Japanese carmaker Toyota outranked German automaker BMW as the world’s most valuable car brand. The value of car giants Toyota, Mercedes-Benz, Audi, and Hyundai improved by high percentages compared with 2012’s, as demands in the United States and China get stronger. This is according to the BrandZ Top 100 Valuable Global Brands study by Milward Brown.
The value of the Japanese carmaker climbed 12 percent to $24.5 billion due to big inroads in the hybrid market. On the other hand, BMW’s brand value declined by 2 percent to $24 billion. Experts say this is because the company lacks new product releases compared with recent years. Pete Walshe, the global brand director of Millward Brown, said the car brands that grew the most were the ones that released the most models. He added that the German car brand remains a very powerful and distinctive brand. BMW was the most valuable car brand in the years 2010 and 2012, while the Japanese carmaker took the spot from 2006 to 2009 and 2011.