Toyota’s brand value dropped 27 percent to just under $21.8 billion.
BMW is now the world’s most valuable auto brand after the company overtook Toyota in an annual ranking of the world’s top brands called BrandZ Top 100 which is run by market research company Millward Brown. The survey indicated that BMW has a brand value of US$21.8 billion and sits in 25th spot in the overall ranking.
Peter Walshe, Millward Brown global brand director, said he believes Toyota will bounce back after the automaker’s massive recall campaign started to hit its brand value toward the end of 2009.
“It is likely that Toyota’s brand has suffered further in recent months, but it is a strong brand and is trying hard to overcome the damage through a major communications campaign,” Walshe said in a telephone interview. “All of our evidence shows that strong brands are much more likely to recover from a crisis.”
Luxury carmakers lost brand value as the economic crisis hit their sales during 2009.
Third place went to Honda while Mercedes-Benz is in fourth after suffering from an 11% drop. Porsche is in fifth after its brand’s value fell by 31%.
The Top 100 ranking is led by Google, with brand value of $114 billion, followed by IBM at $86 billion and Apple at $83 million.