineering sector’s strongest brand, with a BSI of 87.6/100, corresponding to an impressive AAA rating. Its brand strength has risen due strong performance in new research metrics, ‘Brand I Admire’ and ‘Positive Contribution.’ With over 180 years of experience producing durable, innovative agricultural and construction equipment, John Deere's reputation for quality among local consumers remains strong, as evidenced by this year's results.
This past year, John Deere has maintained its commitment to impactful outcomes for customers through product innovation, including AI and automation, and environmental initiatives, resulting in a stronger score in the sustainability metric of our research. The brand’s environmental stewardship is aligned with its LEAP ambitions, aimed at creating economic value through sustainability. The brand is making progress on these goals, for example, by reducing its Scope 1 and Scope 2 emissions by 15% by focusing on renewable energy sources.
More recently, John Deere was presented with three 2023 AE50 Awards for outstanding innovations that improve production agriculture. It was also named a CES 2024 Innovation Awards Honoree in the Sustainability, Eco-Design, & Smart Energy Category for the John Deere Operations Center™ (Operations Center) Sustainability Tools.’ This is the company’s fifth consecutive Innovation Award from the Consumer Technology Association (CTA). This cloud-based platform is designed to empower farmers to make data-driven decisions that balance productivity with environmental stewardship. This innovative endeavour has further bolstered John Deere’s commitment to advancing sustainable farming practices.
China National Building Material (CNBM) improving in ranking, increasing its brand value and strength
CNBM (brand value up 2% to USD9.1 billion) has also risen one rank in the latest Engineering table tp 13th place. Its brand strength index score has more impressively risen from 72.2 to 77.9, improving its rating from AA to AA+. This growth is largely fuelled by stronger performance across the familiarity, employee, environment, governance, and reputation metrics. CNBM also scored well on new metrics including ‘Brand I Admire’ and ‘Positive Contribution.’ These results affirm that the brand is widely perceived as having a positive impact on society by local consumers, which it maintains through product innovation and a heightened focus on sustainable engineering.
A testament to the brand’s success, three CNBM projects and one joint project won China's 2022-2023 National Quality Engineering Award in 2023. CNBM was also named a Top 30 ESG Excellence Practice in China, in recognition of its enhanced sustainability efforts. The brand also signed a cooperation agreement with tech giant Huawei in 2023, enabling the brands to collaborate in the fields of research, innovation, and sustainable development. This strategic partnership with a world-renowned brand is likely to further boost CNBM’s familiarity and reputation on a global scale.