Hyundai Motor Company has been named the fastest growing automotive brand by international brand consultancy Interbrand, enjoying a 24.4% surge in its brand value to NZ$9.17 billion (US$7.5 billion).
Interbrand’s 2012 Best 100 Global Brands report shows Hyundai ranked No. 53 out of 100 brands this year, a steady increase from the No. 84 position in 2005 and the company’s highest ranking ever.
“Hyundai’s recent investment in global campaigns and sensational new product designs are fulfilling customers’ emotional needs,” Interbrand said in a statement.
“Brand awareness for Hyundai has increased phenomenally in a short period of time and we are looking forward to the brand’s future direction.”
Hyundai New Zealand General Manager Andy Sinclair said it shows people across the world value the Hyundai brand, and it’s no different here in New Zealand.
“New Zealanders like the Hyundai experience – the style, quality, safety and, in particular, the brand’s value for money,” he said.
In March 2012, New Zealanders voted Hyundai the top automotive brand for overall customer satisfaction with the brand receiving five star ratings almost across the board in the 2012 CANSTAR Blue survey.
“That is a strong endorsement of Hyundai New Zealand’s commitment to the customer experience,” said Mr Sinclair.
The brand’s global growth rate of 24% in 2012 significantly outperformed the industry’s average growth rate of 11% and, beyond the auto industry, Hyundai’s growth rate is keeping pace with the world’s fastest growing superbrands such as Apple, Google, and Amazon.
“The significant growth in brand value, despite global economic difficulties and fierce competition, shows our enhanced brand status,” Mr Sinclair said.
Around the world, it is no different. In the U.S., Hyundai achieved the highest score among all automotive brands in the J. D. Power and Associates 2012 Customer Retention Study.
According to the study, the brand’s increasing popularity is shaped by its expanding model lineup, as well as perceptions of the brand’s quality and appeal improving over the last 10 years.