Toyota has long been the world’s largest automaker, but it might not be the most valuable any more. A new report from market research group Millward Brown suggests that BMW has overtaken Toyota as the automotive sector’s most valuable brand. The new ranking comes from a report called BrandZ Top 100 Most Valuable Global Brands.
To determine brand value, Millward Brand takes into account earnings from branded products, the value of the brand itself, and how much impact the brand has on a company’s earnings. The company also interviews over two million consumers in more than 30 countries to help determine their impressions of some 50,000 product brands.
The market research group explained that BMW has succeeded by offering a solid, consistent brand message to customers, and backing it up with continually high-quality products. BMW also has seen great success with sales climbing in Asia, especially China.
Toyota now ranks second, and BMW’s main competitors Mercedes and Audi rank 3rd and 8th, respectively. Mercedes-Benz, Volkswagen and Audi were able to rise in the ranking successfully expanding their presence in Asia, especially in China, Walshe said. “The reason these three German brands are doing well is because German cars are benefitting tremendously from exports” to Asia, Walshe said.
Korean manufacturer Hyundai joined the Millward Brown ranking of the most valuable automotive brands for the first time this year, at ninth place with an estimated brand value of $3.6 million. That’s because the researchers found that Hyundai cars challenged competitors in several segments with strong styling, affordable pricing, and exciting styling. Volkswagen saw its brand value jump 15 percent, while parent Audi saw its value rise 23 percent.