It’s that time again where a marketing firm issues its report on the most valuable brands in the world, and according to the 2019 BrandZ Top 100 Most Valuable Global Brands list, it’s Toyota that retains its position at the very top spot again (for the seventh consecutive year).

The Japanese carmaker had a brand value amounting to USD29.151 billion in 2019, although this represents a 3% decline from what was recorded in 2018. Similarly, Mercedes-Benz, which came in second place, saw a 9% dip in its brand value to USD23.355 billion.

Mercedes-Benz only had a slight advantage over BMW, as the Munich-based carmaker’s brand value stood at USD23.326 billion (-9% from 2018). Meanwhile, Honda (USD11.749 billion), Ford (USD11.211 billion) and Nissan (USD10,554) were in close proximity to occupy the fourth, fifth and sixth positions.

Further down the list, we find Tesla in seventh (USD9.285 billion), followed by Audi (USD8.556 billion) and Volkswagen (USD6.707 billion). A new addition to the list is Porsche, which rounds up the top 10 with a brand value of USD5.817 billion. Overall, the brand value of the car category saw -7% year-on-year change, with a total brand value of USD139.7 billion.

Keep in mind that the top 10 list mentioned above is specific to the car category. However, when compared to other non-automotive brands on the complete 100-brand list, only Toyota, Mercedes-Benz and BMW were present.

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The BrandZ valuation process involves calculating and combining two important elements, namely financial value and brand contribution. The former is determined by the proportion of the total dollar value of the parent company that can be attributed to the brand in question, considering both current and projected performance.

From there, brand contribution quantifies the quantifies the proportion of this financial value that is directly driven by a brand’s equity. This is the ability of the brand to deliver value to the company by enticing consumers to choose the brand over others or pay more for it, based purely on perception, without price promotions or prominent displays.