As per the Vision 2026, prepared by ICRA Management Consulting Services (IMaCS) as an input for the Automotive Mission Plan (AMP) 2026, passenger vehicle sales will grow to 13.4 million units per annum from 3.1 million in FY14.
It is also expected that the volumes of Indian auto industry will rise over 3-fold to around 76 million units by 2026, according to the report.
"Vision 2026 will enable the Indian auto industry to contribute around 13 per cent to GDP, generation of additional 100 million jobs and attract more than USD 80 billion in investments," it said.
As per the document, over the next 10 years there will be a shift in global trend with 75 per cent of incremental demand expected to come from BRICS and emerging economies.
The document also lists various factors like creation of infrastructure, human resources and incentivisation as the enablers to achieve the targets under the Vision 2026 plan.
Further, the implementation of GST, ban on overloading in commercial vehicles and urban planning are some of the factors which would help the Indian auto industry grow in the next 10 years, it added.