The BrandZ survey is run each year, picking and ranking the most valuable brands based on their dollar value and buyer feedback.
Ousting BMW from the number one position in Millward Brown's annual BrandZ survey, Toyota's brand value grew by 11 percent this year, peaking at US$24.2 billion.
BMW's brand value also increased by three percent, finishing in second place with a brand value of US$22.4 billion.
The biggest improvers in 2011 were Mercedes-Benz on 12 percent, and Nissan with a huge 17 percent.
"Nissan is positioning itself as a green leader and its stance is paying off," Millward Brown's Global Brand Director Peter Walshe said.
While Toyota reigns supreme among carmakers, the overall BrandZ rankings show the Japanese brand at number 27. At the top of the table is Apple, followed by Google, IBM, McDonald's and Microsoft.
BrandZ's Top Automotive Brands
1 Toyota $22.4b - up 11%
2 BMW $20.7b - 3%
3 Mercedes-Benz $14.2b - up 12%
4 Honda $13.2b - down 1%
5 Porsche $11.5b - up 3%
6 Nissan $9.3b - up 17%
7 VW $6.7b - up 6%
8 Ford $6.7b - up 6%
9 Audi $3.5b - up 5%
10 Lexus $3.5b - NA