BMW closes out 2022 with high marks from consumers

BMW was the second highest growth brand within the automotive industry from Q3 to Q4 2022, according to QuestBrand data.

This ranking is based on quarter-over-quarter growth in brand equity, a measure of the value consumers see in a brand at a moment in time. Brand equity is an average of four components – brand familiarity, perceived quality, purchase consideration, and perceived momentum.

While BMW experienced a +2.8 uptick in overall brand equity, they saw a significant increase in consideration (+4.3). This signals that US adults were more likely to consider purchasing a BMW vehicle in Q4 than in Q3 of 2022, a positive sign of growth for this luxury vehicle manufacturer.

Want to see the full set of brand rankings? Check out our Automotive: An Industry Snapshot report for the top automotive brands by brand equity and by brand equity growth.   

BMW’s Change in Brand Equity Q3 v Q4 2022

Source: QuestBrand. Base: US adults familiar with the BMW brand. Pre: 7/1/22-9/30/22, n=1,426. Post: 10/1/1-12/31/22, n=1,011.

We see similar growth within BMW’s sales conversion funnel, which tracks consumers’ progression from initial awareness of a brand to eventual purchase and use of the product/service.

From Q3 to Q4, we see the recommendation (+2.6) of the BMW brand significantly increase. Not only are consumers purchasing BMW vehicles, but they are also becoming active brand promoters. Hitting this final stage of the sales funnel signals high consumer brand satisfaction. 

So, what peaked consumers’ interest in BMW? We have some ideas…

BMW’s Sales Conversion Funnel Q3 v Q4 2022

Source: QuestBrand. Base: US adults familiar with the BMW brand. Pre: 7/1/22-9/30/22, n=1,426. Post: 10/1/1-12/31/22, n=1,011.

Innovation takes the wheel

Many think the future of transportation is electric, and BMW is not one to be left behind. In October, BMW announced they would invest $1.7 billion in US EV production. By 2030, the vehicle manufacturer plans to fully produce (at least) six EV models in the US.

In November, BMW announced a partnership with AirConsole to bring gaming inside their new vehicles, starting with the Series-7 model this year. With the release of this entertainment option, drivers will be able to play video games on their BMW Curved Display from their smartphone. Concerned that gaming while driving could be the greatest distracted driving threat yet? Don’t worry – this system only works when the car is parked. 

Also in November, BMW announced the expansion of its hands-free driving capabilities in the US and Canada. BMW is improving their semi-autonomous systems with HERE’s HD Live Map technology. The system’s maps are accurate within inches of real life. In contrast, GPS systems are generally accurate within 6 feet. This Level 2+ autonomous driving system can only be used on select highways for speeds up to 85-mph. 

BMW remains a “Sheer Driving Pleasure”

The official BWM slogan captures how drivers feel about the brand – BMWs are a “sheer driving pleasure.”

Not only are BMWs enjoyable to drive, their vehicles are also reliable. This November, BMW jumped 10 spots to rank third in Consumer Reports most reliable car brands study. This consumer advocacy nonprofit holds consumer trust due to its history of fair, impartial product assessments. Ranking third on Consumer Reports’ list of reliable vehicles could be a green checkmark next to the BMW brand for consumers looking to purchase a car.

BMW closed out 2022 on a strong foot. They earned recognition for their vehicles’ reliability, and their late-year announcements promise exciting innovations in 2023 and in the years to come. We can’t wait to see what else BMW will bring to the table this year.