BMW AG has overtaken Toyota Motor Corp. as the world's most valuable automotive brand, an annual ranking of the world's top brands showed.

Ford Motor Co. and Volkswagen AG improved their brand value, according to BrandZ Top 100, a survey compiled by the market research company Millward Brown, Automotive News reported.

Peter Walshe, Millward Brown global brand director, said he believes Toyota will bounce back after the automaker's massive recall campaign started to hit its brand value toward the end of 2009.

“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," Walshe said in a telephone interview with Automotive News. "All of our evidence shows that strong brands are much more likely to recover from a crisis."

BMW's brand value declined 9 percent compared with the 2009 ranking to just over $21.8 billion, according to the study. Toyota's brand value dropped 27 percent to just under $21.8 billion.

Walshe said Ford's increase in brand value was helped by the company's investment in high-tech innovations such as its Sync voice activated electronics control system, and in new technologies such as emission control, as well as by the smart use of social media.

“Our studies show that investing in technologies that benefit the consumer pays off," Walshe said.

Ford boosted its brand value by 19 percent to $7 billion

Volkswagen increased its brand value by 20 percent to just under $7 billion while Audi improved 2 percent to $3.6 billion.