Toyota has overtaken BMW to become the most valuable automotive brand, according to an annual ranking of the world’s top companies.
The Japanese manufacturing giant ranked 23rd in the 2013 BrandZ Top 100 Most Valuable Global Brands study released by research group Millward Brown, pipping its German rival by just one place.
Toyota’s brand value increased 12 per cent from the previous year to US$24.497 billion ($24.99 billion), helping it rise five positions, while BMW, down two per cent to US$24.015 billion ($24.50 billion), slipped one spot from 2012.
The study attributed some of Toyota’s rise to its rehabilitated reputation following reliability concerns stemming from multi-million-vehicle recalls earlier in the decade, and suggested BMW’s earnings had been impacted by the European slowdown.
Japanese and German brands dominated the automotive marques, with Mercedes-Benz (43), Honda (71), Nissan (86) and Volkswagen (100) all ranking inside the overall top 100, and Audi and Lexus ranking inside the industry top 10.
While Audi’s value increased more than any other car maker, up 18 per cent in 2013 to US$5.545 billion ($5.65 billion), Detroit-based Ford and South Korea’s Hyundai ranked seventh and ninth respectively.
Apple dominated at the top of the charts with a 2013 brand value of US$185.071 billion ($188.77 billion), leading Google – US$113.669 billion ($115.79 billion) – which leapfrogged IBM – US$112,536 billion ($114.79 billion) – into second position overall.
Top 10 automotive brands
2013 BrandZ Top 100 Most Valuable Global Brands