There’s always so much criticism about the way that Toyota cars look and function, but in reality Toyota is doing better than all the other automakers out there, at least according to new market research that just came out. According to the annual Brandz report Toyota is the most valuable auto brand out there today. That’s saying something coming from the company that has been evaluating the top 100 brands for years.
A Very Strong Valuation
Toyota managed to obtain a brand valuation of $28.7 million from Brandz this year, that’s stronger than many other brands on the market today, and puts it firmly into the first place position out of all the other automakers. That means that Toyota was able to beat out guys like BMW and Honda.
Reliability and Resale Value
Toyota has been able to maintain a top valuation over the long term thanks to its reputation for building reliable cars that hold their value. That’s something that most auto buyers are interested in, and it’s one of the main reasons that Toyota vehicles continue to sell so well. With that said, Toyota is not one of the fastest growing auto brands on the market today, and is actually shrinking a bit. In order to deal with the shrinking problem Toyota will have to innovate more than it is already.
Bolster Itself through Innovation
In order to foster growth and maintain its top spot into the future Toyota is hard at work on innovations that will help it stand out in a market filling up with automakers that are working on the future. Toyota is hard at work innovating with alternative fuels like hydrogen fuel cells and electric vehicles, as well as working toward autonomous vehicles that are going to play a big part on the market in the years to come. Toyota isn’t just known for reliability, it’s also known as an innovator as one of the first automakers to create widespread hybrid electric vehicles through the Prius, and the auto giant is working hard to do the same thing with hydrogen fuel cell vehicles and the other tech advancements that it’s working toward. Sure it’s tough for a company like Toyota to match the double digit growth that Tesla is enjoying, but at the end of the day Toyota is still at the top, and there are a lot of very good reasons for that.