10 August 2012 18:37 [Source: ICIS news]
HOUSTON (ICIS)--The Rubber Manufacturers Association (RMA) forecasts tyre shipments in 2012 will grow by 1.2%, down from an earlier estimate of 2%, the trade association said on Friday.
The revision was attributed to the sluggish economy.
The RMA said the modest growth could be attributed to the increase in new vehicle sales and a slight increase in vehicle miles travelled.
Original equipment (OE) tyre shipments for light vehicle and commercial truck markets will be up nearly 16% for 2012, according to the RMA.
Growth in replacement tyre shipments is expected to drop by about 2%, or nearly 4m units to 236m units in 2012.
The expected decline is moderated by the mild growth still projected in Gross Domestic Product (GDP) and the Industrial Production Index (IPI) for both the consumer and commercial sectors.
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