Toyota’s Brand Value Seems Unstoppable; Mercedes-Benz Close to Unseating BMW
Yes, we’re talking #brands, because brand value is a point of pride for all companies, not just automakers. In the latest ranking of brand value, it seems Toyota needn’t worry about losing its lofty perch among automakers.
For the fourth year, the Japanese automaker beat out all other car companies in the 2017 BrandZ Top 100 Most Valuable Global Brands ranking published by market research company Kantar Millward Brown. Valued at $28.66 billion, Toyota sits in the 30th spot, one notch above Walmart. That’s two spots lower than last year’s rankings, something Toyota can blame on increase costs and a weak yen.
The ranking also contains good news for Ford and troubling news for BMW.
Bavaria’s most famous automaker was booted from the top spot among automakers in 2013, resting in second place ever since. However, competition from its main German rival is fierce. With a brand value of $24.56 billion, BMW’s status eroded significantly in the past year, placing third-place finisher Mercedes-Benz within striking distance of its podium. Mercedes received a brand valuation of $23.51 billion this year.
This year’s list sees Honda and Ford switch places, with the only Detroit Three entry moving up to fourth place. Rounding out the top 10 most valuable automakers are Nissan, Audi, Tesla, Land Rover and Porsche. Among the top global brands, Nissan ranks 100th. Tesla made its first appearance in the top 10 automakers last year, ranked in the last spot, making its rapid elevation newsworthy.
“The Tesla story is interesting because it is not just the cars it offers now, it is the promise for the future,” Peter Walshe, Global BrandZ director at Kantar Millward Brown, told Automotive News. â€œThere is a perception that it offers a fantastic brand experience, even among non-owners. The only other brands that Iâ€™ve seen have this kind of appeal before they got into mass market were Apple and Facebook.”
Promise for the future isn’t everything with would-be buyers, however. The actual experience of owning a high quality product counts for much more, which explains Toyota’s dominance of the segment. The automaker is “seen as a reliable, quality value brand,” said Walshe.
Kantar Millward Brown compiles its annual list fromÂ data gained from 3 million consumer interviews.
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June 6, 2017 at 05:02AM