Toyota Motor Corp. is expecting parent-only global production of around 7.5 million units in 2010, up from an estimated output of about 6.5 million units in 2009 and its first year-on-year growth in two years, company sources said.

In addition to signs of economic recovery in Japan, the United States and Europe, the increased output by the world’s largest automaker will also stem from brisk sales in emerging markets like China and India, company sources said on Friday.

A recovery in production levels by one of Japan’s largest manufacturers could also spread broadly to auto parts makers and other industries.

The automaker has controlled excessive inventory after carrying out drastic output cuts to address the fallout from the global financial crisis.

The daily production volume at Toyota’s factories in Japan has increased from around 8,500 units in March to about 15,200 units in November.

The automaker may revise its production target upward by around February since the current projection does not take into account a recent decision to extend government subsidies for fuel-efficient cars in Japan, the sources said.

Toyota also plans to set next year’s global sales target at around 7.4 million units, up 400,000 units from 2009.