The report, commissioned by WPP and conducted by Millward Brown Optimor, combines extensive financial analysis with consumer research covering some two million people in over 30 countries.

The latest report shows that Toyota’s brand value surged by 12% to $24.5bn (€18.6bn) over the past year, making it one of the biggest movers in the automotive sector.

According to the report, although automotive sales improved in some regions, they remained below pre-recession levels in others, adversely impacting overall brand values. In contrast, global sales for Toyota Motor Corporation in 2012 increased by 22.6% to 9.75 million units, which positively contributed towards the company’s brand valuation in this year’s report.

BrandZ also suggests that brand value developments in the sector were shaped in part by the growth of customer affinity towards hybrid vehicles.

The Brandz report was first published in 2006 and has now seen Toyota crowned brand value leader in the automotive sector six times, with it coming second on two separate occasions.

The latest report also sees Lexus retain its 10th position in the Top 10 list for the most valuable automotive brands with a brand value of $3.5bn (€2.7bn).