Toyota has topped other automakers on a global brands list for the second year in a row.

Leading the car industry, Toyota was No. 26 on the BrandZ Top 100 Most Valuable Global Brands list, valued at nearly $29.6 billion, Edmunds.com reported.

The list, which is commissioned by advertising and PR firm WPP and compiled by its sister company, market research firm Millward Brown Optimor, has ranked worldwide brands for nine years.

Seven of those rankings have put Toyota as the leading auto brand. This year, the Japanese automaker also saw a jump in total value, rising from $24.5 billion in 2013.

The BrandZ standings are based on financial analyses of company performance as well as surveys of more than 2 million people worldwide to rank consumer perception.

BMW came in second on the list among automakers, ranked at No. 32 with a value of $25.7 billion, reflecting an increase from the previous year's $24 billion. 

Mercedes-Benz and Honda also maintained their positions on the list and were valued at $21.5 billion and $14.1 billion, respectively.

Ford made its way onto the Top 100 list, while Volkswagen fell off this year's ranking. The American carmaker came in at fifth place among auto brands and was valued at $22.8 billion, an impressive 56 percent rise compared with the previous year. On the other hand, Volkswagen's value fell to $8.4 billion from $8.8 billion in 2013.

Nissan's standing on the list fell, but overall the company's value increased, rising from $10.2 billion in 2013 to $11.1 billion this year.

The auto industry as a whole has enjoyed improved brand value, according to the firm's researchers.

"Car sales accelerated 8 percent in the U.S. to 15.6 million units, and are expected to reach pre-crisis sales levels this year," Millward Brown Optimor said in a statement quoted by Edmunds.

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