Toyota has managed to defend its title of world's most valuable car brand in a study released by market researcher Millward Brown.

Toyota has managed to defend its title of world's most valuable car brand in a study released by market researcher Millward Brown.

The results were posted in the BrandZ Top 100 Most Valuable Global Brands study conducted by market researcher Millward Brown's Optimor division. It's a very comprehensive study as it combines measures of brand equity based on more than two million interviews with consumers using data gathered from Bloomberg and Kantar Worldpanel.

Toyota tops the list with a 21 percent increase compared to last year, reaching a brand value of 29.6 billion USD. BMW went up by 7 percent to 25.7 billion USD and secured second place, ahead of Mercedes-Benz's 21.5 billion USD brand value which compared to 2013 increased by an impressive 20 percent. Honda came in fourth place with 14.1 billion USD while Ford managed a huge 56 percent increase to 11.8 billion USD.

Here is the full top ten list:

World's most valuable car brands in billions; rank in top global 100; % value change from 2013

  1. Toyota $29.6 -- (26) +21
  2. BMW $25.7 -- (32) +7
  3. Mercedes $21.5 -- (42) +20
  4. Honda $14.1 -- (70) +14
  5. Ford $11.8 -- (84) +56
  6. Nissan $11.1 -- (90) +9
  7. Volkswagen $8.4 -- (*) -4
  8. Audi $7.1 -- (*) +27
  9. Chevrolet $4.9 -- (*) (**)
  10. Hyundai $4.6 -- (*) +15

(*) Did not rank in the top 100 global brands
(**) Did not rank in the top 10 most valuable car brands in 2013

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Toyota remains world's most valuable car brand