India's automobile export target of $12 billion may be achieved by 2014, two years before the target year laid out in Automotive Mission Plan 2006-16 by the government, a study has said.
"Indian automobile industry is confident of achieving its export target of $12 billion by 2013-14 itself, which will be good two years ahead of the target year of 2016 laid-out in Automotive Mission Plan (AMP) 2006-16," Ficci study said.
The country's auto exports have been growing at a compound annual growth rate of more than 25 per cent in last five years, it said.
In 2009, India's automobile exports, including tractors, passenger vehicles and commercial vehicles stood at $4.5 billion, the study said.
It said, while India has managed to be the seventh largest producer of vehicles in the world, it still remains a small player in the global market.
"The share of India in global automobile exports was a meager one per cent in 2009 and India ranks 22nd in automobile exports falling behind countries like Thailand, China, Mexico, Brazil and Turkey," the study said.
The chamber said that there is also a need to revisit the targets set in AMP and perhaps there is also a need to scale-up the targets in the background of robust growth of this industry in the last few years.
"The government should aim at achieving a share of at least three per cent within the AMP by 2016," it said.
As per the AMP, Indian automobile industry aims to achieve an output level of $145 billion by 2016, which would imply a domestic market of $82-119 billion and export market of $12 billion.
"Auto exports can touch $17.7 billion by 2016," the study said.
