Tire production in Central, South America to grow nearly 5%.Tire production in Central and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. is projected to grow about 5% annually to nearly 66 million tires by the year 2001, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a new study by Smithers Smithers is a surname, and may refer to: People People with the surname Smithers
The region's 27 tire factories currently produce more than 52 million passenger, light truck and commercial vehicle tires annually, according to Smithers market researchers. In addition to a healthy tire market, Central and South America's developing automotive industry The automotive industry is the industry involved in the design, development, manufacture, marketing, and sale of motor vehicles. In 2006, more than 69 million motor vehicles, including cars and commercial vehicles were produced worldwide. , expanding industrial development and growing consumer markets are also driving demand for non-tire rubber products, such as hoses, drive belts, footwear and other rubber products. Non-tire rubber markets are projected to grow up to 8% annually, with the higher growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. typically in automotive-related products, although specific market segment performance is expected to vary considerably from country to country. As an example, Brazil's belting market is expected to grow at 6-8% annually, while Uruguay's belting market is only expected to grow at less than one-third Brazil's rate, or 0-2% annually. Brazil is the dominant economic force in the region, accounting for over 75% of the vehicle output and almost 62% of the tire production, Smithers market researchers said. In terms of output, Argentina is a distant second with about 14% of the region's vehicle and tire production. As a region, much depends on the continued development of Brazil as an automotive industry powerhouse. The level of new-car production in Brazil is expected to fuel significant growth in tire manufacturing there and in neighboring neigh·bor n. 1. One who lives near or next to another. 2. A person, place, or thing adjacent to or located near another. 3. A fellow human. 4. Used as a form of familiar address. v. countries as multinational tire manufacturers coordinate and rationalize production. During the second quarter of 1996, Smithers researchers contacted and met with key industry participants in Argentina, Brazil, Chile, Colombia, Costa Rica Costa Rica (kŏs`tə rē`kə), officially Republic of Costa Rica, republic (2005 est. pop. 4,016,000), 19,575 sq mi (50,700 sq km), Central America. , Ecuador, Guatemala, Peru and Venezuela to gather data to develop the detailed analyses contained in their report, entitled The Tire and Rubber Industry in Central and South America, 1996-2001. The two-volume, 10-country study is the most comprehensive analysis of the tire and rubber industry in that region produced to date, Smithers said. |
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