Toyota has been named the most valuable automotive brand in the world, as it took the top spot among car firms in the BrandZ Top 100 Most Valuable Global Brands 2013. Toyota's brand value increased by 12% to $24.5 billion (?16.2 billion), making it one of the biggest movers in the automotive sector.
In the eight years since the BrandZT report was first published in 2006, Toyota was crowned brand value leader in the automotive sector six times, and second on two separate occasions.
Commissioned by WPP and conducted by Millward Brown Optimor, the BrandZ survey ranks brands according to their potential and current buyers, alongside financial data, to calculate its value.
Overall, Apple took the top spot in the 2013 survey with a value of $185 billion, growing 1% in the last year. Google came second with a value of $113 billion, reversing last year's decline to grow 5% in brand value this year.
According to the report, although automotive sales improved in some regions, they remained below pre-recession levels in others, adversely impacting overall brand values. In contrast, global sales for Toyota in 2012 increased by 22.6% to 9.75 million units which positively contributed towards the company's brand valuation in this year's report.
BrandZ also suggests that brand value developments in the sector were shaped in part by the growth of customer liking of hybrid vehicles.
Since Toyota launched the world's first mass produced full hybrid vehicle in 1997 - Toyota Prius - sales of Toyota and Lexus hybrid models have exceeded 5 million globally. UK customers can choose are offered the widest range of hybrid vehicles of any manufacturer including: Yaris Hybrid, Auris Hybrid, Auris Hybrid Touring Sports, Prius, Prius+, Prius Plug-in Hybrid, and Lexus CT 200h, IS 300h, GS 450h, RX 450h, LS 600h.