For the eighth year in a row, Millward Brown has compiled a list of the BrandZ Top 100 Most Valuable Brands in the world. For the first time in several years, however, Toyota has surpassed BMW as the top automotive brand, landing the 23rd spot in the rankings - just one ahead of the luxury automaker.
Toyota's value in 2013 was up 12 percent from last year, while BMW saw its value drop 2 percent. The large growth for the Japanese manufacturer was partially due to strong demand in China and the U.S., as well as an ever-expanding lineup that includes environmentally friendly hybrids.
"Toyota is carving out a very big position in hybrids across its range, which is tapping into the consumer need for value by saving fuel cost," Peter Walshe, the global brand director for Millward Brown, told Automotive News. "Its hybrids are reinforcing the experience of the brand, and in so doing, Toyota continues to magnify what is special and different about it."
Mercedes-Benz, Honda and Nissan completed the top five most valuable automakers.
As these brands continue to expand and introduce new cars, drivers may feel more comfortable about investing in one of the reputable manufacturers. Whether they're looking for a standard car or a hybrid, these companies are among the top choices for vehicles that are reliable and have easy vehicle maintenance.