Marketing research firm Kantar and advertising giant WPP (WPP -0.35%) have released their 2020 Top 100 Most Valuable Global Brands report, and Tesla (TSLA -2.04%) is climbing the ladder. The electric-vehicle maker's brand value has jumped 22% versus 2019, according to the report. 

While Tesla's market capitalization has now surpassed Toyota's (TM 0.33%), the Japanese automaker still leads the auto category for overall value. Tesla comes in fourth place, also behind Daimler's (MBGY.Y -1.20%) Mercedes-Benz and BMW (BMWYY -2.03%)

A front view of Tesla car

Image source: Tesla.

The 2020 report shows that Tesla moved up three places in the car category, with a brand value of $11.35 billion. The leading Toyota brand was valued at $28.4 billion, which was down 3% from 2019. Tesla is the only brand in the automotive category that showed an increase versus last year. The other top 10 auto brands dropped between 3% and 18% compared with 2019. 

The analysis takes into account more than just the market capitalization of the company. It measures how a brand differentiates itself from competitors, through innovation and consumer appeal. "Healthy brands begin with purpose, and build the other factors successively to achieve consumer affinity with the brand," the report said. 

Tesla's stock has grown to give the company a market capitalization of approximately $200 billion at the current share price, the highest in the industry. While it sits one spot above Ford (F -2.05%) on the brand value list, Ford recently pointed out that sales of its popular F-series pickup trucks alone made over $17 billion more in revenue last year than all of Tesla's products combined.