Toyota is still the world’s most valuable automotive brand this year, according to the BrandZ Top 100 Most Valuable Global Brands study published by market researcher Millward Brown. Toyota's brand value in 2014 surged 21 percent to $29.6 billion, according to the study. Peter Walshe, Global BrandZ director at Millward Brown, said that the Japanese carmaker continues to be ‘very clever” about its brand, making it stand for quality and value.
He added that Toyota continues to have the “green agenda” as the hybrid leader in the auto industry and is doing well in managing the effects of its recalls in 2009 and 2010. He noted that while Toyota’s reputation declined during the recalls, it continues to recover “massively.”
Walshe added that Toyota increasingly viewed less as a foreign carmaker in “markets that matter. He noted that while there is a current issue with Japanese vehicles in China, the carmaker is perceived as an “indigenous brand” because of the jobs it brings to the United States and the United Kingdom.
He also quipped that Toyota remains known for great products despite the recalls. The study has been conducted for nine years, seven of which were dominated by Toyota. The only years Toyota failed to be on top were in 2010 and 2012. For this year, Toyota was followed by BMW and Ford.
Ford overtook Volkswagen and Nissan to become the third most valuable brand in 2014. Ford’s brand value leaped 56 percent to $11.8 billion, according to the study.
Walshe remarked that Ford’s big leap can be attributed to the brand’s success in meeting consumer expectations both locally and globally by taking actions like differentiating its technologies from those offered by rivals in ways that “matter most to the consumer.”
He quipped consumers are saying that they like the Ford brand since it doing things favorable to them. Walshe noted that Ford is become more a brand “that comes easily to consumers’ minds.”