Toyota remains the most valuable global car brand in the 11th annual BrandZ Top 100 Most Valuable Global Brands ranked by WPP and Millward Brown.
The automaker achieved the ranking for the third year in a row, with a 2% increase in brand value to $29.5 billion. BMW ($26.8 billion), Mercedes-Benz ($22.7 billion), Honda ($13.2 billion) and Ford ($13.1 billion) have also retained their 2015 positions to round out the top five.
Newcomers to the list include Porsche at number nine and Tesla at number 10. Mercedes-Benz had the most growth of the car brands, growing 4% to $22.7 billion.
Millward Brown attributes Toyota’s top finish to the automaker having worked hard over the last year to combine technology leadership with a business strategy that appeals to its broad target market.
The total brand value of the Top 10 car brands has fallen by 3% to $139.9 billion, reflecting new competition, the huge potential for disruption, and a decline in trust thanks to the ongoing emissions crisis.
One sign of the coming disruption is the arrival of premium electric car brand Tesla in the top 10, with a brand value of $4.4 billion, just a month after entering the mainstream car market with its more affordable $35,000 Tesla 3.
Other changes in this sector include the switch from ownership to an “access to mobility” model. The rise of Uber and new finance deals, which encourage consumers to assess their brand choice based on the monthly cost, are repositioning the car business.
Car manufacturers such as Ford and Audi also have new car-sharing models with more flexible access to models as consumers move through different life stages or transport needs
The car business is facing a challenging period, said Peter Walshe, global BrandZ director at Millward Brown.
”Those car groups with strong brands will be best placed to pivot both their business model and their engineering as the move to electric only and potentially driverless cars changes consumer perceptions of what it means to drive, Walshe said in a release.
BrandZ is the only ranking that measures consumer brand perception along with financial data to calculate brand value. The full list includes 100 of the world's most valuable brands.