The Japanese manufacturer is the most valuable automotive company by some distance but is only ranked tenth overall in a survey by market research firm Millward Brown Optimor and the Financial Times.

BMW is the second highest placed carmaker with a value of $25.8bn but both carmakers are dwarfed by companies in the top ten.

Google is rated as the world's most valuable brand at $66.4bn, followed by General Electric and Microsoft, which have values of $61.9bn and $55bn respectively.

1. Toyota ($33.4bn)
2. BMW ($25.8bn)
3. Mercedes ($17.8bn)
4. Honda ($15.5bn)
5. Porsche ($13.4bn)

Source: Millward Brown and Financial Times

Mercedes is ranked as the third most valuable automotive brand at $17.8bn and is 29th overall.

Honda, Porsche, Ford, Chevrolet, Nissan Harley-Davidson, Volkswagen and Lexus are the only other automotive companies to feature in the top 100 listing.

“Toyota is like the opposite of McDonald's reinventing itself," said Joanna Seddon, vice president of Millward Brown Optimor.

"Its Kaizen policy of continuous improvement has taken it to a level beyond where anyone can get, both in manufacturing and in consumer insight."