According to a study released today by Millward Brown, Toyota remains the most valuable car brand in the world, retaining the distinction for the ninth time in the 11 years of the study.

In its annual BrandZ Top 100 Most Valuable Global Brands, the market research firm assesses Toyota’s value at $29.5 billion, up 2 percent from a year ago. The study credits Toyota’s positioning to the Japanese automaker’s emphasis on improving the customer experience and record of continuous innovation.

Ranked second among car brands, BMW’s value is estimated at $26.8 billion, also up 2 percent from the previous year. Stuttgart-based Mercedes-Benz is the third-ranked automotive brand, up 4 percent to $22.7 billion.

Overall, the total value of the top 10 car brands declined to $139.9 billion, with Audi, Honda and Land Rover experiencing the largest drops.

Among all brands, Google regained its No. 1 spot over Apple as its value rose 32 percent to $229.2 billion. Apple slipped to second place with its brand value declining 8 percent to $228.5 billion. Microsoft rounded out the top 3 brands by placing third at $121.8 billion, an increase of 5 percent over the previous year.

Millward Brown Top 10 Car Brand Values for 2016 ($ Million):

  1. Toyota 29,501
  2. BMW 26,837
  3. Mercedes-Benz 22,708
  4. Honda 13,195
  5. Ford 13,084
  6. Nissan 11,479
  7. Audi 9,497
  8. Land Rover 4,732
  9. Porsche 4,438
  10. Tesla 4,436