The Japanese automaker (TM: news, chart, profile), which last year overtook Ford Motor (F: news, chart, profile) as the second-largest producer of light vehicles, currently has a 10 percent share of the market. To reach its goal, Toyota would need to increase its sales by 50 percent, Barron's said.
It will make its biggest push in the U.S., Europe and China, according to the report.
So far this year, Toyota's U.S. sales growth is already sharply outpacing rivals.
Through Aug. 31, Toyota's U.S. sales rose 8.8 percent. In contrast, DaimlerChrysler (DCX: news, chart, profile) posted a more modest rise of 1.7 percent. Sales at GM (GM: news, chart, profile) declined 1.8 percent through the first eight months, and Ford posted a 4.8 percent sales drop for the period.
Indeed, the No. 2 automaker sold more of its Camrys in the U.S. than all of the Dodge and Jeep vehicles combined sold by DaimlerChrysler. It also sold more high-end Lexus autos than all four of Ford's European luxury brands in total.
According to Barron's, each percentage point of U.S. market share is worth around $1 billion in profits.
In Europe, Toyota's sales were up 15 percent for the first half, pushing its share of that market up to 5.1 percent from 4.7 percent previously. According to the report, four of the six high-volume European automakers posted sales declines for the period.
Efficiency is one of Toyota's advantages, with its network of about 50 plants globally often running near 100 percent capacity, the report said.
The company comes in well ahead of its rivals in terms of profit for each vehicle it sells, according to the report. Toyota also benefits from the wide range of dependable vehicles it makes, it said.
Customer dissatisfaction with Toyota's dealer network, particularly in the U.S. but also in Europe, represents one area of potential weakness.
Toyota's U.S. dealers, which are often perceived as arrogant, rank near the bottom of customer satisfaction surveys for sales and service, Barron's said.
In order to reach its lofty goal of ousting GM from its top spot, Toyota will need to entice new customers, partly by improving the experience its customers receive at dealerships, according to the report.
U.S.-listed shares of Toyota have gained over 12 percent so far this year. On Friday, they dipped 4 cents to $77.19.
http://www.marketwatch.com/news/yhoo...C8D432EFA72%7D
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