Toyota has been ranked as the most valuable automotive marque by global brand equity database BrandZ in its Top 100 Most Valuable Global Brands 2013 report.
According to the report, Toyota’s brand value increased by 12% to $24.5bn (£16.2bn), lifting it above last year’s most valuable automotive brand, BMW, which fell 2% to $24bn.
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The report identified a 22.6% year-on-year rise to 9.75 million worldwide sales and an increasing customer affinity for hybrid vehicles as contributing to the growth in Toyota’s cachet.
BrandZ also mentioned that Toyota’s position as the most valuable brand meant that the company had recovered from its product recall in 2009/10.
Toyota’s luxury vehicle division, Lexus, which also has finance provided by Toyota Financial Services, retained its position as the 10th most valuable automobile brand.
The report was based on a survey of two million consumers in over 30 countries.
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