American airlines dominated the latest list of the world’s  most valuable carriers compiled by brand valuation consultancy Brand Finance.

Delta retained its top spot for the sixth year running while American Airlines and United Airlines were second and third respectively and budget carrier Southwest was fifth.

Delta was estimated to be worth $10.8 billion, up 21%, American $10.2 billion, up 21%, United $8.7 billion, up 11%, and Southwest $5.4 billion, up 15%.

The only non-US brand to make the top five was Emirates which took fourth spot having seen its value rise 30% to $6.6 billion.

Savio D’Souza, valuation director at Brand Finance, said: “The sector has shown tremendous resilience with brand values for the top 50 brands growing by 39% since 2021, bouncing back to pre-pandemic levels.

“The outlook is expected to be challenging as supply constraints and an uncertain macroeconomic outlook leading to sectoral growth in the low single digits; It is precisely in these conditions where companies who have optimised their investment in brand will tend to outperform the market.”

As well as rating aviation brands based on value Brand Finance also rates them in terms of how “strong” they are based on a calculation of the brand’s performance.

On this rating, which feeds into the brand value calculation, Japanese flag carrier ANA came out on top with an AAA- rating followed by Indigo, Emirates, Japan Airlines and Singapore Airlines. Indigo and Emirates improved from sixteenth and twelfth last year.

The largest brand value improvements were by BA, Jet2.com and Emirates. Brand Finance said “they demonstrated impressive double-digit brand value increases in 2024, reflecting their commitments to excellence, customer satisfaction and strategic brand management in the ever-competitive global airline sector”.

BA and Jet2.com recorded the largest increases in brand value with a 45% climb to $3.2 billion and a 34% rise to $949 million, respectively. Emirates recorded the third largest brand value improvement with 30% growth.

Jet2.com’s performance saw the UK-based leisure carrier surge past its pre-pandemic brand value, while BA and Emirates have more or less recovered to pre-pandemic valuations.

Airline brands in the Middle East saw a significant rise in traffic, with total traffic in 2023 almost returning to pre-pandemic levels.

Aviation in the region was also expected to recover more quickly last year due to factors such as the ongoing expansion of the regional fleet, estimated to be 5.1% annually over the next ten years, a surge in travel to the region owing to the FIFA World Cup, and aggressive campaigns from Saudi Arabia to attract tourists.

Behind Emirates, the most valuable Middle Eastern airline was Qatar Airways (up 27% to $3.1 billion), Saudia (up 23% to $797 million) and Etihad Airways (up 7% to $754 million).

Brand Finance Global Brand Equity Monitor (GBEM) research also compiles a Sustainability Perceptions Index. In the airline sector, sustainability drives 6.5% of customer consideration.

The seven most valuable airline brands; Delta, American Airlines, United, Emirates, Southwest, BA and Qatar were also the top seven in this league table.

Brand Finance Airlines 50 report ranks the world’s most valuable airport brands. This year, London’s Heathrow Airportincreased its brand value by almost a quarter to $832 million which saw it reclaim its position as the world’s most valuable airport brand.

Last year’s top-ranked airport brand, Paris Aeroport, increased its brand value by only 13% to $779 million making it the second most valuable airport brand in the world.