The most massive auto recall in history was recently put into motion due to malfunctioning Takata airbags. The number of vehicles set to be recalled is at 33.8 million as investigations unfold, affecting 13 major automakers so far–including Toyota.
Despite the scandal, Toyota’s global sales have stayed strong, putting them at the number one spot for “Most Valuable Car Brand” in 2015 on a list created by major market researcher, Millward Brown.
If you’re planning on starting an automotive career, read on to find out more about what contributed to Toyota’s top rank, as well as which other car manufacturers placed high on the list!
The Global Brands Automotive Study: Where Toyota Triumphed
Every year, leading advertising and market research company Millward Brown publishes a top 100 global brands study that ranks major companies on their yearly value in different categories called the BrandZ top 100. Toyota has been number one for eight of the 10 years that the study has been carried out, despite them losing two percent value last year due to the airbag recalls.
“When you look at the trust the Toyota brand generates from car owners, there is little dent from the airbag issues,” Peter Walshe, Global BrandZ director at Millward Brown stated to Automotive News Europe. “The customer experience, the good value, and the quality that customers trust see the brand through.”
In Canada, Toyota remains a popular household name. Students in mechanic colleges will always be familiar with the Toyota Corolla, which stays steadily on the list of top 10 vehicles sold in the country year after year.
“Honorable Mentions” in the Automotive Category
In second place on the list this year was BMW, whose brand value went up two percent to $26.4 billion, just behind Toyota’s value of $28.9 billion.
Audi was this year’s fastest-rising brand, after their value rose 43 percent to $10.1 billion. They overtook parent company Volkswagen’s spot at #7 on the list.
An interesting fact for students pursuing an auto career was that Lexus, Toyota’s luxury brand, ranked number 10 on the list. This is said to be due to Lexus’ popularity in the US market, where the brand is known for safety and reliability.
A few more honorable mentions are Ford at number five (value of $13.1 billion), Honda at number four ($13.3 billion), and German luxury automaker, Mercedes-Benz in the third spot ($21.8 billion).
Toyota Predicts a Drop in Sales, and a New Game Plan
Students in automotive courses may have already heard that the brand expects their sales to drop this year, mainly due to sales inflation in Japan. To some this might seem strange, since Toyota’s sales have remained strong since 2000, even when the 2011 tsunami halted production.
Toyota has mentioned that their focus in upcoming years will be on prioritizing profitability rather than sales, and the CEO of Toyota even announced that the brand does not plan to build any new manufacturing plants before 2016.
With all that said, does a forecasted two percent decline put them at risk of losing the number one spot on the most valuable car brands list? Probably not, but only time will tell.
Do you think that Toyota will stay at the top of the most valuable car brands list in 2016?