BMW is now the world’s most valuable auto brand after the company overtook Toyota in an annual ranking of the world’s top brands called BrandZ Top 100 which is run by market research company Millward Brown. The survey indicated that BMW has a brand value of US$21.8 billion and sits in 25th spot in the overall ranking.

“It is likely that Toyota’s brand has suffered further in recent months, but it is a strong brand and is trying hard to overcome the damage through a major communications campaign,” said director Peter Walshe. “All of our evidence shows that strong brands are much more likely to recover from a crisis.”

According to the survey although BMW is on top its brand value declined by 9% compared to last year. Toyota had it worse with a 27% decline. Third place went to Honda while Mercedes-Benz is in fourth after suffering from an 11% drop. Porsche is in fifth after its brand’s value fell by 31%.

The brands that made up the top three of the list include, you’ve guessed it Google followed by IBM and Apple. Google’s brand value is worth US$114 billion.