For the second year in a row, Toyota has managed to retain 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. This very comprehensive study 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. BMW went up by 7 percent to $25.7 billion and secured second place, ahead of Mercedes-Benz's $21.5 billion brand value which compared to 2013 increased by an impressive 20 percent. Honda came in fourth place with $14.1 billion while Ford managed a huge 56 percent increase to $11.8 billion.

World's most valuable car brands in billions;
1. Toyota             $29.6
2. BMW                $25.7
3. Mercedes       $21.5
4. Honda             $14.1
5. Ford                 $11.8
6. Nissan            $11.1
7. Volkswagen   $8.4
8. Audi                 $7.1
9. Chevrolet        $4.9
10. Hyundai        $4.6